Business

Top 10 Stocks To Buy In 2024 In India

Yashi Vijay Vargiya January 11, 2024

The Indian stock market has skyrocketed and it’s the best time to invest in Indian stocks. We will be discussing which Stocks To Buy In 2024 In India.

After the interim budget was published, the market hit a new high. The profit bookings arose resulting in a gain of seven tenths of a percent as of close, as well as the formation of a ‘shooting star’ and ‘double top’ bearish reversal candlestick pattern, which raised some concerns regarding further rallying.

It is estimated that while Indian equity returns have historically been good during election years, CLSA’s India Theme 2024 note says the best-case scenario in which Narendra Modi returns for a third term is already reflected in valuations, so there may be a muted election year due to the reduced likelihood of positive surprises and change.

Among the 19 largest global markets, the Indian market has the highest valuation premium to its historical average. For the first time in three years, India is not leading earnings growth.

Table of Contents

Why To Invest In Indian Stock Market?

Amid global uncertainties and geopolitical tensions, the Indian stock market emerges as a beacon of resilience and growth. With the Nifty 50 and BSE Sensex scaling new heights, investors witnessed a remarkable rise throughout 2018. The Indian stock market managed to surpass strong challenges despite a slowing global economy, recording impressive gains and achieving milestones in a challenging environment. It examines key indices, noteworthy sectoral performances, and both domestic and international influences on the market during the year.

Know Why to Stocks To Buy In 2024- Milestones and Achievements:

The following indices achieved impressive milestones along with the overall market performance:

Nifty 50 Resilience: The Nifty 50 grabbed a record high of over 21,000 points by year’s end after bouncing back from a low of 16,828 points in March.

BSE Sensex Momentum: Market momentum and positive sentiment in 2023 led the BSE Sensex to rise more than 18%.

Furthermore, the Nifty Smallcap 100 and Nifty Midcap 100 both demonstrated strong performances with their respective gains of 54% and 44%.

Here are the Best Stocks to Invest in India to help you navigate this complex landscape. The stock’s performance history, growth prospects, and alignment with current market trends are all examined in our analysis. Discover how these exciting investment options can reshape your financial trajectory as we explore these exciting investment options.

Top 10 Stocks To Buy In 2024 In India

1. IOC

IOC stands for Indian Oil Corporation. The stock prices of IOC jumped by 8% on this Monday (5 Feb 2024). An oil price drop, a budget announcement, and earnings announcements all play a part. Stock prices for Indian Oil Corporation reached a low of Rs 171.35 and a high of Rs 1186 in the current day’s trading session. And it is well said that in the upcoming years, it may profit to its shareholders.

2. Tata Motors

TATA has been one of the most prominent companies in the Indian market since the 90’s. On the 6th of February 2024, the share price of Tata Motors Ltd Fully Paid Ord. Shares was Rs 939.70.

3. SAIL

SAIL stands for Steel Authority of India Limited. As of the weekly timeframe, the share price has broken out from the Flag chart pattern after the sharp-up move. Additional uptrends are anticipated based on the incremental volume activity.

4. Coal India

Board members of Coal India will discuss the company’s quarterly numbers and an interim dividend on February 12.
Coal India said in a filing dated January 29 that its Board of Directors would also consider and declare payment of the 2nd Interim Dividend for FY 2023-24.

5. MCX

Multi Commodity Exchange of India Share Price took a dip today on 6 Feb 2024. However, it is believed that it is one of the safest stocks to invest in.

6. HPCL

Hindustan Petroleum Corp Ltd NSE: HINDPETRO is one of the safest stocks to buy in 2024. Despite the recent outperformance of the refinery sector, the Indian refiners remain underappreciated. Investors are reevaluating long-term growth prospects for these refiners, resulting in multiples re-rating.

As long as ICE vehicle demand remains strong, India remains the fastest-growing market globally for fuel demand. As the energy market becomes less volatile, refiners are now reflecting hardware upgrades made before Covid in earnings. This is the best stocks to invest in 2024 for long-term in India.

7. NTPC

In comparison with the sector P/E of 22.43, NTPC’s TTM P/E is 15.46. NTPC has 21 analysts covered. It has been rated a strong buy by 10 analysts, and a buy by 8 analysts. The stock is rated sell by 2 analysts.

8. NBCC

A 16.8% and 2% growth in earnings is predicted for NBCC (India) this year and next. An annual growth rate of 16% is expected for EPS. During the next three years, we expect a return on equity of 18.7%.

9. NHPC

In the past five days, NHPC has contributed 60.45%. NHPC has a TTM P/E ratio of 13.60 as compared to the sector P/E of 22.43.6 analysts have initiated coverage on NHPC. It has a strong buy rating from 5 analysts & a buy rating from 1 analyst.