Helping You Build Wealth With Honest Research
Since 1996. Try Now


Invalid Username / Password
Invalid Captcha
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

India's Third Giant Leap
Discover the Best Category of Stocks to Ride
this Mega Opportunity On February 29

**Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
**By submitting your email address, you also sign up for Profit Hunter, a daily newsletter from Equitymaster
covering exciting investing ideas and opportunities in India.

  • Home
  • Views On News
  • Dec 4, 2023 - 5 Must Have Tech Stocks for the Upcoming Bull Market Surge

5 Must Have Tech Stocks for the Upcoming Bull Market Surge

Dec 4, 2023

5 Must Have Tech Stocks for the Upcoming Bull Market Surge

India is preparing for the upcoming general elections in April 2024 and historical data unequivocally shows a bullish trend in the Indian stock market approximately six months prior to general elections.

Just take today's example, 4 December 2023. Following a 3-1 victory for Bharatiya Janata Party over the weekend, in three key northern states of India, Indian share markets hit fresh record highs registering a steep rally with Sensex surging over 1,000 points at one point.

You could see what a hint of BJP returning to power could have on the Indian stock markets.

This pattern is attributed to investor optimism, fuelled by expectations of policy. continuity and favorable economic reforms from the incumbent government.

Incumbent Newly Elected Elections 6 months before date Index close Results Date Index close % Change
BJP* BJP 2019 26-11-2018 35,354.10 23-05-2019 38,811.40 9.80%
INC* BJP 2014 18-11-2013 20,850.70 16-05-2014 24,121.70 15.70%
INC INC 2009 18-11-2008 8,937.20 18-05-2009 14,284.20 59.80%
BJP INC 2004 13-11-2003 4,949.20 13-05-2004 5,399.50 9.10%
BJP BJP 1999 6-4-1999 3,569.50 6/10/1999 4,697.70 31.60%
United Front BJP 1998 8-9-1997 4,087.30 6-3-1998 3,708.60 -9.30%
INC United Front 1996 23-11-1995 2,944.20 23-05-1996 3,683.90 25.10%
Janata Dal INC 1991 27-11-1990 1,284.40 27-05-1991 1,317.90 2.60%
INC Janata Dal 1989 5-6-1989 725.1 4-12-1989 725.5 0.10%
INC INC 1984 21-06-1984 241.7 21-12-1984 271.9 12.50%
JP* INC 1980 10-7-1979 121.5 8-1-1980 122.1 0.50%

The numbers don't lie - before the 2019 elections, the market saw a 9.8% increase; in 2014, a 15.7% surge; and a remarkable 59.8% jump in 2009.

These figures are not mere coincidences but a testament to the market's sensitivity to political stability and governance outlook.

As we approach the 2024 elections, similar trends are emerging, indicating a potential bull market surge.

The BSE Sensex and NSE Nifty have hit a new all-time high.

Investors are keenly observing tech stocks, which are poised to capitalize on the artificial intelligence trend, expected to go even more mainstream in the coming months.

You should track these five Indian tech stocks as Indian share markets begin what could be a potential bull run.

#1 Cyient

First on this list is Cyient.

It's a global digital engineering and technology solutions company that delivers services and solutions to a diversified base of over 300 customers, including 29 fortune 500 companies, across multiple industries.

Shares of the company have seen a spike in recent months, and they currently trade very close to 52-week high levels.


Cyient serves aerospace, oil and gas, medical, communication, transportation and energy sectors. The company has a presence in 19 countries and employs over 15,000 associates.

In FY23, Cyient reported a revenue of Rs 61 billion (bn) and a net profit of Rs 5.1 bn.

The Cyient that we are seeing today is very different from how it started in its initial years. It has rebranded itself, consolidated its industry focus, restructured its organisation, and added several new segments to further enhance its value proposition.

And this could be just the beginning. The platform that the company has set over the past decade, the capital and resources that it has deployed and the vision that it has articulated, all point towards a strong growth trajectory in the coming years.

Recently, Cyient reorganized its executive leadership and collaborated with Microsoft to establish a centre of excellence for engineering intelligent products and automating engineering processes.

The company's competitive advantage lies in its niche engineering services, superior technology, strong brand, cost leadership, and extensive distribution network.

The company has put up a strong show in the September 2023 quarter where revenues are up 22% YoY and the profits a whopping 71% YoY.

The company paid out the highest dividend ever of Rs 26 per share in FY23.

For FY24, the management expects 15%-20% growth on constant currency basis.

The company's subsidiary Cyient DLM successfully raised funds in its maiden IPO in June 2023. The IPO was subscribed over 67 times and the stock made a bumper debut on listing day.

Cyient's robust growth, profitable operations, and strong cash flows make it a compelling tech stock for the upcoming bull market surge.

#2 Kellton Tech Solutions

Kellton Tech Solutions (KTSL) is a global leader in digital transformation, serving a wide range of clients in industries such as healthcare, finance, retail, and manufacturing.

The company has a diverse clientele, serving both startups and Fortune 500 companies.

Kellton Tech share price has made a 104% recovery from its 52-week low.


In FY23, it reported net revenue of Rs 7.4 bn and a net profit of Rs 15.4 million (m).

