Top Stock Picks for 2024: Investec Recommends These Sectors and Companies

The Indian stock market faces potential hurdles in 2024! This comprehensive finance update dives into analysts' predictions (90% chance of a 10% correction), investment recommendations across sectors (ICICI Bank, Cipla, etc.), and company performance highlights (Coal India, Reliance Industries, Eicher Motors).
Sherlock - Stock Exchange
Sherlock - Stock Exchange

In the last 10 years, the Indian stock market has delivered higher returns than any other stock market. Large-cap stocks have yielded 23% returns, and mid-cap stocks have returned 58% in the last year alone. In 2024, the Indian stock market reached a new high. With parliamentary elections due this year, the election results will play a significant role in determining the market's direction.

Sensex - Stock Market Fall
Sensex - Stock Market Fall

Investec has stated that there is a 90% chance that the Indian stock market will experience a correction of about 10% from the 2024 peak. However, Investec believes that an immediate decline is unlikely as the market valuation is not excessively high.

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Investment Recommendations:

Investec recommends investing in the industrial, automobile, financial, and pharmaceutical sectors. The company has advised purchasing shares of ICICI Bank, Kotak Mahindra Bank, Bajaj Auto, and Cipla in the large-cap segment. In the mid-cap and small-cap segments, InvestTech recommends investing in Delhivery, Equitas Small Finance Bank, Angel One, Policy Bazaar, Exide, and Petronet.

Coal India | Coal India
Coal India | Coal India

Coal India Stock Performance:

State-owned Coal India has reported its December quarter results. The company's net profit increased by 18% to Rs 9,094 crore, while its profit after tax rose to Rs 7,719 crore. Revenue grew by 3% to Rs 36,154 crore, and EBITDA increased by 9.5% to Rs 11,373 crore, with an EBITDA margin of 31%.

Coal production saw an 11% increase to 199 million tonnes, while coal supply rose by 9% to 191.30 million tonnes. Coal India's results have surpassed market expectations, leading to a nearly 6% increase in its share price on February 13.

Reliance Industries
Reliance Industries reliance ambani

Reliance Industries Achieves New Milestone:

Reliance Industries' share price has been steadily rising, reaching a new high on February 13 with a nearly 2% increase. The company's market valuation has surpassed the Rs 20 lakh crore mark for the first time. Reliance Industries remains the top-ranked company in India in terms of market value, delivering over 14% returns in the year so far.

Axis Securities Special Stock Recommendation:

Brokerage firm Axis Securities has identified Cyient stock as a favorable investment option for this week. Cyient is an IT company. Axis Securities has assigned a 'BUY' rating for Cyient shares due to the increasing demand for the company's services. The firm has set a target price of Rs 2460 for the stock, which experienced a nearly 2% decline to Rs 2126 on February 13. Cyient provides digital engineering and technology services and operates in various regions, including the United States and Europe.

Royal Enfield Bullet 350
Royal Enfield Bullet 350

Eicher Motors Quarterly Results:

Eicher Motors has announced its December quarter results, reporting a 34.43% increase in net profit to Rs 995.97 crore. Revenue grew by 12.28% to Rs 4,115.6 crore, and sales increased by 12.76% to Rs 3998.87 crore. Royal Enfield, a subsidiary of Eicher Motors, sold 229,214 motorcycles, marking a 4% increase from the previous year. The quarterly results surpassed market expectations, leading to a approximately 4% increase in Eicher Motors' share price.

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Data in this section is not a buy/sell recommendation but only a compilation of information on various technical/volume-based parameters

Analyst certifies that all of the views, if any, expressed in this report reflect his personal views about the subject company or companies and its or their securities, and no part of his compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. Analyst affirms that there exists no conflict of interest that can bias his views in this report. The Analyst does not hold any share(s) in the company/ies discussed.

General Disclaimer and Terms & Conditions of the research report

INVESTMENT IN SECURITIES MARKET ARE SUBJECT TO MARKET RISKS. READ ALL THE RELATED DOCUMENTS CAREFULLY BEFORE INVESTING. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. For a detailed disclaimer and disclosure please visit Before making an investment/trading decision on the basis of this data you need to consider, with the assistance of a qualified adviser, whether the investment/trading is appropriate in light of your particular investment/trading needs, objectives and financial circumstances.

One year Price history of the daily closing price of the securities covered in this section is available at (Choose the respective symbol) /name of company/time duration)

Before investing, an investment decision should be taken in consultation with a SEBI registered investment advisor. It can be profitable to wait for the right opportunities and buy fewer when those opportunities are available.


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