Dhanteras, which marks the beginning of Diwali festival, is being celebrated today across the country with people making new purchases and investments for the upcoming Samvat 2077.

In the last Samvat, that is Samvat 2076, the Sensex and Nifty surged 11 per cent and 9.55 per cent respectively.

However, the markets faced a rough ride owing to huge volatility as Coronavirus pandemic forced the government to implement lockdown which led to collapse of the economic activity.

The country witnessed its worst GDP fall of 23.9 per cent in the first quarter of current financial year.

This translated in Sensex and Nifty fall to multi-year lows of 25,638.9 and 7,511.10 in March respectively.

However, the subsequent reopening of the economy lifted the investors' sentiment and the benchmarks again surged to record highs days ahead of Diwali.Anand Rathi's top stock picks for Samvat 2077:UltraTech CementTarget price: Rs 5,300Investment rationale: "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," Anand Rathi said in a report.Divi's LaboratoriesTarget price: Rs 3,730Investment rationale: Anand Rathi 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)Target price: Rs 3,230Investment rationale: 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."HikalTarget price: 211Investment rationale: 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 (TCPLTarget price: Rs 620Investment rationale: 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 IndustriesTarget price: Rs 370Investment rationale: 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."Motilal Oswal's top stock picks for Samvat 2077:Bharti AirtelTarget price: Rs 650Investment rationale: Motilal Oswal recommends buying Bharti Airtel for a potential upside of 42 per cent.

"Bharti's execution has been top-notch in the last few quarters, evident from strong 16 per cent India Mobile EBITDA growth cumulatively in the last two quarters.

Robust 10m subscriber adds lead to cumulative ARPU improvement of 5 per cent," Motilal Oswal said in a report.State Bank of IndiaTarget price: Rs 300Investment rationale: Motilal Oswal has advised investing in the country's largest bank by assets for upside of 37 per cent.

"We believe the earnings normalization cycle for SBI has begun and it remains the best play among the PSU banks, on gradual recovery in the Indian economy, with a healthy PCR of 71 per cent, robust capitalization, a strong liability franchise, and improved core operating profitability," the Mumbai-based brokerage firm said.Hero MotoCorpTarget price: Rs 3,700Investment rationale: Motilal Oswal recommends investing on Hero MotoCorp for upside of 26 per cent.

"Hero MotoCorp is poised for faster recovery over other 2W peers due to its rural-focused portfolio and market leadership in the entry and executive segments.

Considering its improved competitive positioning post BS6, HMCL should continue to see good demand with its economy-executive focused portfolio," the brokerage firm said.InfosysTarget price: Rs 1,355Investment rationale: "We expect Infosys to be a key beneficiary in terms of recovery in IT spends in FY22.

Infosys remains our top pick within the sector given its headroom for margin expansion and strong deal wins," Motilal Oswal said.Ultratech CementTarget price: Rs 5,600Investment rationale: "Ulttratech Cement has a strong pan-India distribution network and preferred supplier status for key infrastructure projects.

This places it in a good position to tap into expected growth in both retail and institutional (non-trade) cement demand in India," the brokerage said.ICICI BankTarget price: Rs 525Investment rationale: "ICICI Bank continues to see strong growth in retail deposits and has succeeded in building a robust liability franchise over the past few years which continues to improve.

Business trends are improving, with disbursement reaching pre Covid / higher than pre-COVID levels (in some segments)," the Mumbai-based broker said.Crompton ConsumerTarget price: Rs 360Investment rationale: "Crompton Greaves has further consolidated its position in the fans and pumps market, and has become the No.2 player in the Water heaters segment.

Despite strong element of pent-up demand playing out recently, we believe underlying demand to be in positive territory, which should sustain/improve going forward," Motilal Oswal said.Dabur IndiaTarget price: Rs 600Investment rationale: "Dabur's investment case is strong, supported by: (a) dedicated focus on the Herbal segment, (b) power brand strategy, (c) a spate of new launches, (d) an increasing direct distribution reach and (e) cost savings which would be plowed back into the business," Motilal Oswal said.PI IndustriesTarget price: Rs 2,611Investment rationale: "We believe PI Industries has levers in place to sustain growth momentum, led by (a) ramp-up in operations of two multi-purpose plants , (b) revenue from the Isagro acquisition, (c) sustained growth momentum in the CSM business, and (d) product launches in the domestic market providing earnings visibility," Motilal Oswal said.Divi's LabsTarget price: Rs 3,520Investment rationale: "We are positive on Divi's Labs given favorable demand for its APIs, margin enhancement owing to an increase in the in-house manufacturing of intermediates, and additional revenue from new capex," the brokerage said.Disclaimer: Investors are advised to make their own assessment before acting on the information.