Diali 2023- ICICI Bank, Maruti, UltraTech, Polycab amongst top 10 picks by SBI Securities

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ICICI BANK Ltd, MAruti Suzuki India Ltd, UltraTech cement, Polycab India, Kalyan Jewellers, Praj Industries, Titagarh Rail Systems, Mrs Bector Food specialties, Kolte Patil Developers Ltd, Goodluck India Ltd are amongst to Diwali 2023 picks by SBI Securities. During Samvat 2080 as per SBI Securities -India remains the Emerging Global Economic Powerhouse: They say that as per the latest World Economic Outlook – October’2023 report by IMF, India’s FY24 GDP growth estimate has been revised upwards by 0.2% to 6.3% and will be the fastest-growing economy in the world.

Also Read- Market outlook for Samvat 2080: Positives outweigh potential negatives India’s Favorable macro set-up coupled with inclusion of Indian government bonds in JP Morgan Emerging Market Debt Index is to ensure stability in Dollar-Rupee over next 1 year, said SBI Securities. India’s macro set-up is on a relatively stronger footing with Debt to GDP ratio at 84%, no change in government's borrowing program in 2HFY24 ahead of Lok Sabha election next year, robust tax collection – (1HFY24 direct and GST tax collection up 22% and 11% YoY respectively) and forex reserves to the tune of $583.5 bn (8-10 months of import cover).

Healthy Earnings Growth for Nifty50 companies coupled with decent valuations: Nifty50 companies are likely to report healthy 12.5% earnings CAGR (compound annual growth rate) during FY23-FY26 period. Nifty50 is trading at FY24 and FY25 estimated price to earnings multiples of 19.8 times and 16.9 times which is neither expensive nor cheap.