Top 5 Stocks to Buy For Long Term Investment in India 2024

The Indian markets rallied to all time high levels and did well than most stock markets in the world in 2023. The benchmark indices like Nifty 50 and BSE Sensex gained a significant percentage last year. This is perfectly correlated with India’s economy which is also growing rapidly.

In 2024, there are two major elections:

1. The US Presidential election
2. India Lok Sabha election

These two major events could be the next driving factors not only for Indian economy but also for the stock market. Other than these, there are several other factors that could ignite further rallies in the stock market.

The following are some of the choices to invest in for the long term-

1. Tata Consultancy Services Ltd:
Tata Consultancy Services Limited (TCS) is engaged in providing information technology (IT) services ,digital and business solutions. The IT sector has been a winner over the long term and amongst them, TCS  is one of the best players.

In the rapidly evolving digital landscape, TCS has demonstrated resilience and innovation with a diverse portfolio spanning manufacturing, retail, banking, insurance and many more.

2. ICICI Bank
The banking industry credit growth in India grew to 14% in 2023 and ICICI Bank which is one of country’s top private-sector banks is a key beneficiary. The bank offers a wide range of banking products and financial services and it’s strong asset quality improvement, increased focus on the granular retail and robust core operating profit are the factors that make it a top pick to invest.

3. ITC Limited
ITC is a conglomerate with businesses ranging from cigarettes to food products and stationery. The company generates majority of its revenue from cigarette sales and has the highest market share in that category. The cigarette market has growth opportunitity as India is the world’s second-largest consumer of tobacco but legal cigarettes constitute only 8% of overall tobacco consumption. The global average of legal cigarettes is 90%, indicating the huge growth opportunity in the segment.
ITC is known for its healthy internal cash accrual, low debt, and robust liquidity. The company displayed good growth in financials. Its FMCG business has shown resilience by playing an exception to global economic doom. Competition from the likes of HUL, Nestle, and Britannia but ITC is expanding at a rapid scale.

4. HDFC Bank
HDFC Bank Limited is one of the leading private sector banks in India. The Bank caters to a wide range of banking services including commercial and investment banking on the wholesale side and transactional/ branch banking on the retail side. Explore the stability and growth potential offered by HDFC Bank as it continues to play a pivotal role in the Indian banking sector. HDFC also has a vast network of branches and caters to both retail and corporate customers. They have earned the trust of investors with their consistent financial performance, wise risk management practices and exemplary customer service.

5. Hindustan Unilever Limited
Hindustan Unilever Limited is one of the most renowned FMCG Companies in the world. It is a subsidiary of a Unilever(British company) and is headquartered in Mumbai. HUL shares are often a top choice of investors. HUL has a broad market presence and operates in diverse segments such as homecare products, hair care,  beauty & personal care and foods & refreshments.