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"Indian equities are expected to deliver double-digit returns in the next 2-3 years, driven by strong balance sheet strength and double-digit earnings growth. The Indian economy's growth prospects and improved health of the banking sector are also seen as positive factors for the equity market. However, factors such as US bond yields, the dollar index, crude oil prices, and upcoming elections could introduce volatility in the near term. Investors are advised to maintain liquidity and invest in high-quality companies."

The benchmark index surged 10 per cent in the calendar year 2023 and 11.5% in the last one year; Will it hit 21,000 by Diwali?

Given the focus on profitability, one can accumulate new age stocks with an investment horizon of more than 12-18 months, Neeraj Chadawar of Axis Securities advised.

The Indian market performance has shown resilience in the last couple of months. It has outperformed the major global market by healthy margins, thanks to the country's robust and superior outlook vis-à-vis other emerging economies.

In a Diwali survey conducted by BT Digital with 10 brokerages, as many as three analysts from Reliance Securities, Hem Securities and Axis Securities voted in favour of ITC. Likewise, similar number of analysts from Kotal Securities, Reliance Securites and Swastika Investmart suggested Axis Bank.