"India has been the best performing Emerging Market in terms of USD returns at 8%, surpassing Brazil at 6%," they wrote.
In terms of asset allocation, AllianceBernstein is overweight on financials, while allocating a small portion of this weight to utilities.
Delhivery is another favorite stock, with a price target of 460 Indian rupees, giving it around 5% upside.
Electricity generation company NTPC made the list for its opportunities in thermal, renewables and green hydrogen, the analysts wrote.
The asset manager is overweight on the stock at 274 Indian Rupees representing an upside of almost 15% from its Oct. 11 close.
Persons:
AllianceBernstein, Venugopal Garre, Zomato, NTPC, Paytm, it's, — CNBC's Michael Bloom
Organizations:
Stock, HDFC Bank, Jio Financial Services
Locations:
India, Brazil