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Top technology stocks you can add to your portfolio in 2024

stock market
27 Mar 20246 mins readBy MOFSL

Introduction:

During the pre-pandemic era, technology stocks were in high demand. The stock market investors handsomely rewarded companies that provided innovative solutions to the evolving challenges of the world. 

However, this fervour has waned since then, particularly as concerns about an impending recession have disproportionately impacted tech companies. The heightened inflation rates and subsequent sharp spikes in interest rates often translate to reduced profits for debt-heavy technology firms. 

But despite the challenges, technology stocks remain a preferred choice for investors, and rightly so. Technology companies are poised to play a pivotal role in addressing issues related to sustainable energy, automation, healthcare, and housing in the future.

This article aims to provide insights into what tech stocks entail, present a list of currently high-performing tech stocks, and outline various acquisition options. Keep reading.

What are technology stocks?

Technology stocks represent equity shares in publicly listed companies specialising in creating and offering technology products and services. Several technology stocks are listed on Indian stock exchanges, namely the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). These companies span from large-cap to small-cap.

Many technology stocks, such as Nifty 50 and Sensex, are also included in benchmark indices. Some of them constitute a devoted index for technology stocks, known as Nifty IT.

Top technology stocks to buy in India in 2024

Several technology stocks in India have provided multi-bagger returns to investors during the past two decades. Some of these stocks continue to offer compelling opportunities for investors. Below are the top technology stocks you can add to your portfolio in 2024:

1. Tata Consultancy Services (TCS)

TCS is a stalwart in the Indian technology sector, offering a diverse range of services such as IT consulting, business solutions, and outsourcing. With a robust global presence and a track record of consistent growth, TCS is a reliable choice for investors looking for stability and long-term returns.

TCS recently disclosed its third-quarter earnings, which demonstrated a performance surpassing expectations despite the challenges. As of 4 March 2024, its shares were trading for Rs. 4.080.70 at the NSE and Rs. 4.081.60 at the BSE, quickly approaching their 52-week high prices.

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2. Infosys Limited

Infosys has been a key player in India's tech space for decades. Known for its focus on innovation and digital transformation services, the company continues to be the second-largest software exporter. With a strong emphasis on cloud computing, artificial intelligence, and automation, Infosys is positioned to capitalise on the evolving technology landscape.

On the price chart, Infosys’ shares are currently trading above their long-term moving averages and near a 52-week high. As of 4 March 2024, they were available at Rs. 1,637.20 per share at the NSE and Rs. 1,637.85 per share at the BSE.

3. Happiest Minds Technologies Limited

Happiest Minds Technologies is a mid-sized IT services company. It has been gaining attention for its focus on digital transformation and technology consulting. The company's expertise in areas like cloud services, data analytics, and cybersecurity positions it well to benefit from the growing demand for tech-based solutions. As of 4 March 2024, the company’s shares were trading for Rs. 839.90 per share at the NSE and Rs. 839.40 per share at the BSE.

4. HCL Technologies

HCL Technologies has carved a niche for itself in the technology space, particularly in areas like cybersecurity, cloud computing, and IoT. The company's commitment to innovation and strategic partnerships makes it an interesting prospect for investors seeking exposure to niche technological markets.

The stock is currently positioned close to its 52-week high and is trading above both short-term and long-term moving averages. As of 4 March 2024, HCL Technologies’ shares were trading for Rs. 1,637.95 per share at the NSE and Rs. 1,636.85 per share at the BSE.

5. Tech Mahindra

Tech Mahindra specialises in providing IT and business process outsourcing services, focusing on emerging technologies like 5G, blockchain, and artificial intelligence. The stock has recently shown a positive breakout and is trading above its long-term moving averages of Rs. 1,280.05 per share at the NSE.

To conclude

The companies mentioned present lucrative opportunities for sustained financial growth. However, you must conduct thorough research, stay informed about industry developments, and consult with financial experts before making investment decisions.

 

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Disclaimer: The stocks, companies, or financial instruments mentioned in this blog are for informational purposes only and should not be considered as investment recommendations. It is advised to consult with your financial advisor before making any investment decisions. Investment in securities markets are subject to market risks, read all the related documents carefully before investing. Investors are strongly encouraged to carefully read the risk disclosure documents prior to participating in market-related investments or trading activities. Due to the volatile nature of financial markets, no guarantees can be made regarding investment returns. Motilal Oswal Financial Services Ltd. does not offer any assured returns on market-linked securities. Please note that past performance of stocks or indices is not indicative of future results.
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