According to ACE Equity data, 16 stocks from the Nifty 500 universe turned multibaggers during Samvat 2082, delivering exceptional returns despite challenging market conditions. The benchmark indices faced significant pressure, with the Sensex declining 7.9% and the Nifty 50 falling 6.8% during the Samvat period. As reported by Business Standard, this performance came amid sustained foreign institutional selling, spike in crude oil prices due to West Asia conflict, and capital outflows triggered by higher US bond yields.
Cupid Ltd emerged as the top performer with a 570% rally, followed by Sterlite Technologies at 556% returns. According to ACE Equity data, Sansera Engineering gained 193%, while HFCL advanced 187%. Other notable performers included Welspun Corp at 179%, Aditya Infotech and Rubicon Research both delivering 177% returns each. As reported by Business Standard, MTAR Technologies gained 175% and Ather Energy advanced 158%. The latest data confirms these performance figures as of November 3, 2026.
According to Avinash Gorakhshar, founder of Avinash Mentor Research, Cupid gained due to aggressive capacity expansion, strategic entry into high-margin IVD (In-Vitro Diagnostics) medical kits, and aggressive domestic/export footprint growth. Sterlite Technologies and HFCL benefited from global optical fiber cable demand recovery, 5G enterprise network rollouts, and big-ticket export order wins for defence communications and AI-driven data center connectivity infrastructure. As reported by Business Standard, analysts attributed the strong performance to a combination of strong industry tailwinds and robust earning growth over the last 4-6 quarters.
As reported by Business Standard, Sunny Agrawal from SBI Securities cautioned investors and emphasized the need for selectivity rather than indiscriminate optimism. He advised investors to consider booking partial profits after such sharp rallies, noting that these counters currently look expensive. Rahul Sharma from Equity99 suggested taking 1-2 quarters to analyze results before making decisions. According to Kotak neo, Diwali 2026 marks an interesting turning point for Indian equities, with corporate earnings remaining supportive and corrections creating attractive entry points in quality stocks.
