Diwali 2025: BSE, GE Vernova surged over 60% in each of last 3 Samvat years

BSE and GE Vernova T&D India are the only two stocks from Nifty 500 to have logged consistent gains in excess of 67% in each of the last three Samvat years; here's what to expect next.

The outgoing Samvat 2081 was a challenging year for the Indian stock market, marred by US tariff flip-flops, multiple wars (India-Pakistan, and Israel-Iran), valuation jitters, and slowdown in earnings growth.  At the headline level, the benchmark Nifty50 index delivered returns of 4 per cent, and the broader Nifty500 index 3 per cent.  That said, a closer look at the market trend, however, reveals that stock-pickers might have managed to add generous gains to their portfolios. As per ACE Equity data, 38 of the Nifty500 shares have managed to jump over 50 per cent thus far in Samvat 2081.  Among them, the stock of BSE Ltd has surged 67.1 per cent, while that of GE Vernova T&D India Ltd has zoomed 69.7 per cent during the period (till October 13, 2025). 

 

 

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  In fact, a historical stock analysis of these companies shows that they have been the only consistent multibagger stocks since Samvat 2079, gaining between 67 per cent and 358 per cent in each of these Samvat years. 

BSE, GE Vernova: Decoding the rally

  According to Apurva Sheth, head of market perspectives and research at SAMCO Securities, BSE Ltd's multibagger rally since Samvat 2079 has been fuelled by surging trading volumes, derivatives turnover, and rising investor participation. The launch of the Sensex derivatives segment and increased retail engagement via mutual funds and systematic investment plan (SIPs), too, boosted revenue visibility, aiding the bullish sentiment.  ALSO READ | Samvat 2082: Axis Securities, Geojit, PL Capital reveal top Muhurat picks    That apart, regulatory reforms favouring Indian stock exchanges and a shift in liquidity from the National Stock Exchange (NSE) to BSE's derivative platform supported the stock’s valuation re-rating, he said.  "As for GE Vernova, the rally in the heavy electrical equipment stock was driven by strong order execution and contract wins for high-voltage transformers, shunt reactors, and smart grid solutions, providing revenue visibility. Simultaneously, structural sector tailwinds such as India’s renewable energy expansion, grid modernisation, and green energy corridors created sustained demand for transmission and distribution equipment," he explained 

Road Ahead

  For Samvat 2082, analysts opine the uptrend in these counters may moderate, though they may still manage to outperform the markets.  "I expect both these stocks to consolidate in the near-term. They may not become multibagger stocks this Samvat, but may still deliver mid-teen returns," said Kranthi Bathini, director of equities at WealthMills Securities.  ALSO READ | MF investors turn cautious ahead of Samvat 2082: Should you stay invested?  While the possibility of these two stocks outperforming the market cannot be ruled out, Sheth of SAMCO Securities, said the level of outperformance will depend on whether they meet the earnings expectations.  "BSE benefits from rising retail participation and India's structural growth story, protecting its long-term earnings visibility. However, stiff competition from the NSE, potential regulatory interventions, and any decline in trading volumes remain key risks. For GE Vernova, its investments in technology and local capacity aids outlook. However, the stock performance may be lumpy if there are execution delays and policy risks," he added. 

What do the charts predict?

  BSE  Current Price: ₹2,487 | Likely Target: ₹3,700 / ₹1,700  Upside Potential: 48.9%  Downside Risk: 31.7%  Support: ₹2,020 | Resistance: ₹3,150; ₹3,350; ₹3,500  BSE's stock price has been making ‘higher-highs, higher-lows’ over the last three years, as per the monthly chart. It has also respected the 20-Month Moving Average (20-MMA) and the super trendline support on the monthly scale. 

 

  The long-term chart suggests the recent low of ₹2,020 levels may act as a near-term support base, below which the stock may dip towards ₹1,700 levels.  On the upside, the stock can potentially zoom towards ₹3,700 levels in the course of the next one year. Interim resistance for the stock can be anticipated around ₹3,150, ₹3,350 and ₹3,500 levels.  GE Vernova T&D India  Current Price: ₹3,025 | Likely Target: ₹3,700 / ₹2,500  Upside Potential: 22.3%  Downside Risk: 17.4%  Support: ₹2,700 | Resistance: ₹3,200; ₹3,400  GE Vernova stock looks fairly 'overbought' at current levels with monthly Relative Strength Index (RSI) reading above 80 levels. 

 

  A significant support for the stock stands at ₹2,700 levels, below which the stock can dip to ₹2,500 levels. On the upside, the recent record high (around ₹3,205) may act as a resistance. Above this, it could spurt to ₹3,700 levels with interim resistance around ₹3,400 levels.