Stronger economic growth, accelerating government spending and a bottoming out of inflation are just some reasons why many analysts are bullish on India — and asset management firm AllianceBernstein is no exception. In an Oct. 9 note, analysts led by Venugopal Garre pointed out that Indian equity markets rebounded strongly in March after lagging from the end of 2021. While markets have started retracting since September, the benchmark Nifty 50 index remains elevated near 19,500 levels.
The analysts are overweight on the stock at 120 Indian rupees , representing an upside of around 10% from its Oct. 11 close Financial services provider HDFC Bank also made the asset manager's list thanks to its "phenomenal" deposit-gathering ability. The analysts are overweight on the stock, giving it around 36% upside. Delhivery is another favorite stock, with a price target of 460 Indian rupees, giving it around 5% upside.