Praise be to Allah, the Lord of the Worlds; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
There is no text that proves or denies bearing torches during celebrations to demonstrate happiness and joy; it comes under the practice of people. If it is done only for enjoyment then it is permissible provided the following conditions are met;
A) It should not cause any harm and should be free from lavishness,
B) It should not be a practice that is peculiar to non-Muslims.
C) It should not be practised on prohibited and unlawful occasions.
Allah knows best.