Here are 5 favorite Indian stocks from Nomura's recent investment conference

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New for subscribers: Here are 5 favorite Indian stocks from Nomura's recent investment conference. Check out CNBCPro today.

A guard walks past the National Stock Exchange building in Mumbai, India, on February 9, 2018.Indian markets may be on a tear, but investment bank Nomura says growth concerns, consumer sentiment and rising inflation could still weigh on stocks.

"Macro uncertainty is actually a concern for the markets," Saion Mukherjee, the bank's head of equity research in India, said Wednesday during a virtual session at the Nomura Investment Forum Asia 2021. Indian stocks have surged this year despite the economic impact of the coronavirus pandemic, which knocked the country off its growth trajectory last year.index, which represents the weighted average of 50 of the largest Indian companies on the National Stock Exchange, is up 11% year to date as of Wednesday.

Microeconomic factors such as corporate earnings are looking "relatively better" at this point, he said. Mukherjee added there is enough cushion for corporate earnings, which tapered a little due to the pandemic, to come back strongly. Nomura predicted that banks and metals stocks will drive earnings on the Nifty.

Mukherjee shared how the investment bank is navigating this environment. Here are Nomura's top stock picks and sector calls:

 

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