Largecap dhamaka! 6 bluechip stocks with upside of up to 48% to buy this Diwali

As investors enter Samvat 2083, the landscape calls for selectivity rather than indiscriminate optimism. Global uncertainties, fluctuating capital flows and evolving market expectations continue to influence equity performance. In this environment, sustainable wealth creation is likely to depend less on broad-based market movements and more on identifying businesses capable of delivering consistent earnings growth. Here are 10 largecap stocks Religare is bullish on.

With a target price of Rs 1,096, Religare Broking forecasts 10.20% upside from current levels. Bajaj Finance is a leading diversified NBFC with a strong consumer-finance franchise, extensive distribution network and growing presence across SME, commercial, mortgage and rural lending. Its large customer base, multi-product strategy and technology-led underwriting provide structural advantages in customer acquisition, cross-selling and risk management.

With a target price of Rs 4,510, the brokerage forecasts an upside potential of 12% from current levels. L&T offers an attractive play on India’s infrastructure capex cycle and rising global energy investments, with its record order book providing strong revenue visibility over the medium term. The company expects execution-led growth, operating leverage and gradual margin improvement to drive an 18.4% CAGR in owners’ PAT over FY26–FY28E.

Religare Broking has pegged the target price to Rs 518, an upside of 12%. Continued investments in technology, automation and customer acquisition should support productivity, while incremental revenue growth offers scope for operating leverage. Asset quality remains healthy, with GNPA and NNPA ratios at 1.04% and 0.24%, respectively, and credit costs at 0.35%.

The IT major has a target price of Rs 1,680, an upside of 17% from the last closing price. HCL Tech’s strong deal pipeline, growing AI revenues, improving margins and diversified technology portfolio support medium-term growth prospects. However, moderate organic growth, cautious discretionary spending and potential AI-led pricing pressure may constrain near-term performance.

The brokerage has assigned a target price of Rs 4,377, an upside of 48% from current levels. M&M’s strong SUV and tractor franchises, expanding EV portfolio, product pipeline and diversified businesses support growth prospects. New launches, capacity expansion and farm mechanisation are expected to drive earnings, although commodity costs, competition and rural demand remain key risks.

Religare Broking has assigned a target price of Rs 421, an upside of 17% from current levels. The brokerage has maintained a Buy rating on Tata Power with a target price of Rs. 421, based on our blended P/E and EV/EBITDA valuation approach. Analysts estimate PAT to grow at a CAGR of 25% over FY26–FY28E, supported by renewable capacity additions, a higher contribution from solar manufacturing and stable regulated earnings.​
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here​