Recently, Kellton secured a prestigious, multi-year large-scale project from the Karnataka State Government's Finance Department.

It also partnered with Hooper Labs to build a strong roadmap on AI and Hyper-Automation that makes it ready to scale with artificial intelligence.

In April this year, Kellton launched Kverse Customer Experience Center and Innovation Lab in their Gurgaon.

It's confident to drive customer success through this centre and plans to launch similar centres in America and Europe.

Kellton's unique strengths include its ability to deliver innovative solutions and exceptional business value, as well as its strong domain knowledge and technology expertise.

Its strong performance, wide geographical presence and positive future outlook make it a compelling tech stock for the upcoming bull market surge.

#3 L&T Technology Services

L&T Technology Services (LTTS) is a global leader in Engineering and R&D (ER&D) services. The company has a strong presence in various sectors and has a wide geographical reach, serving customers across the globe.

LTTS share price is nearing its 52 week high.


In FY23, the company reported a revenue of Rs 80.1 bn and a net profit of Rs 11.7 bn.

In the September 2023 quarter, the company posted in-line revenue and growth was primarily driven by Transportation and Plant Engineering verticals, with 4.4% and 3.8% QoQ growth, respectively.

Recently, it won a mega contract for its hydrocarbon business from a client in the Middle East. The contract is estimated to worth Rs 100 bn to Rs 150 bn.

LTTS has been at the forefront of innovation, with notable developments such as the world's first Autonomous Welding Robot, Solar 'Connectivity' Drone, and the Smartest Campus in the World.

The company's commitment to green technology aligns with the government's focus on sustainable development, further enhancing its growth prospects.

#4 CE Info Systems

CE Info Systems, also known as MapmyIndia, is a data and technology products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS).

It's India's leading provider of advanced digital maps, geospatial software and location-based IoT technologies.

The company has a strong presence in the digital mapping and geospatial software industry. With its advanced digital maps and location-based IoT technologies, CE Info Systems serves both B2B and B2B2C enterprise customers.

Shares of the company have seen a spike in recent months, and they currently trade very close to 52-week high levels.


In FY23, the company's total income was Rs 3.2 bn, an increase of 37.5% from the previous year.

The company saw strong revenue growth of 35% YoY in its September 2023 results, driven by higher contribution from Gtropy business and strong open order book.

CE Info Systems has been focusing on innovation and expansion. The company is exploring new technologies, such as artificial intelligence and machine learning, to improve the quality and accuracy of its data solutions.

In July this year, the company's mapping app, Mappls became the No. 1 on App Store in India across all categories.

Going forward, the company is well-positioned for growth due to the increasing demand for automotive technology solutions in the country.

#5 Affle India

Affle India is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagement, acquisitions, and transactions through relevant mobile advertising.

The company's share price has increased around 31% from its 52 week low.


In FY23, Affle India reported consolidated revenue from operations at Rs 14.3 bn, an increase of 32.6% year-on-year.

The profit after tax (PAT) increased by 33.8% year-on-year to Rs 2.5 bn.

In Q2FY24, Affle posted revenue of Rs 4.3 bn, registering a growth of 6.1% on a

QoQ basis and 21.6% on YoY basis, led by the sharp recovery in the international business.

Affle India continues to invest in developing innovative solutions for its customers globally and strengthening its technological edge. The recent release of GenAl-powered multilingual capabilities on iOS Appstore positions Affle as an early forerunner in advanced use cases on the OEM ecosystem, aligning with its Affle 2.0 growth strategy.

The company's business model has redefined digital advertising by leveraging the power of data-driven insights, technology platforms, and consumer intelligence. Through its innovative approach, Affle India enables brands to connect with their target audience in a more meaningful and personalized manner.

Affle's competitive advantage lies in its differentiated business model and proprietary tech platforms with an emphasis on omnichannel platforms.

However, the company faces challenges such as uncertain economic scenarios and increased competition from new entrants.

The company's robust financial performance, strong presence in the digital advertising space, and continuous investment in innovation make it a promising tech stock for the upcoming bull market surge.


In conclusion, chances of a potential bull market in coming months presents a golden opportunity for investors, especially in the tech sector.

This surge is attributed to investor optimism, fueled by expectations of policy continuity and favorable economic reforms from the incumbent government.

The Nifty hitting a new all-time high and the keen observation of tech stocks indicate a promising future for the Indian share markets.

Additionally, the rapid evolution of AI and automation is expected to reshape industries, leading to enhanced operational efficiency, cost reduction, and improved decision-making.

The above companies are well-positioned to capitalize on the future trends and advancements in AI, making them compelling investment options for the potential bull market surge.

Happy investing!

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

Safe Stocks to Ride India's Lithium Megatrend

Lithium is the new oil. It is the key component of electric batteries.

There is a huge demand for electric batteries coming from the EV industry, large data centres, telecom companies, railways, power grid companies, and many other places.

So, in the coming years and decades, we could possibly see a sharp rally in the stocks of electric battery making companies.

If you're an investor, then you simply cannot ignore this opportunity.

Click Here for Full Details

Details of our SEBI Research Analyst registration are mentioned on our website -

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Equitymaster requests your view! Post a comment on "5 Must Have Tech Stocks for the Upcoming Bull Market Surge". Click here!