Which stocks to buy ahead of this Diwali?

BSE Sensex is almost flat down 0.10% at 58,191.29 on a year-to-date (Oct 7, 2022) basis…

...while the global index Dow Jones Industrial Average cracked nearly 20% during the same period

However, Axis Securities PMS executive Nishit Master believes that India remains an island of stability amid the turmoil in the global markets

Master foresees Nifty at the 18,580 mark by Diwali 2023, indicating an upside of just 7% from the current levels of 17,314 on October 7

For sector-specific investors, he advised investors to prefer automobile, consumer discretionary (including hospitality)...

… industrials (including defence) and banking sectors for their portfolio

So what are Nishit Master's top picks in stocks for this Diwali?

In the banking sector, the Portfolio Manager preferred names like ICICI Bank, Bank of Baroda and SBI in the banking sector

In the industrial space, he prefers Bharat Dynamics, Mazagon Dock and Mishra Dhatu Nigam

EIH, Mahindra & Mahindra (M&M), Tata Motors, and Varun Beverages are among his other top picks in the consumer or quasi-consumer themes

"We prefer domestic growth stories in an environment, where the global growth outlook is weak," said Nishit Master

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