Best Indian stocks to buy for Q1 2024
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Indian companies have been some of the best stocks in the world for performance in recent times. Our experts have combed through the Indian stock market and performed industry analysis on all the leading sectors in India to find the best Indian stocks to invest in.
What are the top Indian stocks to buy?Copy link to section
Use the table below to find our expert recommendations. You can find each company’s name and ticker symbol and if you want to buy right now, just click the buttons. Alternatively, keep reading to learn why each one has made our list.
|HDFC Bank Limtied
|Azure Power Global Limited
|Dr Lal PathLabs
|Power Finance Corporation
1. ICICI Bank (NYSE: IBN)Copy link to section
ICICI Bank Limited has long been considered one of the best Indian stocks for investors looking to capitalise on India’s growing economy. As one of the largest private sector banks in the country, it has a good reputation for providing high-quality financial services to its customers. Its commitment to innovation and technology has allowed it to offer a wide range of digital banking services, making it a popular choice for tech-savvy consumers.
In recent years, ICICI Bank has strengthened its position as one of the best Indian stocks thanks to its focus on expanding its global footprint. The bank has been actively pursuing partnerships and collaborations with leading institutions worldwide, aiming to develop new banking solutions and provide better services to customers. One such partnership is with the Royal Bank of Canada (RBC), with which ICICI Bank has joined forces to develop innovative digital banking solutions for the Canadian market.
Looking ahead, ICICI Bank is well-positioned to continue its strong performance as one of the best Indian stocks. The bank’s commitment to innovation and technology, combined with its focus on expanding its global presence, makes it a compelling investment opportunity for investors.
2. Infosys (NYSE: INFY)Copy link to section
Infosys is India’s second-largest IT company and provides a range of consulting, technology, outsourcing, and next-generation digital services. It operates worldwide but strongly focuses on the United States, the United Kingdom, and India and has over 1700 clients, including some of the best-known brands.
It has expanded its global reach recently, offering services through its 13 subsidiaries in over 50 countries. Among its subsidiaries are EdgeVerve Systems Limited, Infosys BPM Limited, Infosys Consulting Holding, Panaya, Noah Consulting, and Infosys Public Services, each with its focus and expertise.
Infosys is also a dividend-paying stock, and its board recently increased the total dividend per share by approximately 14.8%. This increase reflects its future growth prospects and dedication to providing returns to its shareholders. Investors can take comfort in the fact that Infosys is focused on driving long-term growth and rewarding its shareholders.
3. HDFC Bank Limtied (NYSE:HBD)Copy link to section
HDFC Bank Limited is one of the largest banks in India and has a strong presence in the Indian financial market. The bank’s stock is listed on both the Bombay Stock Exchange and the National Stock Exchange of India and is a constituent of the NIFTY 50 index. It is also available on the New York Stock Exchange.
HDFC Bank Limited has entered into a strategic agreement with Refinitiv. Under the partnership, the bank can leverage Refinitiv’s vast array of data and products, including real-time market data, news, and fundamental data. This will allow the bank to reduce costs across multiple divisions while improving its data capabilities.
Over the years, HDFC Bank’s stock has been a favourite among investors due to its consistent growth and strong financials. However, it has recently faced some regulatory challenges, which have impacted its stock price. In November 2020, the Reserve Bank of India imposed a temporary ban on HDFC Bank’s digital services. The ban was lifted shortly after, but the incident raised concerns among investors about the bank’s risk management practices.
4. Azure Power Global Limited (NYSE:AZRE)Copy link to section
Azure Power Global Limited is one of the best Indian stocks in the renewable energy sector. The company has a deal with First Solar to expand its network using solar panels. First Solar will start production from its factory in Tamil Nadu, India, which is expected to begin in 2023.
The company is one of India’s largest independent solar power producers and has a diversified portfolio of solar power projects across the country. Azure Power’s expertise in solar power generation and its strategic partnership with First Solar make it an attractive investment opportunity in the renewable energy sector.
Despite being one of the best Indian stocks in the renewable energy sector, its stock price has dramatically fallen from its 2021 highs. However, the recent deal with First Solar could provide astute investors with a low or discounted entry point. With the increasing demand for renewable energy and Azure Power’s strategic partnerships and diversified portfolio, the company’s stock price could recover and provide attractive returns for investors with a long-term perspective.
5. Wipro Limited (NYSE:WIT)Copy link to section
Wipro Limited is an information technology, consulting, and business process services company headquartered in Bengaluru. Founded in 1945, Wipro operates in various industries, including financial services, healthcare, and manufacturing. It is well-known for its commitment to sustainability, ethics, and corporate responsibility, which has earned it recognition as one of the world’s most ESG-friendly companies.
Its expertise in digital transformation, cloud computing, and artificial intelligence have made it a popular choice among some of the world’s largest organisations that use its services. Wipro counts the likes of Adobe, Amazon, and Microsoft as clients.
With a well-diversified business portfolio, a client list of some of the world’s largest technology companies, and a solid commitment to sustainability and ethics, Wipro is a good stock for consistent long-term growth.
6. Tata Motors (NSE: TATAMOTORS)Copy link to section
Tata Motors is an automotive manufacturer based in Mumbai that’s part of the Tata Group conglomerate that also owns Tata Consultancy Services, among other businesses. It produces a wide range of vehicles, from regular cars to lorries and construction equipment, owns the Jaguar Land Rover brand, and is responsible for one of India’s most popular electric vehicles.
