New Delhi, Oct. 20 -- Diwali has focused attention on gyrations of the Indian stock market. Traditionally, it is a time for traders to open new account books, hoping that the first day of trading will turn out to be auspicious and set a positive tone for the rest of the Samvat year.

This time, expectations seem somewhat subdued, with creases of worry visible all around. After touching an all-time high in September 2024, the market's benchmark indices-the 30-scrip Sensex and the 50-stock Nifty-have stayed below that peak now for 13 months.

One fundamental driver of market growth, the financial performance of India Inc, makes little space for optimism. Corporate earnings have been lacklustre and are widely predicted to remain so over the ...