Reliance, Infosys, ICICI Bank & HDFC duo: Nifty heavyweight stocks

Nifty heavyweights stocks

Reliance Industries, ICICI Bank, Infosys and HDFC duo are Nifty's five most heavyweight stocks, accounting for 41% of index weightage as of November-end

Returns on Nifty
stocks in 2022

Only two of these Nifty stocks, ICICI Bank and Reliance Industries, have delivered double digit returns this calendar. HDFC duo have given single digit returns while shares of Infosys have fallen 12.28%

Upside Potential

Average 12-month price targets
- HDFC Bank
(potential upside 13.71% )
(potential upside 11.76%)
- ICICI Bank (9.75%)
- Reliance Industries (up 5%)
- Infosys (up 5%)
Source: Trendlyne

Reliance Industries

Analysts say Reliance’s recent strategic initiatives and acquisition suggest the company is transforming into digital company

RIL price target

While Reliance's Q2 consolidated numbers were not satisfactory mainly on Ebitda level, digital, retail division reported robust growth numbers, analysts said.
Reliance average price target stood at Rs 2,842


On ICICI Bank, analysts noted that Q2FY23 was another quarter of strong performance, with the bank reporting in line earnings, despite making high contingent provisions

With a floating rate book of 70%, the bank is well-placed in a rising interest rate environment. The average price target on the stock stood at Rs 1,018.41

ICICI Bank price target


On Infosys, Emkay Global said that deal pipeline for the IT firm remains healthy, but considering the macro uncertainties, some verticals could see weakness

Infosys price target

Infosys' average price target on the stock stood at Rs 1716,43, suggesting limited upside potential


On HDFC Bank, analysts said despite increasing competition and attractive rates offered by mid and small peer banks, HDFC Bank has been able to maintain its market share

HDFC Bank price target

More than 50% of HDFC Bank's loan book is floating rate and as it gets repriced, with a lag in reset in liability book, margins will stay strong.

Analysts on HDFC Bank
price target

Merger with HDFC is expected to further strengthen its leadership position, analysts said. HDFC BAnk average price target stood at Rs 1,828.75


Analysts say taking a view in isolation was difficult ever since HDFC's merger with HDFC BANK had been announced. But brokerage Motilal Oswal in a recent note said HDFC continues to have a strong ‘right to win’ in its standalone mortgage business

HDFC Price Target

Motilal Oswal expects the HDFC's margin to exhibit steady improvement over H2FY23. With overall provisions at 2.2 per cent of EAD, HDFC has made adequate provisions for any contingencies in asset quality, it said. Its average target stood at Rs 2,985

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