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10 stocks that HSBC wants investors to bet on amidst current market volatilityIn the current environment, the brokerage prefers defensive names and stocks that have corrected recently but continue to offer strong fundamentals. It has identified 10 stock ideas with up to 42% upside across three broad categories.By Meghna Sen  March 27, 2026, 8:20:59 AM IST (Published)2 Min ReadGlobal brokerage HSBC believes the recent movement in Indian equities remains broadly in-line with past episodes of oil price volatility.

In a note on Indian markets, the brokerage said a 20% rise in crude oil prices typically leads to a 1.5 percentage point cut in earnings, while historically, a 10% supply-driven increase in oil prices has been associated with a 1.3% decline in broader equity indices.

The impact tends to be more pronounced in consumer discretionary, software services, and financials.

The risk is further compounded by currency weakness, as a 1% depreciation in the rupee typically results in an additional 1% drag on the market. This aligns with recent trends, where oil prices have risen about 55% since the onset of the conflict, while the rupee has weakened around 3.5%, implying a cumulative market impact of roughly 11%.

Despite the volatility, HSBC expects the impact on March 2026 quarter earnings to be largely manageable given inventory buffers, with the most direct exposure in airlines, oil marketing companies, and agrochemicals.

HSBC's strategy for stock selection

In the current environment, the brokerage prefers defensive names and stocks that have corrected recently but continue to offer strong fundamentals. It has identified 10 stock ideas with up to 42% upside across three broad categories.

CosRatingTP(₹)RILBuy1,780Bharti AirtelBuy2,400NTPCBuy410Sun PharmaBuy2,000HindalcoBuy1,210Adani PortsBuy1,800Godrej Cons ProductsBuy1,470Apollo HospitalsBuy8,750ICICI BankBuy1,630SBI LifeBuy2,410

The first set includes defensive plays such as Sun Pharmaceutical Industries, Reliance Industries, Bharti Airtel and NTPC, which are seen as relatively resilient in the current macro environment.

The second category comprises stocks that have been impacted by ongoing uncertainty but where the downside risk to growth remains limited. These include Hindalco Industries, Adani Ports and Special Economic Zone and Godrej Consumer Products.

The third bucket consists of structural winners that have become more attractive following the recent market correction, including Apollo Hospitals Enterprise, ICICI Bank and SBI Life Insurance.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.TagsHindalcoHSBCReliance Industries share pricestock picksSun Pharma Share Price