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Indian stock markets are set to open for Muhurat Trading today during the Diwali holiday, marking the start of Samvat 2081. Despite strong past performance, experts advise caution for the coming year. Top brokerages have identified promising small-cap stocks for potential high returns. These recommendations offer varied opportunities for investors.

"Over the next 12 months, we expect Nifty to report low double-digit earnings growth YoY, however, we do not expect PE multiple for Nifty to expand in that time frame. Nifty is still trading at a 10% premium to historical trailing PE multiple average post recent correction. Whereas Nifty companies are still not reporting earnings growth in line with a historical average of 15%," says Aditya Khemka.

On Friday, the exchanges will hold a special Muhurat trading session from 6:00 pm to 7:00 pm to mark Diwali and the beginning of Samvat 2081. This session is significant for its cultural and financial symbolism, believed to bring prosperity and growth through investment during this auspicious time.

Nifty ended Samvat 2080 with a 25% gain, marking the highest wealth-creating year, driven by strong corporate earnings, GST collections, and high domestic demand. Investor wealth rose by Rs 128 lakh crore. Analysts caution that while long-term growth remains strong, current valuations limit expansion potential.

As assets like equities and real estate see variable returns, fixed-income investments offer stability with predictable income streams. These instruments help preserve capital and reduce portfolio volatility, making them essential for conservative investors, retirees, and those nearing financial goals like retirement and funding education.

Equity markets experienced pressure on monthly expiry day, slipping nearly half a percent. Shares of Tata Investment, Narayana Hrudalaya, Hero MotoCorp, Bharti Airtel, and Alembic Pharma will be in focus during Muhurat trading due to quarterly results and key developments. Siemens has scheduled a meeting regarding an arrangement with Siemens Energy.