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But an ETMarkets analysis has found 25 stocks with a market capitalization of Rs 5,000 crore or more that have outsmarted the white metal. Smallcap multibagger RRP Semiconductor tops the list with 13,052% returns, turning a Rs 10,000 investment into Rs 13.15 lakh in just one year. At the other end, Fortis Healthcare rounds-off the list with a still-impressive 80% gain, meaning the same amount would now be worth Rs 18,529.
Out of the 25 stocks under review, 17 have turned multibaggers. Elitecon International, CIAN Agro Industries & Infrastructure, Blue Pearl Agriventures, Indo Thai Securities, Cupid Apollo Micro Systems, Axiscades Technologies, Gabriel India, CarTrade Tech, Shaily Engineering Plastics, Force Motors, ASM Technologies, Ashapura Minechem, Lumax Auto Technologies, Le Travenues Technology (Ixigo) and Banco Products (India) have delivered returns between 4,237% and 104% in the same period.
Others including Paradeep Phosphates, Syrma SGS Technology, Acutaas Chemicals, Avalon Technologies, JSW Holdings, Gallantt Ispat, Laurus Labs Fortis Healthcare, KRN Heat Exchanger And Refrigeration and One 97 Communications (Paytm), have outperformed silver with up to 95% returns.
We have not analysed the reasons for the rally in the above mentioned stocks.
Defying most analysts’ expectations, gold and silver have outshined every forecast made at the start of the year, outperforming both equities and Bitcoin in 2025. The outlook for the remainder of the year also remains upbeat.
The remarkable run in the precious metals since last Diwali has been driven by a mix of global and domestic factors — including geopolitical tensions from the Russia-Ukraine and Israel-Hamas conflicts, trade uncertainties linked to US President Donald Trump’s tariff actions, and growing expectations of rate cuts by the US Federal Reserve. The Fed delivered its first rate cut in nine months during the September policy meeting and signalled the possibility of further easing amid a softening labour market.
Sharing his perspective, Pranay Aggarwal, Director and CEO of Stoxkart, said ongoing geopolitical tensions and trade disputes have disrupted global commerce, boosting the safe-haven appeal of bullion. This global fragility, he noted, is further amplified by concerns over a potential US government shutdown and expectations of additional Fed rate cuts.
But experts remain divided on the prospects of bullion.
Anuj Gupta, Director at Ya Wealth Global Research expects global central banks to continue their gold shopping in the next Samvat 2082. The precious metals will likely see tailwinds for gold and silver, he remarked. A weaker dollar will aid bullion rally while a weaker rupee will make returns more lucrative for the domestic investors, Gupta said.
Decoding silver’s charts, Gupta expects prices to touch around $60-$70 per ounce internationally and Rs 1,80,000 to Rs 2,00,000 on the MCX by Diwali 2026. Silver remains structurally tight for the fourth consecutive year, driven primarily by industrial and green energy demand, this analyst said. “Its growing applications in electronics, electric vehicles, and solar panels continue to push demand higher amid constrained supply and low above-ground inventories,” he said.
On the other hand, Sailesh Raj Bhan, CIO – Equity Investments at Nippon India Mutual Fund, believes it’s time for smart investors to rebalance. Speaking to ET Now in the Samvat 2082 Fund’Tastic Manager series, he said gold has had its golden phase, but equity valuations have now turned “sensible” — setting the stage for steady, earnings-led compounding over the next year.
Kranthi Bathini, Director-Equity Strategy at WealthMills Securities said that every asset class has its cycle and currently gold and silver are in a bull cycle because of a variety of reasons including US President Donald Trump’s tariff tantrums. “There is a global reset. In cas of gold and silver, the supply is limited and that has led to the huge surge in prices because of growing demand,” he said.
His advice to investors is to allocate 5-10 in gold and silver for portfolio diversification. As for equities, he suggested stock selection.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
