The Indian stock market has navigated a phase of heightened volatility over the past year, shaped by persistent geopolitical disruptions, global uncertainties, and evolving domestic macroeconomic conditions. As India looks ahead to celebrate Akshaya Tritiya on Sunday, a look at the performance of asset classes show that the equity market indices have failed to deliver significant returns against the safe-haven gold.
Gold has emerged as a standout performer, delivering strong returns since 2025. The strong performance of gold was driven by sustained central bank and investor buying amid persistent macroeconomic and geopolitical uncertainties, reaffirming its status as the pre-eminent safe-haven asset.
Against this, the benchmark index has remained largely subdued. While gold prices have delivered 62% returns since the last Akshaya Tritiya on April 30, 2025, Nifty 50 has risen by just 0.7%.
The divergence is stark, with only two of Nifty 50 constituents outperforming the yellow metal, underscoring a shift in investor preference towards safe-haven assets amid escalating global geopolitical tensions and uncertain macro environment.
The two Nifty 50 stocks that have delivered more returns than since last Akshaya Tritiya are Shriram Finance and Hindalco Industries.
share price has rallied nearly 69% and Hindalco Industries share price has jumped 67.7% during the period, surpassing gold price rally of 62%, as per data compiled by Mint.
Among other stocks, shares gained 53.8% and (BEL) share price surged 46%, but could not outperform the returns delivered by the safe-haven asset gold.
Shriram Finance Share Price
Shriram Finance share price has gained 1% on a year-to-date (YTD) basis, while it has rallied 52% in six months. The stock has delivered multibagger returns of 115% in two years and 275% in five years.
Technically, Shriram Finance share price has delivered a sharp 19% upmove in just four sessions, forming a strong pole followed by a six-session flag consolidation. The flag structure reflects a controlled pause, with price holding firm and indicating absence of aggressive profit booking, said Anshul Jain, Head of Research at Lakshmishree Investments.
“This continuation pattern suggests underlying strength, with buyers maintaining dominance. The consolidation near highs points to absorption before the next leg up. A decisive breakout above ₹1,040 would confirm resumption of bullish momentum, opening upside toward the ₹1,085 zone. The lower end of the flag acts as immediate support, and a breakdown below it would invalidate the continuation setup and signal short-term exhaustion,” said Jain.
Hindalco Share Price
share price has risen 15% on a YTD basis, and has gained 34% in the past six months. The stock has jumped 70% in two years, and has delivered multibagger returns of 179% in five years.
On the technical front, Hindalco share price has formed a 50-day flat base and recently attempted a breakout above the ₹1,010 level, indicating a potential continuation setup.
“However, the breakout lacks volume expansion, suggesting weak participation and raising the risk of a false move. Price structure remains constructive, but momentum needs confirmation. A time correction with moving averages catching up on both daily and weekly timeframes would strengthen the base and improve risk-reward. Such consolidation could offer a more reliable long entry,” said Jain.
According to him, a sustained move above ₹1,010 with volume support can trigger upside toward ₹1,100. Failure to hold above the breakout zone would invalidate the setup and signal near-term weakness.
Gold Price Outlook
Analysts expect gold prices to maintain a positive bias in 2026, as either a stagflationary environment or lower crude oil prices would be supportive for bullion in the period ahead.
“Gold prices may once again retest the $5,300 – $5,500 range over the next year, implying an upside of around 10–15% from current levels. In the domestic market, we expect prices to reach ₹1,70,000 – ₹1,85,000 over the same period,” said Deveya Gaglani, Senior Research Analyst- Commodities, Axis Securities.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.