Best Nifty 50 Stocks 2024: A Look At Top Gainers and Their Growth Prospects

Summary:
• We look at the best Nifty 50 stocks in 2024, but with the Index having risen by more than 19 percent YTD, which stocks hold better promises?

The Nifty 50 stock has been on a strong bull run in 2024, hitting multiple record highs year-to-date. Indian stocks have been propelled upward this year, thanks to the upbeat outlook around its economy, which has cushioned it against external shocks. However, among these stocks, some have experienced a better outing than others. Below, we look at the best Nifty 50 stocks in 2024:

Tata Consultancy Services

The second-largest company in the Nifty 50 Index by market capitalisation, Tata Consultancy Services has gained 19.2 percent year-to-date, outperforming the Index’s growth rate of 16.8 percent. It currently trades above the 20, 50,100 and 200 Exponential Moving Average (SMA), underlining a strong bullish momentum.

Tata (NSE: TCS) has averaged a Compounded Annual Growth Rate (CAGR) of 10% in the last eight years and expects its performance in 2025 to outdo the returns in 2024. In addition, its earnings beat analysts’ forecasts in each of the last two quarters. These developments create an upbeat outlook for the TCS share price. That said, the next earnings out in October, will be peculiar because the market will have settled the recent jittery sentiment around tech and AI stocks.

Tata Consultancy Services EMAs on a daily chart

Apollo Hospitals

Apollo Hospitals share price has been on an upward trajectory since May and hit new 52-week highs of Rs 7,061 on September 12. It has also outperformed the Nifty 50 Index, with YTD returns at 23 percent. Impressively, the steep growth in share price has come despite the Apollo missing analysts’ earnings forecasts for all the quarters, going back beyond 2023.

Apollo Hospitals Enterprise (NSE: APOLLOHOSP) incorporated a dedicated insurance subsidiary, Apollo 24/7. The wholly-owned subsidiary will specialise in General Insurance, Health Insurance and Life Insurance, subject to approval by India’s insurance regulatory authority. That could trigger a new growth spurt.

Apollo Hospital share price trajectory on a daily chart

State Bank of India

State Bank of India (NSE: SBIN) share price has risen by 22.6 percent YTD. However, it has traded downwards since August, and recently broke below the lower Bollinger Band on the daily chart. The pressure could lead to further declines, but it also creates a good opportunity to buy low and wait for a reversal.

Meanwhile, media outlets in India reported on Thursday that the Reserve Bank of India (RBI) is not in favour of the sale of SBI stake in Yes Bank. SBI owns 23.9 percent of the private lender, and the acquisition of its stake has drawn interest from across the ocean, including Japan’s Sumitomo Mitsui Corp and Dubai-based Emirates NBD.

Yes Bank has recently seen its fortunes turn around, beating earnings forecasts in the last two quarterly reports. Therefore, SBI’s stay as a major shareholder could potentially prove profitable. The current SBI share price (Rs 787.75) is marginally above the 200-SMA (Rs 757.28), indicating recent bearish control, but providing a good entry point.