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9 Best Indian Stocks to Buy Right Now

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·6 min read
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In this article, we discuss the 9 best Indian stocks to buy right now. You can skip our detailed analysis of the Indian stock market, and go directly to read the 5 Best Indian Stocks to Buy Right Now.

The Indian stock market suffered a lot in the face of the pandemic in 2020. According to a paper published by Business Perspectives, the BSE SENSEX, a stock market index of 30 well-established companies listed on the Bombay Stock Exchange, fell by 13%-14% in a single day in March 2020. However, as the effects of the pandemic began to dwindle due to the rollout of vaccines, the Indian stock market regained its strength.

According to a recent report published by CNBC, based on Goldman Sachs’ recent analysis, the Indian Stock Market could become the fifth-largest market by 2024, surpassing the UK, and will be valued at over $5 trillion. Moreover, the country’s share in the global stock market value is expected to reach 3.7%, from 2.8%, in the next five years. This growing value of the Indian stock market is bringing both local and global investors to invest in the market.

The NIFTY 50, a benchmark index of the Indian stock market that represents the largest Indian companies, surged 35.03% in the past year, outperforming the S&P 500, which returned 29.22% during the same period. Considering the stable growth of the Indian economy and positive future outlook, the Indian stock market witnessed several IPOs in 2021, with many others already lined up for 2022. The country’s tech sector is gaining ground among investors as they look for solid growth opportunities in the pandemic-battered economy. Indian tech start-ups are expected to raise approximately $10 billion in IPOs over the period of next six months, as reported by Bloomberg. In 2021 so far, the new public companies managed to raise a record $10.5 billion through IPOs.

Some of the notable Indian stocks trading on the U.S. exchanges include HDFC Bank Limited (NYSE:HDB), Infosys Limited (NYSE:INFY), Wipro Limited (NYSE:WIT), and Tata Motors Limited (NYSE:TTM).

Photo by Praveen Thirumurugan on Unsplash

Our Methodology:

Let’s analyze our list of the best Indian stocks to buy right now. The stocks mentioned in the list are trading on the American exchanges. For this list, we considered the analysts’ ratings and future growth potential of the companies. Along with this, the hedge fund sentiment was measured using data from 867 hedge funds tracked by Insider Monkey in Q3.

Best Indian Stocks to Buy

9. Yatra Online, Inc. (NASDAQ:YTRA)

Number of Hedge Fund Holders: 5

Yatra Online, Inc. (NASDAQ:YTRA) is an Indian online travel agency and travel search engine. This September, HC Wainwright reiterated a Buy rating on the stock, with a $4 price target, as travel demand tends to increase after the pandemic.

MAK Capital One was the largest shareholder of Yatra Online, Inc. (NASDAQ:YTRA) in Q3, owning roughly 11.5 million shares. Overall, 5 hedge funds tracked by Insider Monkey held stakes in the company in Q3, the same as in the previous quarter. The total value of these stakes is $35.7 million.

Since the beginning of the year, Yatra Online, Inc. (NASDAQ:YTRA) delivered a 2% return to shareholders.

Like HDFC Bank Limited (NYSE:HDB), Infosys Limited (NYSE:INFY), Wipro Limited (NYSE:WIT), and Tata Motors Limited (NYSE:TTM), Yatra Online, Inc. (NASDAQ:YTRA) is also one of the notable Indian stocks in 2021.

8. Sify Technologies Limited (NASDAQ:SIFY)

Number of Hedge Fund Holders: 5

An Indian information and communications technology company, Sify Technologies Limited (NASDAQ:SIFY) announced its fiscal year Q2 results on October 29. The company reported revenue of INR 6.99 billion, up 18% from the prior-year quarter. Moreover, Sify Technologies Limited (NASDAQ:SIFY) also presented a 17% year-over-year growth in its revenue from digital services.

In 2021, Sify Technologies Limited (NASDAQ:SIFY) returned 160% to shareholders.

At the end of Q3, 5 hedge funds in Insider Monkey’s database reported owning stakes in the company, down from 6 in the previous quarter. These stakes are valued at roughly $1.2 million.

With shares worth $648,000, Israel Englander’s Millennium Management was the leading shareholder of Sify Technologies Limited (NASDAQ:SIFY) in Q3.

7. Azure Power Global Limited (NYSE:AZRE)

Number of Hedge Fund Holders: 6

Azure Power Global Limited (NYSE:AZRE) is an independent solar power producer, which also operates and constructs rooftop solar projects. With the increased demand for renewable energy in the market, Azure Power Global Limited (NYSE:AZRE) remains one of the best Indian stocks to buy right now.

Recently, Azure Power Global Limited (NYSE:AZRE) announced power purchase agreements for 600 MW of solar power projects in collaboration with the Solar Energy Corporation of India. This September, HSBC upgraded Azure Power Global Limited (NYSE:AZRE) to Buy, with a $27.5 price target. In the past six months, the stock gained 3%.

As of Q3, 6 hedge funds tracked by Insider Monkey reported owning stakes in Azure Power Global Limited (NYSE:AZRE), compared with 8 in the previous quarter. The total value of these stakes is over $20 million. Renaissance Technologies and Millennium Management were two of the most famous shareholders of Azure Power Global Limited (NYSE:AZRE) in Q3.

6. MakeMyTrip Limited (NASDAQ:MMYT)

Number of Hedge Fund Holders: 10

On November 1, MakeMyTrip Limited (NASDAQ:MMYT), an Indian online travel company, surged 7%, as it announced a strategic partnership with Amazon India, which will allow the company’s travel services to be listed on Amazon’s website and app in the country. MakeMyTrip Limited (NASDAQ:MMYT) makes it to our list of the best Indian stocks to buy right now, as travel restrictions are lifted after the pandemic.

Insider Monkey’s data for Q3 shows that 10 hedge funds tracked by Insider Monkey held stakes in MakeMyTrip Limited (NASDAQ:MMYT), up from 9 in the previous quarter. The total value of these stakes is $44.5 million.

In its recently announced fiscal Q2 2021 results, MakeMyTrip Limited (NASDAQ:MMYT) posted an EPS of $0.09, beating the estimates by $0.17. The company’s revenue for the quarter also experienced a significant 274.2% year-over-year growth at $86.4 million. Recently, Citigroup raised its price target on MakeMyTrip Limited (NASDAQ:MMYT) to $42, with a Buy rating on the shares, highlighting the travel recovery around the world.

MakeMyTrip Limited (NASDAQ:MMYT) is also one of the best Indian stocks like HDFC Bank Limited (NYSE:HDB), Infosys Limited (NYSE:INFY), Wipro Limited (NYSE:WIT), and Tata Motors Limited (NYSE:TTM).

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Disclosure. None. 9 Best Indian Stocks to Buy Right Now is originally published on Insider Monkey.