India on a Strong Footing Amidst Global shifts
India continues to demonstrate robust growth and resilience despite the evolving global economic and geopolitical environment. The Indian economy is projected to grow at 7.2% in FY25, maintaining its position as the fastest-growing major economy, supported by robust domestic demand, easing inflationary pressures, and the resurgence of private capex. Both, Manufacturing and Services PMI remain in expansionary territory, reflecting healthy demand across sectors.

Increased capacity utilization, coupled with greater private sector confidence and public infrastructure spending, is further boosting the capital expenditure (capex) revival seen over the last year. Additionally, GST collections have sustained at high levels, providing a solid revenue base for the government to meet fiscal targets. This robust tax base, alongside prudent fiscal management, is allowing the government to maintain course on meeting the sub-5% (of GDP) Fiscal Deficit target while ensuring continued investments in infrastructure.

On-the-whole, healthy banking sector metrics and corporate debt levels are also providing a conducive environment for private investments to accelerate.India’s ability to maintain inflation within manageable limits, supported by
softening global commodity prices, is aiding sustained corporate profitability.

The Nifty PE is currently trading at 20.8x 1-year forward EPS.

DIIs & Retail have emerged as dominant players
DII flows continue to grow robustly in India on the back of increasing incomes across levels, propelling the markets to newer highs. DII flows in FY25 (until September) stand at Rs 2.32 Lk Cr – having already surpassed FY24 flows. As such, despite FIIs
flows being muted, the Indian markets have been buoyantly driven by strong SIP flows (+23.4% CAGR over the last 5 years) and domestic buying.

Additionally, the emergence of direct retail participants has been instrumental in lowering overall dependence on FIIs.

HDFC SEC / Angel One / Share India

NameBrokerLTPTarget
Bank of IndiaHDFC SEC105132
JK Lakshmi Cement LtdHDFC SEC811936
Jyothy Labs LtdHDFC SEC528600
L&T Finance LtdHDFC SEC168219
National Aluminium Company LtdHDFC SEC218270
Navin Fluorine International LtdHDFC SEC33623948
NCC LtdHDFC SEC300363
PNB Housing Finance LtdHDFC SEC9811160
Reliance Industries LtdHDFC SEC26893243
State Bank of IndiaHDFC SEC805960
Vesuvius India LtdAngel One57806770
Nippon Life Asset management limitedAngel One707820
NCC LtdAngel One301400
Jyothy Labs LtdAngel One539680
Blue StarAngel One20452570
Dixon Technolog.Angel One1540219070
Nippon Life Ind.Angel One707820
Colgate-PalmolivAngel One34924590
Jyothy Labs LtdAngel One529680
Mahanagar GasAngel One18352310
eClerx ServicesAngel One30723700
Persistent SysAngel One56317040
Neuland Labs.Angel One1566719580
Time TechnoplastAngel One438550
Torrent PowerAngel One19532300
Vesuvius India LtdAngel One57806770
Adani Ports and LogisticsShare India14101850
GranuelsShare India608770
HG Infra Engg LtdShare India14741880
Jindal SAWShare India361470
LemontreeShare India127165
Nippon india Asset ManagementShare India697850
Sharda MotorShare India21432620
Tata MotorShare India462565
YatharthShare India636795
Zen TechnologiesShare India19102300

Anand Rathi

GEOJIT

Systematix

Aditya Birla Money

IDBI Capital

Prudent Broking

ASHIKA

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