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Best Stock to Buy in 2024

Best stock to buy in 2024

The Indian stock market has experienced significant growth in previous year, as indicated by the unprecedented performance of broad market indices such as the Nifty Midcap, Smallcap, and BSE Reality, Small Cap, Midcap, and Cap goods indexes. The significant increase in the massive inflow of foreign institutional investors (FIIs), which have invested substantial capital in Indian equities, can be attributed to India's optimistic development and economic outlook. The inclination of capital towards Indian markets is influenced by a multitude of additional factors, in addition to the resilient performance of the Indian economy and the market's appealing valuations. Experts believe that the trajectory of FIIs in 2023 has shifted due to supply and demand considerations. The Federal Reserve's indication that rate cuts could start to be seen in the first half of 2024, coupled with liquidity injections by major central banks and yields beginning to decline after the most recent Fed reserve meeting, have all contributed to this shift. This signifies the culmination of the high interest rate regime and the initiation of the US dollar's depreciation against major global currencies.

The victories of the BJP in the three state assembly elections have bolstered the confidence of the FIIs; they are now more certain that the BJP will maintain power in the general election of 2024, thus eliminating political uncertainty. The Q2 FY24 GDP figures, released on November 30th, presented positive developments amounting to 7.6%. Enhanced high-frequency economic indicators, such as GST collections, IIP expansion, and inflation decline to RBI expectation, contributed to this.

Will the ship sail with similar momentum ahead of the general election need to be seen.

Index 1 Year Index 1 Year
% Chg % Chg
SENSEX 18.79 NIFTY 50 19.58%
BSE MIDCAP 44.75 NIFTY 500 24.85%
BSE SMALLCAP 48.59 NIFTY NEXT 50 25.26%
BSE 500 24.82 NIFTY Midcap 100 45.11%
BSE Auto 44.59 NIFTY IT 19.56%
BSE CAP GOODS 64.75 NIFTY 100 19.53%
BSE FMCG 24.8 NIFTY BANK 12.40%
BSE HEALTHCARE 35.35 NIFTY ENERGY 30.07%
BSE IT 26.44 NIFTY INFRA 38.98%
BSE Metal 29.99 NIFTY REALTY 78.93%
BSE Oil & Gas 16.71 NIFTY MIDCAP 50 49.82%
BSE PSU 58.5
BSE REALTY 79.72
BSE SME IPO 91.21%
S&P BSE GREENEX 22.29
BSE IPO 45.23
BSE POWER 34.32

 

In 2024, the government will be the main force behind robust growth in government expenditure, with state governments and large corporations catching up. The New Year may witness the expansion of India's investment cycle's foundation. The participant left to ignite their engines were private corporations. In 2024, all generators of the capex cycle—centre, states, corporations, and households—are expected to see takeoff. Private investment is, at its essence, a vote of confidence in the economy, spurring innovation, generating employment, and stimulating economic activity. As private investments acquire momentum, they will have a cascading effect across various sectors, from manufacturing to technology, infrastructure, and renewables. The true measure of this investment surge will be its ability to generate employment. The emphatic revival of private investments could be the defining trend of 2024, setting the stage for sustained economic growth and reshaping the global economic order.

People after COVID have accelerated pressure on the services sector, such as real estate, hotels, and infrastructure-related industries. With capacity utilization at 76% in all sectors, India is expected to see significant private investments in both the manufacturing and services sectors due to the country's growing economy. This comes amidst sluggish corporate credit offtake in the current fiscal, which has been a trend since the past fiscal. There is considerable resilience in the balance statements of all corporations, providing them with the capital to invest. With a conducive policy environment, micro, small, and medium enterprises need to develop by obtaining handholding from the government and large corporations to transition in terms of digital, sustainability, or geopolitical risks.

The New Year comes with challenges; some are carried forward from 2023, like the US-Canada-India plot to kill Sikh separatist Pannun, and some can be seen to be on the horizon. Chinese President Xi Jinping addressing the New Year, reiterated his claim that Taiwan would "surely be reunified" with China ahead of Taiwan's crucial January 13 elections, which will determine the island's cross-strait policy for the next four years.

In 2024, 41 countries would be contesting the general election, with three major democracies among them: India, the United States, and Britain. Elections in the United States will be closely watched, with high-voltage drama going on. India's current ruling party is likely to win easily, and the polls in Bangladesh, Pakistan, and Bhutan will be closely watched.

Keeping that in mind, we expected the following stock to perform in 2024.

Best Stock to Buy in 2024
Jubilant Food Works Ltd Adani Power Ltd
Bajaj Finance Ltd Heidelberg cement India Ltd
ICICI Bank Piramal Pharma Ltd
Mphasis Ltd Bharat Forge Ltd
Tata Power Gujarat Fluorochemicals Ltd
Zomato Ltd Narayana Hrudayalaya Ltd
Hero Motocorp Ltd Tata Consumer Products Ltd
Bharti Airtel Ltd Max Healthcare Institute Ltd
Jio Financial Services Ltd United Spirits Ltd
Reliance Industries Ltd Kotak Mahindra Bank

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