The domestic equity markets experienced a significant correction this week, with the Nifty 50 and Sensex losing over 1% each. Despite the market decline, several top research houses including Nomura, Jefferies, Nuvama, Emkay Global, Citi, and JM Financial shared their latest recommendations for key stocks amid the falling market. According to reports from The Financial Express, these brokerages have shortlisted 10 stocks across sectors with projected returns ranging from 15% to 49%. The broader market context shows positive momentum with the S&P 500 and Nasdaq Composite advancing 0.77% and 0.88% respectively, both closing at new all-time highs, while the Dow Jones Industrial Average climbed 0.75%, reclaiming the key 50,000 mark. However, The Economic Times reports that foreign institutional investors have divested approximately $53 billion from Indian equities since September 2024, leading to significant ownership shifts and creating vulnerability in certain large-cap stocks.
Swiggy emerges as the top performer with Jefferies maintaining a 'Buy' rating and assigning a target price of ₹415, indicating 49% upside potential. The food delivery platform reported accelerated growth with food delivery gross order value rising 23% year-on-year in Q4 FY26. Nuvama has maintained a 'Buy' rating on DLF with a target price of ₹722, showing 24% upside potential. The brokerage highlighted that DLF's pre-sales during Q4FY26 surged 95% year-on-year to nearly ₹3,970 crore, though total bookings for FY26 declined around 5% to ₹20,100 crore.
Nomura raised the target price for Crompton Greaves to ₹335 from ₹318, implying 18% upside with a 'Buy' rating. The brokerage expects Electrical Consumer Durables growth of 14% for FY27 and 11% YoY for FY28, driven by summer demand and low base effects. JM Financial upgraded Cipla to 'Buy' with a target price of ₹1,546 from ₹1,431, projecting 16.4% upside as the worst quarter is likely behind the company. Citi initiated coverage on NTPC with a 'Buy' rating and target price of ₹485, implying 22% upside, calling it the top pick in the sector with over 30 gigawatts under construction.
CLSA recommended 'Outperform' for ONGC with a target of ₹405 per share, implying over 44% upside. The brokerage cited the upstream royalty cut and higher domestic gas price caps as key drivers. Emkay Global retained 'Buy' on Waaree Energies with a target price of ₹4,260, showing 32% upside potential. The brokerage highlighted Waaree Energy's unmatched scale and leadership position as the largest non-Chinese solar supplier. Nomura maintained 'Buy' on HAL with a target price of ₹5,954, indicating 29% upside, citing improving profitability and strong balance sheet.
Jefferies maintained 'Buy' on Grasim Industries with a target price of ₹3,440, showing 15% upside potential. The brokerage noted the sudden rise in dividend inflows provides a larger financial cushion for the company's expansion into new businesses. Tata Motors PV received a 'Buy' rating from Nuvama with a raised target of ₹470 from ₹400, indicating 38.6% upside. The company's domestic passenger vehicle EBITDA rose 79% to ₹1,770 crore, above estimates of ₹1,510 crore. JM Financial upgraded Cipla to 'Buy' with improved visibility on US product launches, expecting US sales of $1 billion in FY27.
