The Indian top 5 stocks for 2024 stood resilient in the market to several headwinds in 2023, like rising inflation and interest rates, geopolitics issues, high foreign institutional investor (FII) selling, currency swings, etc.
Despite a roller-coaster ride with such macro-level affairs, the Indian equity market outperformed global markets and the benchmark stock index Nifty gained about 3.25% in the year 2022.
The medium to long-term outlook for the overall market remains positive.
A well-diversified portfolio based on well-researched stocks can help investors yield significant returns over the long run. Amid volatility and uncertainty, most investors find picking a few stocks more challenging.
Here investors can find the top 5 stocks for 2024 to watch for investment and know why these five stocks are worth watching. Find a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for a better understanding of risks and opportunities associated with picked stocks.
Top 5 Stock to Watch for 2024
Banking, Energy, Automobile, and Consumer Staples are among the hottest sectors for investments in 2024. A stock should possess favourable macro and industry-level factors to be on the top list.
Following is the list of the top 5 stocks for 2024:
Tata Consultancy Services (TCS), is one of top 5 tocks for 2024.

TCS, Tata Group company, is India’s largest IT services provider and second-most valued firm. Going very well on its path, it expects its revenues to double to $50 billion by 2030.
Its share is traded at Rs.3,227. Experts foresee the long-term growth story intact and expect a balanced 2023-24 year after two years of considerable growth.
The 52-week high for TCS was Rs.3,739 in April 2022, and the 52-week low was Rs.2,926.10 in September 2022.
Bajaj Finance Ltd

Bajaj Finance Ltd has a significantly diversified lending portfolio across retail, commercial, and small and medium enterprises in urban and rural India. Bajaj Finance share is currently trading at Rs.5,844.
The 52-week high for Bajaj Finance share was Rs.7,778 in September 2022, and the 52-week low was Rs.5,220 in June 2022.
Amara Raja Batteries

Amara Raja Batteries Ltd is another stock in the list of the top 5 stocks for 2024. It is a well-known Consumer Cyclical enterprise worldwide.
Most Consumer Cyclical companies do not always reward their shareholders with dividends but Amara Raja Batteries Ltd pays. In the Finance Budget 2023, the government reduced the customs duty on lithium cells significantly (from 21% to 13%) and increased the subsidies on Electric Vehicle batteries for one more year.
Therefore, the share of the Amara Batteries gained traction sharply. Its share price is trading at Rs.582.
ICICI Bank Ltd. (IBN)

The stock of the ICICI bank rose 3% with the announcement of boosting consumer spending in the Finance Budget 2023.
It will drive credit growth. The 52-week high for ICICI was Rs.958.20 and the 52-week low was Rs.669.95.
Godrej Consumer Products Limited

The Nifty FMCG index has gained more than 1% in 2023 so far, indicating that 2023 can be a year of gradual but definite revival for consumer goods enterprises.
The stock price has risen by more than 6% in 2023. It is not only outperforming the consumer goods index but also the broader Nifty 50 index.
Conclusion
These are the top 5 stocks for 2024 that investors can consider to give a place in their investment portfolio.
When investing in certain standalone companies, investors should consider the context surrounding their sectors to make informed decisions, for example, peer or industry P/E ratio, government policies, etc.
Monitor your shortlisted stocks in the inherently volatile market and conduct thorough research to decide which are worthy of your money.
DISCLAIMER: This article is not meant to be giving financial advice. Please seek a registered financial advisor for any investments.
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