Akshaya Tritiya 2026: Nifty 50 Stocks Outperform Gold Investments

Indian Stock Market Navigates Volatility Amid Global Uncertainties

The Indian stock market has been navigating a phase of heightened volatility over the past year, driven by persistent geopolitical disruptions, global uncertainties, and evolving domestic macroeconomic conditions. As India prepares to celebrate Akshaya Tritiya on Sunday, a look at the performance of asset classes reveals that the equity market indices have failed to deliver significant returns against the safe-haven gold.

Gold Emerges as Standout Performer

Gold has emerged as a standout performer, delivering strong returns since Akshaya Tritiya 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. In contrast, the benchmark Nifty 50 index has remained largely subdued.

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Performance Comparison

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 gold since last Akshaya Tritiya are Shriram Finance and Hindalco Industries.

Shriram Finance Delivers Multibagger Returns

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Shriram Finance share price has rallied nearly 69% and Hindalco Industries share price has jumped 67.7% during the period, surpassing gold price rally of 62%. On a year-to-date basis, Shriram Finance share price has gained 1%, while it has rallied 52% in six months. The stock has delivered multibagger returns of 115% in two years and 275% in five years.

Technical Analysis

According to Anshul Jain, Head of Research at Lakshmishree Investments, Shriram Finance share price has formed 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. A decisive breakout above ₹1,040 would confirm resumption of bullish momentum, opening upside toward the ₹1,085 zone.

Hindalco Industries Seeks Confirmation

Hindalco Industries share price has risen 15% on a year-to-date 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.

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. According to Deveya Gaglani, Senior Research Analyst- Commodities, Axis Securities, 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.