ICICI Securities has given the benchmark index Nifty target of 25,900 in June 2025 on the back of improving fundamentals and said stocks such as SBI, HDFC Bank, NTPC, Zomato and BHEL were its top picks. 

What Happened: ICICI Securities said incremental data revisions have been positive for India, including the International Monetary Fund raising FY25 economic growth estimates by 50 basis points to 7%, the Reserve Bank of India slashing calendar year 2024 inflation by 20 basis points to 4.6% and the Budget for FY25 looking to reduce fiscal deficit by 20 basis points to 4.9%.

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Other factors include the country’s current account turning into a surplus of 0.6% of GDP in the March 2024 quarter from a 1% current account deficit in December 2023, aggregate net profit of listed companies increasing to ₹15.2 lakh crore in June 2024 from ₹14.7 lakh crore, reducing political uncertainty after the general elections and transition of El-Nino to La-Lino conditions which improved monsoon prospects. 

ICICI set a target of 25,900 by June 2025 for the Nifty, implying an 8% upside against long term return of 14%. 

Top Picks: ICICI selected SBI, HDFC Bank, Karur Vyasa, Shriram Finance, Aadhar Housing, NTPC, BHEL, Inox India, Jindal Stainless, Jindal Steel and Power, JSW Steel, Ambuja Cements, GAIL, MGL, Solar Indystries, Havells, Honasa, Jyothy Labs, Zomato, Interglobe Aviation, M&M, Ask Automotive, Chalet hotel, Greenpanel, Cipla and Aurobindo as its top picks. 

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