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Modi Effect – Brokerage’s Stock recommendations for Investment

With strong mandate to the National Democratic Alliance (NDA), the new government can take bold economic steps without any strong opposition.
According to the brokerages, following the strong recent run up, valuations in the India equity market are not cheap and, hence, the market could consolidate in the near term. On the other hand, the strong developmental focus of the new government should lead to longer-term appreciation of the market.


  • Corporates with improving asset utilisation (Tata Steel, Hindalco);
  • Corporates with reducing balance sheet leverage (Tata Steel, Hindalco, IRB Infra);
  • unleveraged corporates investing in new infrastructure opportunities (Adani Ports, Coal India, L&T); and
  • companies benefiting from a lower subsidy regime (ONGC, BPCL),


  • Its preferred plays include ICICI Bank, SBI, Ultratech, L&T and Maruti.
  • Among the midcaps, it expects IndusInd, PFC, Ramco Cement, Jubilant Foodworks, JSW energy, Prestige Estates and Motherson Sumi
  • The brokerage has replace Cairn India with ONGC in model portfolio. It has removed United Spirits and added to Ultratech and SesaSterlite to the list.

Goldman Sachs

  • It is bullish on reforms-based stocks such as ONGC, Coal India, SBI, L&T, Power Grid Corporation, Adani Ports & SEZ, Bank of Baroda, JSW Steel and Crompton Greaves


  • It prefers Axis Bank, Hindalco, ICICI Bank, Lupin, Maruti, ONGC, SBI, Tata Motors and Wipro among the largecaps.
  • In the midcap space, it likes Aurobindo Pharma, BPCL, DB Corp, Federal Bank, Gujarat Pipavav, IDFC, Info-edge, LIC Housing, Mindtree and Prestige Estates.

JP Morgan

  • It is bullish on Zee, Tata Motors, ITC, GSK Cons, RIL, ICICI, DRL, HDFC Bank, Infosys, Tech Mahindra, Grasim, Tata Steel, SesaSterlite, Power Grid and Tata Power.
Bank of America Merill Lynch 
  • ICICI, Axis, Yes bank, SBI, Bank of Baroda, PNB, PFC, REC

 Motilal Oswal

  • Axis bank, HDFC bank, ICICI, SBI
Standard Chartered
  • SBI, Union Bank, Bank of Baroda.
Morgan Stanley
  • Axis bank, ONGC, Maruti, Tata Power, Tata Steel,  NMDC, LIC housing, Shriram City Union, Bharat Forge, Cromptom Greaves, HPCL, Mindtree, IPCA, IRB, Future Retail, Sobha  Developers

Dolat Capital


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