Stocks to buy for long term: After suffering strong losses for two consecutive sessions, the Indian stock market saw healthy buying interest in the morning session on Tuesday, March 10. The Nifty reclaimed the 24,303 mark, rising by over 1%, but pared some gains later.
Market sentiment improved after US President Donald Trump said that the end of the war with Iran was likely near. Following his comments, crude oil prices declined, improving investors’ risk appetite.
Historically, stock markets see a healthy rally after a sharp correction. Rahul Ghose, the founder and CEO of Octanom Tech and Hedged.in, told Mint that the market selloff over the last few sessions is classic panic selling, and this is the right time to pick quality stocks available at fair or cheaper valuations.
“If you look past the noise, you will see some good companies trading at attractive valuations. History shows markets bounce back from war headlines, and the smart money moves in when everyone else is running scared,” said Ghose.
Ghose highlighted that the market is already showing signs of bottoming out. He added that bad news is not pushing it down as hard as it should.
“We are in that classic phase where neither good news pushes us up strongly, nor bad news takes us down sharply—classic consolidation before the next leg up,” said Ghose.
Top stocks to buy for the long term
Ghose shares his top 10 conviction picks, noting that these are not random selections; each addresses either changed market dynamics or structural growth that this correction has made cheaper.
“It is definitely time to start building positions in these quality names that have got cheaper. Investors may consider using a staggered buying approach—30% of allocation now, another 30% if we see another 2-3% dip, and the rest for tactical opportunities,” said Ghose.
HDFC Bank
“HDFC Bank remains my top large-cap banking pick despite the recent pressure. Yes, net interest margins are under some stress in H1, but the gradual reduction in funding costs will enable margin recovery from H2 onwards,” said Ghose.
Ghose underlined that at the current levels around ₹850, India’s best-run private bank stock is available at a 20-25% discount.
“The 24% upside to ₹1,100 is backed by solid earnings visibility as we move into FY27. Technically, the stock is also trading around the monthly 20 EMA, which has historically been a great entry point for the stock,” said Ghose.
ICICI Bank
“ICICI Bank has been a consistent performer, and brokerage consensus puts it at ₹1,720 with a strong buy rating,” said Ghose.
The bank’s Q3 performance was robust, and unlike many peers, its asset quality remains pristine.
“Financial institutions have actually increased their stakes in Q1 FY26 —that’s institutional confidence you want to follow. The stock is also in a strong monthly uptrend,” said Ghose.
State Bank of India (SBI)
Ghose underlined that the PSU banking sector was hammered during the selloff, but SBI’s fundamentals remain rock-solid.
“Credit growth is holding at 12-14%, and with rate cuts expected later in the year, margins will stabilize. You are buying quality at PSU valuations,” said Ghose.
Bharat Electronics (BEL)
“With escalating tensions, defense budgets are only going up. BEL has emerged as the consensus top pick across three leading brokerages, with strong buy recommendations in the ₹450-454 range. The order book is robust, execution is improving, and every defense analyst appears bullish on this space,” said Ghose.
ONGC
“Crude prices spiked, which actually benefits upstream oil companies like ONGC. When everyone is worried about high oil hurting the economy, they forget that ONGC’s realizations improve dramatically,” Ghose said.
“The government’s disinvestment plans are also on hold, removing that overhang. Plus, with crude staying elevated due to Middle East tensions, ONGC’s earnings get a natural boost,” Ghose added.
Bharti Airtel
Ghose pointed out that telecom is one sector that has been relatively insulated from this geopolitical mess.
He underlined that Bharti Airtel reported solid numbers, and the Airtel-Bajaj Finance partnership announced in October 2025 is now launching four financial products by March 2026. This opens up a completely new revenue stream.
SBI Life Insurance Company
Insurance is another defensive play that has gotten cheaper. SBI Life reported strong Q3FY26 numbers.
“At the current prices, the best-in-class life insurer stock is available at reasonable valuations. As markets stabilize, this will rerate. Brokerage houses have maintained this as a top large-cap pick with a ₹2,570 target,” said Ghose.
Polycab India
Ghose underlined that Polycab continues gaining market share in cables and wires, backed by strong distribution and premium product positioning.
“The company’s project Spring targets growth at 1.5 times industry levels. With government infrastructure spending continuing and real estate demand holding up, Polycab has multi-year visibility. The recent correction has made valuations more palatable,” said Ghose.
Oil India
Another upstream beneficiary of higher crude prices.
“Brokerages consider this a high-conviction buy. The stock got beaten down in the broader selloff, but the business dynamics have actually improved. These upstream plays give you a natural hedge in your portfolio when oil prices are elevated,” said Ghose.
TCS / Infosys (Selective IT Exposure)
Ghose pointed out that IT stocks have been relative outperformers during this correction due to rupee depreciation.
He underlined that TCS is trading at relatively stable levels while Infosys has a target of ₹1,760 from Morgan Stanley with an equal weight rating.
“Between the two, I lean toward TCS for stability and Infosys for higher beta. The legacy modernization programs and AI services are providing demand tailwinds that should support earnings through 2026,” said Ghose.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