The strength and breadth of its output has helped the company’s profit growth, share price, and market cap to surge towards its all time high since the onset of the pandemic. Its emphasis on electric vehicles, in particular, is a reason to be bullish about that trend continuing, while sales of all its commercial vehicles have risen over the past couple of years.
Tata Motors is listed on four different stock exchanges; which means you can buy shares in the Indian stock from whichever exchange is easiest, which might be either the National Stock Exchange of India or the Bombay Stock Exchange inside the country, or the New York Stock Exchange for most other investors.
7. HCL Technologies (NSE: HCLTECH)Copy link to section
HCL Technologies is one of the fastest growing information technology companies in the world. It provides IT support and consulting to businesses from all across the spectrum and is already one of the largest corporations in India.
The company was already taking advantage of a digital trend before the pandemic, and since then demand for advanced technology and cloud-based services has only increased. The price is up by over 200% in five years and in that time, it was voted as one of the world’s best companies to work for.
HCL’s growth strategy is to continue investing in new technology. It has poured money into things like automation and AI, and tends to grow via acquisitions. That’s taken it into areas as diverse as banking and blockchain and are an extremely positive sign that it can continue its recent growth trajectory. Many experts consider the company as the one of the best long term stocks India.
8. Dr Lal PathLabs (NSE: LALPATHLABS)Copy link to section
Dr Lal PathLabs is a healthcare company based in Delhi. It specialises in screening for diseases, by performing things like blood and urine tests on patients. Founded in 1949, it operates around 1500 screening centres across the country.
The company has been a slow and steady grower for a few years but it’s done particularly well since 2019. Since then, the share price has tripled, particularly in response to more demand for blood tests and screening services during the pandemic, but also because it has solid fundamentals as well.
Dr Lal’s has increased its revenue, net profit, and market capitalization substantially over the last decade. A company that can generate more income every year is an extremely attractive investment opportunity and that’s why it has sealed third place on our list of the best stocks to buy in India.
9. Hindustan Unilever (NSE: HINDUNILVR)Copy link to section
Hindustan Unilever is a subsidiary of the British food, beverage, and fast-moving consumer goods (FMCG) conglomerate, Unilever. It’s based in Mumbai and owns 35 brands in its own right, including things like Lipton Ice Tea, Cif bleach, and Dove skin care products.
The Hindustan Unilever share price has been on the up for more than a decade. It’s grown by more than 600% over that time, and saw out the 2010s by acquiring GlaxoSmithKline’s Indian consumer division to further expand the products it offers.
The advantage of owning a blue-chip company like this is that it produces so many established products that it’s resistant to most economic struggles. Even the pandemic, with its effects on the movement of goods, barely impacted the share price. That reliability makes it an excellent addition to any portfolio with a focus on long term Indian stock market investing.
10. Power Finance Corporation (NSE: PFC)Copy link to section
Power Finance Corporation is a financial services company that’s tightly linked to the Indian government. Its main role is as a company that provides financing for infrastructure projects, predominantly in the power sector.
Like many financial stocks, Power Finance’s share price tends to rise and fall in a cyclical manner. This isn’t necessarily a stock which is going to offer substantial growth, but it is a relatively safe one given that it has the backing of the government of India behind it.
The main reason for it featuring on this list is its dividend. Power Finance pays out one of the best dividend yields in the country, so it makes for a strong and steady bulwark to the rest of your portfolio.
Where to buy the best stocks in IndiaCopy link to section
To get your hands on the best stocks in the Indian securities market, you need an online stock broker. Most brokers offer shares from all the major markets around the world, and so you can get started with Indian stocks by choosing one of the beginner-friendly platforms in the table below.
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What is an Indian stock?Copy link to section
It is simply a company that is headquartered in India and whose stocks trade on one of the country’s stock exchanges. The Indian share market consists of the National Stock Exchange and the Bombay Stock Exchange, which together comprise over 5,000 listed companies with a combined market capitalization of over $3 trillion.
Many leading Indian stocks represent major industries like information technology, financial services, energy, telecom, automotive, materials, and healthcare.
These companies offer investment opportunities for individuals and institutions looking to invest in India’s growing economy. The Indian stock market is regulated by the Securities and Exchange Board of India (SEBI), which ensures that listed companies adhere to strict rules and reporting standards and provides a transparent and efficient marketplace for investors to buy and sell shares.
Are Indian stocks a good investment?Copy link to section
The best stocks in India offer a great way to create a diversified portfolio that includes companies based worldwide. Investing in companies that are geographically diverse means you’re less likely to be hurt by issues that affect local stock markets. India is one of the fastest growing economies and presents lots of opportunities to invest in the best stocks with a long term perspective.
There are stock market risks in India, as there are for every economy. Such stocks may be a bit more volatile or unpredictable than those in more established economies. It can also be risky if you don’t fully understand the Indian economy or the companies you’re investing in, so make sure to check historical information and get fully familiar with Indian stocks before you invest in any.
The best approach is to choose a few different types of Indian stock with strong fundamentals so that your overall portfolio is balanced and isn’t too reliant on one company or industry for success. Large, popular Indian companies with a strong track record, known as ‘blue-chip’ stocks, are the safest way to invest long term, while cheaper stocks tend to come with the possibility of a higher reward but are more risky.
The stocks on this page represent a variety of companies, large and small, that you can combine to create a balanced portfolio based around the Indian economy. All you need to do to get started is choose a broker from the table above.
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