Brokerages pick old-economy and bank stocks for Samvat 2083

Traditional manufacturing, industrial and metals companies, alongside banks and financial firms, are back at the top of domestic brokerages’ Deepavali picks for Samvat 2083, BusinessLine reported. Among the names appearing across roughly two dozen brokerages’ lists were Bharti Airtel, L&T Bank, ICICI Bank, Indian Hotels, Kotak Mahindra Bank and Eternal.

New-economy names covering digital infrastructure, cloud computing, artificial intelligence, e-commerce and software drew some interest, but analysts stayed cautious on most of them, a contrast with prior years, the report said. TCS, Infosys and Wipro were not picked, and neither Reliance Industries nor the Jio Platforms and Jio Financial entities appeared on the lists reviewed.

Also read: Stocks Climb, Dollar Hits One-Month Low as Democrats Sweep Midterms

Key facts

• BusinessLine reported that old-economy, banking and finance stocks dominate brokerages’ Samvat 2083 Deepavali picks, with Bharti Airtel, L&T Bank, ICICI Bank, Indian Hotels, Kotak Mahindra Bank and Eternal among the top names.
• Monarch Networth Capital made the 8th Pay Commission its key theme, expecting recommendations accepted in FY28 to put more money in the hands of over two crore employees and pensioners.
• Amar Ambani of Yes Securities said large-cap leadership is beginning to emerge but broader market participation will be essential for a sustained rally.
• Mint reported that on November 5, 2026 the Nifty Financial Services index rose nearly 3% intraday and the Nifty Bank index gained 2.2%, while the Nifty 50 added nearly 2%.
• Mint reported foreign investors put about ₹17,235 crore into Indian equities across just three trading sessions of November, and Brent crude traded at $94 a barrel.

Brokerage themes and cautions

Motilal Oswal Financial said it was bullish on BFSI and capital markets, manufacturing, global outsourcing and exports, and consumption and digital. SMIFS picked naval indigenisation, infrastructure and engineering, integrated logistics, digital consumption, established consumer franchises and electric public mobility, describing itself as cautiously optimistic and favouring companies where structural demand, improving profitability and financial strength support sustainable wealth creation.

Mirae Asset Sharekhan flagged geopolitical uncertainties, rising US Treasury yields, high energy prices and elevated interest rates, while noting that the correction has improved risk-reward materially and that some pockets have corrected more than the earnings outlook suggests. Eureka Securities said the Samvat 2083 outlook will hinge on the interplay between economic growth, inflation, monetary policy, corporate earnings and global risk appetite. Kotak Neo said the gap between negative sentiment and improving valuations is creating a more constructive setup for disciplined, long-term investors.

Also read: Trump loses Congress as midterms reshape global economy outlook

Financial stocks rally after US midterms

In a separate market move, Mint reported that banking and financial stocks rallied sharply on Thursday, November 5, 2026, as investors welcomed Democrats’ victory in the US midterm elections, renewed foreign buying and a steep fall in crude oil. Democrats secured both chambers of Congress, a setback for President Donald Trump and the Republican Party that gives them the ability to block parts of his legislative agenda and open investigations into his administration.

Every Nifty Bank constituent traded higher. SBI Cards led with a gain of over 6%; Shriram Finance, Cholamandalam Investment and Finance Company, Bajaj Finance and HDFC AMC each advanced over 5%; Muthoot Finance added 4.5%; and AU Small Finance Bank rose over 4%. IndusInd Bank, Axis Bank, IDFC First Bank and ICICI Bank gained 3% to 4%, while Canara Bank and HDFC Bank rose over 2% and Bank of Baroda, Punjab National Bank, State Bank of India and Kotak Mahindra Bank added over 1%.

Why it matters

The two reports point in the same direction: money managers are gravitating towards businesses with visible earnings and cyclical exposure rather than paying up for growth narratives. For retail investors comparing Samvat picks, the absence of the large IT names and the Reliance group from most brokerage lists is a notable shift from earlier cycles. The midterm result matters to Indian equities because a divided US government may temper aggressive tariff measures, a point Ravi Singh, Chief Research Officer at Master Capital Services Ltd, made in Mint’s report.

What to watch

Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said Bank Nifty closed above the 55,913 level, the 50-day exponential moving average and trendline resistance, and that sustaining above 56,000 could open a move towards 57,200 and 58,000, with support revised to 54,500-55,000. Also watch whether foreign inflows recorded in the first three sessions of November continue.

This article is not financial advice. Equity markets are volatile and prices can fall as well as rise; the index levels and views cited above are those of the analysts and brokerages named and are not guarantees of future performance.

Written by

StockPil Editorial

The StockPil Editorial desk covers stock markets, business, finance, forex and crypto. Our AI-assisted newsroom builds each article from published, linked sources, checks it for accuracy before it goes live, and our editors review published articles and correct anything that needs it.

Sources: BusinessLine, Mint