Which Stocks Will Gain After 2024 Lok Sabha Election Results?

Depending on government policies, stocks from defense sector, PSU banks, oil and gas, infrastructure, startups and ethanol sector are expected gain after 2024 Lok Sabha election results

India has witnessed significant development in recent years. As per data, India is currently the fastest-growing major economy in the world. Future growth of the country will depend a lot on the results of the 2024 Lok Sabha elections in India. If there is political uncertainty, India’s growth could be adversely impacted.

If the current government retains power with a big majority, the country can witness an even stronger growth in the next five years. Here is a look at some stocks that are expected to gain after the 2024 Lok Sabha election results. These stocks will continue to gain over the medium to long term.


With a strong push towards expanding the rail network, railway stocks are expected to gain after the 2024 Lok Sabha elections in India. There is development across various fronts such as expanding the rail network, electrification and renovation of railway stations. The cargo segment is growing with the dedicated freight corridor project. We are witnessing new, faster train services. India is focusing on multiple bullet train links, the first of which is expected to become operational in 2026. Railway stocks in focus are IRCTC, IRFC, RVNL and IRCON.


There is a massive push towards building highways and expressways and various other infra projects. The free and fast movement of goods and people is a prerequisite for economic growth. With improved road connectivity, even people living in remote areas will be able to contribute to the country’s development. Infrastructure stocks that could gain after the 2024 election in India include Larsen & Toubro Ltd, NTPC Ltd, NHPC Ltd, Mahanagar Gas and Power Finance Corporation Ltd. Stocks of steel, cement and construction companies are also expected to gain after the 2024 election.


The current trends indicate that inventory is rising in the automobile sector. But the situation can improve in a few months, as experts have predicted an above normal monsoon season in 2024. A good monsoon ensures bountiful harvest, which in turn increases the demand for cars, two-wheelers and tractors in rural areas. A stable government at the center will also be a positive development for the auto industry. Stocks to watch out for include Mahindra & Mahindra, Tata Motors, Maruti Suzuki India Ltd. and Ashok Leyland.


All telecom companies have stated that they will be increasing prices after the 2024 election. With increased revenue, the stocks of these companies are expected to rise in the coming months. Stocks in focus are Reliance Industries, Indus Towers and Bharti Airtel.

Banking and finance

With favorable government policies, banks have been able to increase revenue and profitability. With a stable government, banks are expected to strengthen their position. Banking stocks to consider include ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank. PSU banks have also been performing well, especially with their reduced NPAs (Non-Performing Assets). Investors can consider PSU bank stocks such as State Bank of India, Bank of Baroda, Canara Bank, Union Bank of India and Indian Bank.

Oil and Gas, Ethanol

The government is actively promoting oil and gas explorations in the country. Such initiatives will help reduce India’s oil import bills. Oil and gas industry stocks that can gain in the coming months include ONGC, Reliance Industries, Deep Energy Resources, Hindustan Oil Exploration Company and Jindal Drilling & Industries. Along with oil and gas, the government is also focusing on increasing the use of ethanol. Major ethanol stocks to consider include Shree Renuka Sugars, Bajaj Hindusthan Sugar, Balrampur Chini, Triveni Engineering and Industries and Dalmia Bharat.

Defense sector

With a massive push for Make in India in the defense sector, Indian defense companies are registering strong growth. This trend is expected to continue after the 2024 Lok Sabha elections. Stocks to consider include Bharat Dynamics Ltd., Hindustan Aeronautics Ltd., Bharat Electronics Ltd., Mazagon Dock Shipbuilders Ltd. and Paras Defense and Space Technologies Ltd.

While the future outlook of these stocks seems positive, it is recommended that you do your own research. Stock markets can deliver unexpected results and surprise even the most seasoned experts. So, analyze the stocks carefully before you invest your money.

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