Stock Market Rally: Nifty 50 turns positive for 2025; these shares have highest upside potential

The Nifty 50 index gained for the sixth consecutive day on Monday, March 24, extending its recovery from the March 17 low of 22,353 to over 1,300 points. The index is also up nearly 1,700 points from the March 4 low of 21,964.

The Nifty had declined as much as 15% from the September 27 high of 26,277.

With this recovery, at least 25 Nifty stocks have now turned positive on a year-to-date basis.

Here are the shares with highest upside potential:

IndusInd Bank: Out of the 48 analysts that have coverage on IndusInd Bank, 21 of them have a ‘Buy’ rating, 18 say ‘Hold’, while nine of them have a ‘Sell’ recommendation. Consensus price target implies a potential upside of 47% in the next 12 months. The stock is currently trading 2.64% lower at ₹668.75.

Hero MotoCorp: Out of the 42 analysts that have coverage on the stock, 25 of them have a ‘Buy’ rating, 11 say ‘Hold’, while six of them have a ‘Sell’ recommendation. Consensus price target implies a potential upside of 31% in the next 12 months. The stock is currently trading 0.092% lower at ₹3,625.60.

Adani Ports and SEZ: All 18 analysts with coverage on Adani Ports have “buy” ratings on them. Consensus price target implies a potential upside of 30%. The stock is currently trading 1.51% higher at ₹1,206.80.

Infosys: Out of the 47 analysts that have coverage on Infosys, 34 of them have a ‘Buy’ rating, seven say ‘Hold’, while six of them have a ‘Sell’ recommendation. Consensus price target implies a potential upside of 28%. Infosys shares are currently trading 0.078% higher at ₹1,593.80.

Mahindra And Mahindra: Out of the 40 analysts that have coverage on M&M, 38 of them have a ‘Buy’ rating, while one each have a ‘Hold’ and ‘Sell’ recommendation, respectively. Consensus price target implies a potential upside of 27%. Shares of M&M are currently trading 1.28% lower at ₹2,765.65.

The Indian equity markets have seen the bulls make a roaring comeback after an intense bout of selling that pushed the benchmark Nifty 50 index into correction territory.

The Nifty 50 gained over 6% last week, marking its best week since February 2021.

This upmove during the week has seen the addition of ₹22 lakh crore worth of investor wealth. The total market capitalisation of BSE-listed companies is now back above the ₹400 lakh crore mark, currently at ₹412 lakh crore.

Speaking to CNBC-TV18, market veteran Ramesh Damani said that he believes the recent correction seen on Dalal Street was part of an ongoing bull market and not the start of a bear phase.

Damani said that corrections in the market are always severe and will always panic investors, test their patience and conviction but they are short, sharp and swift.