Best Stocks to Watch in India for 2024

Selecting the right stocks to buy might significantly impact your financial portfolio. Therefore, in these constantly shifting markets, it becomes even more crucial to select stocks that align with your investing goals and have growth potential. To assist you in navigating this complex landscape, we have determined which are the top stocks that are most likely to have a significant impact on the market. We'll go into each stock's track record of success, room for growth, and fit with the market trends in our research. Let's now investigate these fascinating investment opportunities in these stocks that have the power to alter your financial future drastically.

Top 8 Stocks for 2024 in India

Here are 8 well-known stocks that may perform best in the upcoming year, 2024:

Disclaimer: The above stock prices mentioned are as of 21 December 2023

ICICI Bank

ICICI Bank has long been regarded as one of the top Indian stocks. Being one of the biggest banks in the private sector in the nation, it is well known for offering its clients excellent financial services. It is a well-liked option for tech-savvy customers due to its dedication to innovation and technology, allowing it to provide a wide variety of digital banking services. 

By concentrating on growing its worldwide presence, ICICI Bank has solidified its standing as one of the top Indian companies in recent years. The bank has been aggressively seeking alliances and joint ventures with top organisations throughout the globe to create innovative financial solutions and enhance client services. ICICI Bank has partnered with the Royal Bank of Canada (RBC) to create cutting-edge digital banking products tailored to the Canadian market.

As one of the top Indian stocks going forward, ICICI Bank is well-positioned to maintain its impressive performance. The bank is a fascinating investment opportunity because of its dedication to innovation and technology, as well as its focus on growing its worldwide footprint. 

Infosys

The second-biggest IT firm in India, Infosys offers a variety of technology, outsourcing, consulting, and next-generation digital services. It has over 1700 clients, including some of the most well-known companies, and works globally with a particular emphasis on the US, the UK, and India. 

It has lately extended its worldwide reach, providing services in more than 50 countries through its 13 subsidiaries. EdgeVerve Systems Limited, Infosys BPM Limited, Infosys Consulting Holding, Panaya, Noah Consulting, and Infosys Public Services are a few of its subsidiaries, each with a specialised area of competence. 

Another dividend-paying company is Infosys, whose board recently raised the total dividend per share by about 14.8%. This rise is a reflection of its commitment to giving its shareholders returns and its potential for future growth. The fact that Infosys is committed to fostering long-term growth and compensating its shareholders should reassure investors.   
 

Tata Motors

A member of the Tata Group conglomerate, which also owns Tata Consultancy Services and other companies, is the Mumbai-based automaker Tata Motors. It is the owner of the Jaguar Land Rover brand and manufactures a wide variety of vehicles, including trucks, construction equipment, and automobiles. It is also the maker of one of the most well-liked electric vehicles in India.

The company's production volume, strength, and breadth have all contributed to its earnings growth, share price, and market capitalisation to an all-time high since the pandemic began. Its focus on electric cars, in particular, gives us optimism that this trend will continue, even if sales of all of its commercial vehicles have increased in the last several years.

Since Tata Motors is listed on four different stock exchanges, you can purchase Indian stock shares from whichever exchange is most convenient for you. For most investors, this will likely be the New York Stock Exchange, but it could also be the National Stock Exchange of India or the Bombay Stock Exchange within the nation.

Hindustan Unilever

The British food, beverage, and fast-moving consumer goods (FMCG) company Unilever owns Hindustan Unilever as a subsidiary. With its headquarters in Mumbai, the company owns 35 separate brands, such as Dove skin care products, Cif bleach, and Lipton Ice Tea.

For almost a decade, the share price of Hindustan Unilever has been increasing. Over that period, it has experienced growth of over 600%, and to further broaden its product offering, it acquired GlaxoSmithKline's Indian consumer division towards the end of the 2010s.

Owning a blue-chip business like this has its benefits since it generates so many well-known items that it is resilient to most economic downturns. The share price was hardly affected by the epidemic, despite its consequences on the transportation of products. It is an excellent complement to any portfolio that focuses on long-term Indian stock market investment because of its dependability.

Bharti Airtel

With an industry-leading ARPU, a premium-focused strategy, an increasing subscriber base, and an eye towards early pricing rises, Bharti Airtel is a telecom business to watch. ARPU (Average Revenue Per User) has improved as a result of customer migration from 2G to 4G and from 4G to 5G, increases in tariff pricing, and conversions from prepaid to postpaid plans. Enterprise and fixed broadband customers are reporting large revenue increases for the organisation. The company is anticipated to have broad-based growth across all categories and has a history of exceptional business performance. To reach the goal of Rs. 1,106 per share, the company's valuation would be at a P/E of 38x based on FY23 profits in the long-term prospects of the best shares to purchase in 2024.

HCL Technologies

One of the IT businesses with the quickest global growth is HCL Technologies. It is already among the biggest companies in India and offers IT assistance and consultancy to companies of all sizes.

Before the pandemic, the firm was capitalising on a digital trend, and the need for cutting-edge technology and cloud-based services has only grown since then. During the five years, the price of HCL technologies has increased by more than 200%, the company has been voted as one of the finest places to work in the world.

HCL intends to expand by making more investments in cutting-edge technologies. It has invested much in automation and artificial intelligence and frequently expands through acquisitions. This has allowed it to enter industries as varied as blockchain technology and finance, which is a very encouraging indication that it can maintain its current development trajectory. Several analysts regard the firm as one of the top long-term stocks in India.

Hindalco Industries 

70% of EBITDA (Earnings before Interest, Tax, Depreciation, and Amortisation) is contributed by Novelis, a subsidiary of Hindalco Industries. The company's positive outlook arises from Novelis' exceptional success. Higher contract margins on beverage cans under Novelis quantities. The usage of lightweight aluminium in EVs would greatly help the firm since it contributes to 20% of Novelis Volumes. The company's outlook remains optimistic. 

Dabur India

Dabur India's market share has increased significantly, and they have seen notable growth in several sectors. The recent Rs. 480 crore acquisition of Badshah Masala is evidence of the company's strength in the market. The purchase of Badshah Masala, their net cash of Rs7000 crores, would give them the leverage to grow even more in the food sector. The company's 40% of total revenues will come from a robust rebound in rural India. Margins on sales during the winter quarter would increase with products such as Chyawanprash. Dabur India company prospects are still bright, making it one of the finest stocks to purchase in 2024.

Factors to Examine Before Investing 

Here are some factors to examine before investing:

• Fundamentals: When selecting the stock to invest in, a thorough analysis of the organisation's prospects, finances, management, and business model is essential.
• Examine the market sentiment: While determining the company's position about its assessment and growth potential, market trends are crucial. 
• Pricing and Valuation: It is crucial to assess a stock's pricing based on its competitors, book value, and earnings.
• Liquidity: A stock's liquidity makes it easy to enter and leave your investment and monitor it as needed.
• Volatility: Recognise that stocks may be volatile and are susceptible to price manipulation. Assessing one's capacity to withstand fluctuations in market value would therefore be a beneficial task for an investor.
• News Reports: As news headlines impact shares, keeping an eye on news stories about the firms you want to invest in may prove to be crucial.

Conclusion  
An intelligent investor would naturally allocate their long-term capital towards India's expanding industries. But this illustrates a crucial point, not all developing industries will provide enormous profits. Thus, the best way to choose the top Indian industries for investment is to diversify.

To minimise risk and ensure that you don't lose out on any rising industries, allocate cash to a variety of areas that you think will do well. Before this, it's vital to choose a reliable stock market app and start your investing journey.