Ahmedabad: Several Gujarat-based companies delivered strong gains in the last Samvat year, with select stocks rising as much as 61% since the previous Diwali muhurat trading session. This was amid muted domestic equity performance and persistent global uncertainty driven by geopolitical tensions and ongoing wars.From Oct 21, 2025 (Diwali muhurat trading) to Nov 8, 2026, this Diwali, benchmark indices remained under pressure. BSE Sensex slipped about 4% to 80,999, while Nifty fell 3.41% to 24,986 during the same period, reflecting cautious risk appetite, foreign fund outflows and volatility in energy prices.Against this backdrop, Inox India Ltd emerged as the top performer among the tracked Gujarat-based names, delivering a return of 61%. It was followed by Adani Energy Solutions, which gained 55%, and Gujarat Ambuja Exports Ltd, up 41% over the period, highlighting pockets of strength even as broader market sentiment stayed fragile.Adani Green rose 36%, while Torrent Pharmaceuticals gained nearly 33%. Adani Ports added about 32%, and Gujarat Fluorochemicals advanced almost 22%, according to NSE data for the period.However, the rally was not uniform across the state’s corporate universe. Several Gujarat-linked counters ended the period in the red.Gujarat Energy Ltd fell 44%, while AWL declined 35%. Other notable laggards included Astral, down 13%, Deepak Nitrite, down 12%, and Adani Total Gas Ltd, down 7%, underscoring sector-specific headwinds and stock-level differentiation.Vaibhav Shah, director at Association of National Exchanges Members of India (ANMI), said Gujarat corporates held up comparatively better despite the challenging global environment. “Gujarat-based top corporates have shown resilience to the global uncertainty. Energy prices and FII sell-off impacted Indian equity markets throughout the year but Gujarat corporates have managed the situation better. If global uncertainty eases, we will see continued better performance of Gujarat corporates because they have strong fundamentals, financials and future expansion plans,” Shah said.Dinesh Thakkar, chairman at Tradebulls Securities, said the new Samvat year has opened under a clouded global macro backdrop. “Market has entered Samvat 2083 amid global uncertainty, elevated energy prices and concerns over inflation and interest rates,” Thakkar said, adding that domestically oriented pockets may remain relatively better positioned, with Gujarat themes such as ports and logistics and select chemicals also drawing interest as conditions improve.
