Introduction:
Investing in the stock market can be exciting and daunting, especially when considering long-term investments. By evaluating factors, such as the issuing company’s fundamentals, business model, and growth potential, you can choose the most suitable stocks that can fetch you the best returns in the long term.
To aid you in making smart choices, we have created a list of the top Stocks for long-term investment in India in 2024. We have carefully analysed the past performance of each stock, its potential for growth, the issuing companies’ fundamentals, and their alignment with present market trends. Keep reading.
Best stocks for long-term investment in India in 2024
Below are the top five stocks you can consider investing for the long term in 2024:
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Reliance Industries Limited
With its diversified portfolio spanning energy, petrochemicals, textiles, natural resources, retail, and telecommunications, Reliance Industries Limited (RIL) remains a cornerstone of the Indian economy. Led by visionary entrepreneur Mukesh Ambani, RIL continues to innovate and expand its offerings, including its digital arm Jio Platforms. As India progresses towards digitalisation, RIL stands poised for sustained growth, making it an attractive long-term investment.
As of 20 April 2024, Reliance Industries shares were trading for Rs. 2,940.25 per share at the National Stock Exchange (NSE) and Rs. 2,941.60 per share at the Bombay Stock Exchange (BSE). The company’s market cap stood at Rs. 19,81,095 crores.
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Infosys Limited
As one of India's leading IT services companies, Infosys has established itself as a global powerhouse in technology and consulting. With a strong focus on innovation, digital transformation, and client-centric solutions, Infosys is well-positioned to capitalise on the increasing demand for tech services worldwide. The company’s robust business model coupled with a talented workforce makes it a solid choice for long-term investment.
As of 20 April 2024, Infosys shares were trading for Rs. 1,411.25 per share at the NSE and Rs. 1,411.60 per share at the BSE. The company’s market cap stood at Rs. 5,89,651 crores.
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Tata Consultancy Services Limited
Another stalwart in India's IT sector, Tata Consultancy Services (TCS) is synonymous with innovation, excellence, and reliability. As a global leader in IT services, consulting, and business solutions, TCS has a proven track record of delivering value to its clients and stakeholders. With a focus on digital technologies, automation, and cloud services, TCS is well-equipped to capitalise on emerging trends and drive growth in the digital age.
As of 29 April 2024, TCS shares were trading for Rs. 3,826.20 per share at the NSE and Rs. 3,827.45 per share at the BSE. The one-year trailing return of the stock stood at 24.91%.
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HDFC Bank
HDFC Bank is renowned for its stability, reliability, and customer-centric approach in the banking sector. With a wide range of banking and financial services catering to diverse customer segments, HDFC Bank has consistently delivered strong financial performance and maintained its leadership position in the industry. As India's economy continues to grow, HDFC Bank is expected to benefit from increased consumer spending, urbanization, and financial inclusion initiatives.
As of 20 April 2024, HDFC Bank’s shares were trading for Rs. 1,531.30 per share at the NSE and the BSE. The company’s market cap stood at Rs. 11,35,434 crores.
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ICICI Bank
ICICI Bank is one of India's largest private sector banks, known for its extensive branch network, innovative products, and digital banking solutions. With a focus on customer-centricity and technological innovation, ICICI Bank has successfully navigated through economic cycles and emerged as a key player in India's banking landscape. As the Indian economy rebounds from the pandemic-induced slowdown, ICICI Bank is poised to capitalise on growth opportunities.
As of 20 April 2024, ICICI Bank’s shares were trading for Rs. 1,067.25 per share at the NSE and Rs. 1,066.40 per share at the BSE.
To conclude
Investing in these top-quality stocks with strong fundamentals, robust business models, and growth potential can help you create long-term wealth in the Indian stock market. While market fluctuations and economic uncertainties may pose challenges along the way, staying focused on your investment objectives can help you navigate through volatility and achieve your financial goals in the years to come.
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