It is early Diwali on Dalal Street as the S-P BSE Sensex and NSE Nifty 50 indexes have surged to record highs days ahead of Diwali and start of Samvat 2077.

The benchmarks have staged a strong rally from the lows hit in March as the country went into lockdown to curb the spread of COVID-19 pandemic.

However, the subsequent reopening of the economy and gush of liquidity helped markets to scale new peaks.

The Sensex and Nifty have rallied a whopping 66 per cent from the lows hit in March.UltraTech Cement: The Mumbai-based brokerage firm is advising investing in UltraTech Cement for target price of Rs 5,300, a potential upside of 16 per cent.

Anand Rathi in a note said, "We are positive on UltraTech due to its strong business model, high operating margins, improving balance sheet, growing retail market share and potential for further integration - synergy benefits from its mergers - acquisitions."Divi's Laboratories: Anand Rathi is advising investing in Divi's Labs for target price of Rs 3,730, a potential upside of 15 per cent.

The company said, "We remain positive on Divi's, given its strong market position, strength in API manufacturing, established long-term contract with customers and benefit from the ongoing and new capex programs."Tata Consultancy Services (TCS): Anand Rathi has indicated investing in the country's largest IT company for target price of Rs 3,230, an upside of 19 per cent.

The brokerage says, "Going forward, global digital technologies are expected to witness robust growth (20 per cent CAGR in next five years) led by robust growth in cloud, customer experience and robust growth in cloud native technologies.

TCS is expected to be a key beneficiary of this trend leading to double-digit revenue growth over a sustainable period."Hikal: Anand Rathi recommends buying Hikal for target price of Rs 211, an upside of 26 per cent.

The brokerage in a note said, "The company sees several tail winds including additional capacity and new product pipeline to achieve 10 per cent revenue growth along with higher margins."Tata Consumer Products (TCPL): The brokerage firm has advised buying Tata Consumer Products for target price of Rs 620, an upside of 23 per cent.

The brokerage in a note said, "TCPL remains committed to build its core businesses with focus on product launches and doubling the direct reach (1 million outlets for next 12 months).

We believe TCPL remains well positioned for growth owing to its strong portfolio of products, expanding distribution network and expected synergies from the merger with the consumer business of Tata Chemicals."VIP Industries: The brokerage has advised investing in VIP Industries for target of Rs 370, an upside potential of 29 per cent.

The brokerage in a note said, "Current macro-economic conditions are likely to keep the demand subdued in the near term; but owing to its strong balance sheet and market leadership position, VIP's business model has the inherent ability to tide over tough market conditions better than its peers."Disclaimer: Investors are advised to make their own assessment before acting on the information.