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Stocks to buy: Axis Bk, NTPC among high conviction picks by Incred Equities
Broader market indices mirrored the headline index and also provided investors with positive returns in the same period. In H1CY25, the Nifty Midcap 100 has gained 4 per cent, while the Nifty Smallcap rose 0.39 per cent. Given this, domestic brokerage Incred Equities remains cautious about Indian equities and prefers selected stocks for good yields.
Market outlook
According to the brokerage, a good monsoon so far has helped kharif crop sowing, which has risen by 11 per cent year-on-year (Y-o-Y).
India received above-normal southwest monsoon rainfall in June 2025, with cumulative precipitation being 8.9 per cent higher than the long-period average (LPA). The pick-up in rain momentum in the later part of the month helped the monsoon to cover the entire country, nine days ahead of the normal date of coverage. This marked the earliest full coverage since 2020.
In May 2025, system loan growth moderated across most segments to 9.5 per cent Y-o-Y. The most impacted were large corporate loans (down 1 per cent) and consumer durable loans declining by 4 per cent (Y-o-Y).
The growth in India's industrial production moderated to a nine-month low of 1.2 per cent in May 2025 owing to a slowdown in manufacturing growth along with a contraction in the mining and electricity sectors. The consumer non-durables sector contracted 2.4 per cent, the fourth consecutive month of contraction, on a relatively low base.
Meanwhile, in the quarter ended June 2025, new investment proposals in India stood at just ₹4 trillion, a 70 per cent quarter-on-quarter (Q-o-Q) dip but a 38 per cent Y-o-Y growth on a low base.
Investment ideas for July 2025
For July 2025, Incred Equities has recommended adding 19 stocks while reducing three. Here is a list of its high-conviction ideas for July 2025:
Largecap ideas
Axis Bank and Bajaj Auto are among the stocks with an "Add" rating by the brokerage.
Stock Rating Target price(₹) per share
Axis Bank ADD 1,430
Bajaj Auto ADD 10,400
Bajaj Finance ADD 1,050
HDFC Bank ADD 2,200
InterGlobe Aviation REDUCE 3,030
Lupin ADD 2,400
Maruti Suzuki ADD 13,621
NTPC ADD 385
Shriram Finance Limited ADD 830
Tata Steel REDUCE 82
Tata Consultancy Services ADD 3,589
Midcap ideas
Smallcap ideas
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