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Global brokerages including CLSA, Credit Suisse and Citi are bullish on select largecap and midcap players from sectors like financials, oil and gas and ports amid the ongoing rally on Dalal Street. The benchmark BSE Sensex has advanced 96% to 50,051 on March 23 from its lows of 25638.90, scaled on March 24 last year. Likewise, the NSE Nifty index has gained 97% during the same period. Analysts believe that liquidity measures taken by RBI and central government, robust inflows by foreign institutional investors coupled with better than expected December quarter results aided sentiment. Considering the present market environment, they have maintained ‘Buy’ on five stocks listed below:
ICICI Bank
Credit Suisse has maintained an ‘Outperform’ call on ICICI Bank with a price target of Rs 640, citing a strong growth outlook and stable asset quality. “CET-1 at around 17% is strong and the bank is well placed to see market share gains as growth improves. Profitability of the lender also improves on credit cost normalisation,” the brokerage said.
HDFC
Credit Suisse also retained an ‘Outperform’ call on HDFC with a price target of Rs 2,950. It said that the company is well-positioned to capture growth and revival in real estate will further boost the growth momentum.
Adani Ports
Citi has a ‘Buy’ call on Adani Ports with a price target of Rs 935. The overseas firm believes that the company will continue to gain market share in Q4FY21E. “Expect greater clarity on the impact of recent acquisitions on a medium-term growth trajectory,” Citi said adding that it sees better cash flows and attractive acquisitions.
Reliance Industries
CLSA has an ‘Outperform’ call on Reliance Industries with a price target of Rs 2,250 per share. It believes that energy-to-telecom behemoth has limited near-term triggers. However, it has a promising long-term story. “We remain optimistic about the long-term prospects of Jio and Reliance Retail,” said CLSA.
Varun Beverages
CLSA also has a ‘Buy’ call on Varun Beverages with a price target of Rs 1,200. The global firm believes that the company is poised for strong EPS growth.