Samvat review: Pharma leads sectoral gains, NIFTY Metal jumps 24%; FMCG, IT stocks lag in 2082

The Hindu financial year, Vikram Samvat 2082, ended on Friday, November 6, 2026, with the Indian benchmark indices, SENSEX and NIFTY50, closing on a strong note, despite declining about 4% and 3% over the year.

Samvat 2082 began with last year’s special one-hour ‘Muhurat’ trading session, which was conducted on October 21, 2025.

While SENSEX and NIFTY tumbled over the Hindu fiscal year, midcap and smallcap indices gained considerably, with the NIFTY Midcap 100 rising 2% and the NIFTY Smallcap 100 advancing nearly 4%.

For much of Samvat 2026, the markets were weighed down by the Middle East conflict, which led to a surge in global crude oil prices. The crisis effectively restricted transit through the Strait of Hormuz, a critical chokepoint, which at one point used to see the passage of roughly 25% of global seaborne crude oil and 20% of liquefied natural gas.

Furthermore, persistent foreign fund outflows and pressure on the rupee, among other things, also contributed to the decline in the benchmark indices.

Sectorally, NIFTY Pharma, NIFTY Metal, and NIFTY Capital Market indices emerged as the top performers during the Hindu financial year.

On the other hand, NIFTY India Railway PSU, NIFTY FMCG (fast-moving consumer goods), and NIFTY IT (information technology) were among the worst-performing sectors in Samvat 2082.

Top-performing sectors

While the gauge hit its 52-week high of 27,940.40 on November 6, 2026, it touched a year’s low of 21,149.90 on April 2, 2026.

The index was supported by gains in the shares of Laurus Labs, which surged 153% in the year. It was followed by Sai Life Sciences (102.6%) and Gland Pharma (64.9%).

On the flip side, the top losers in the index included Cipla (-15.18%), Abbott India (-12.9%) and Alkem Laboratories (-4.5%).

National Aluminium Company was the top winner in the index, gaining 43% over the year. The other top winners were Lloyd Metals and Energy (32.2%) and Steel Authority of India (SAIL) (32%).

Conversely, Jindal Stainless (-12.4%) and Indian Energy Exchange (-6.9%) were among the top laggards in the index.

Mining giant Vedanta was also one of the top losers in the index. However, the company has been trading ex-demerger since April 30, 2026, following a special trading session conducted to discover the price of the residual listed entity after the proposed spin-off.

Under the demerger scheme, Vedanta’s businesses were split into five independent companies (including the existing one), and the parent stock now represents only the residual business value.

Investors reacted to a multitude of changes brought about by the market regulator SEBI (Securities and Exchange Board of India), including revising the framework for the Closing Auction Session (CAS) in October 2026.

The market watchdog changed the trading timings and the methodology for determining settlement prices of stock and index derivatives contracts. Under the revised framework, the 10-minute closing auction session will operate from 3:30 pm to 3:40 PM on all trading days, while trading in index and stock derivatives will continue until 3:45 pm, with certain exceptions for expiring index derivatives contracts, SEBI said in its circular.

Further, a key change pertains to the settlement of expiring derivatives contracts, which will now be based on a Volume Weighted Average Price (VWAP) methodology using the last 30 minutes of continuous trading.

Investor sentiment was also bolstered when the National Stock Exchange (NSE) made its market debut with a ₹22,652 crore initial public offering (IPO) on September 24, 2026.

The top gainers in the index included the Multi-Commodity Exchange of India (MCX) (92%), BSE (formerly Bombay Stock Exchange) (52.7%), and Anand Rathi Wealth (48.7%).

On the other hand, UTI Asset Management Company (-37.9%), Indian Energy Exchange (-21.3%), and Kfin Technologies (-18.8%).

Worst-performing sectors

The index was weighed down by selling in the shares of Rail Vikas Nigam Ltd (RVNL), which lost 41.7% over the year. The other top losers included Ircon International (-36.6%) and Indian Railway Catering and Tourism Corporation (IRCTC) (-36.3%).

Conversely, Bharat Heavy Electricals Ltd (BHEL) (78.5%), Steel Authority of India (32%) and Mangalore Refinery and Petrochemicals (MRPL) (16.7%) were among the top gainers.

Its top laggards were Godfrey Phillips (-47.3%), United Breweries (-33.8%), and ITC Ltd (-31.4%).

On the other hand, Radico Khaitan (36.7%), Marico (24.3%), and United Spirits (4.3%) were among the top winners in the index.

In the earnings report for the second quarter of the 2026-27 financial year (Q2 FY27), Salil Parekh, CEO of Infosys, said that AI is driving growth but also compressing revenues. The IT giant cut its FY27 growth guidance to 1% to 2% in constant currency from 1.5% to 3%, citing softness in North America.

However, the index staged a sharp comeback in October and November 2026, driven by an emerging rotation away from expensive AI-linked stocks towards traditional IT services companies.

The top losers in the IT index included LTM (-22%), Infosys (-19.8%), Wipro (-18%), and Tata Consultancy Services (TCS) (-16.9%).

On the flip side, its top gainers were Tech Mahindra (26.4%), Oracle Financial Services Software (18.5%), and Persistent Systems (4.4%).