Here are the most recommended stocks to buy in Asia's top-performing market

Published Sun, Aug 29 20217:30 PM EDT

India's stock market is powering ahead of its Asian peers as the country's economic recovery picks up momentum following a devastating resurgence in Covid-19 cases earlier this year. The country's benchmark stock index Nifty 50 has gained more than 19% so far this year, while the Sensex climbed 18% in the same period — making India the top-performing market in Asia. Within Asia, India is a preferred market for stocks because of its "vibrant recovery," said UBS Global Wealth Management. "India's situation reminds us how quickly COVID-disrupted recovery could regain its pace once the case curve is bent and mobility restrictions are relaxed," the Swiss wealth giant said in a report. As investors piles into stocks in India, CNBC looked at what equity analysts like in the South Asian market. Here are the Indian stocks with the highest number of "buy" and "strong buy" recommendations on Refinitiv, which compiles ratings from analysts. Banks accounted for half of the 10 most recommended stocks in India, according to analyst ratings compiled by Refinitiv. ICICI Bank was on top with 44 "buy" and "strong buy" recommendations. ICICI is among the top Indian banking sector picks for investment bank Jefferies, which last week raised its price target for the stock from 830 Indian rupees to 900 Indian rupees. That implies an upside of 28.6% from Friday's close. Jefferies said ICICI has made "significant progress" in ramping up its digital offerings for small- and medium-sized enterprises and other business clients. That will help the bank grow its business and boost profitability, said Jefferies. Other Indian banks among the most recommended stocks on Refinitiv are State Bank of India , Axis Bank , HDFC Bank and Indusind Bank . Outside the banking sector, companies that made the list include information technology consulting company Infosys . Also on the list is Mahindra and Mahindra , a major Indian auto manufacturer with investments in software, property, financial services and logistics. Mahindra and Mahindra's business in the "high-margin" tractor segment has been resilient, said brokerage Maybank Kim Eng. It added that the company is the top tractor brand in rural India, and will likely benefit from a strong monsoon season, which boosts farming activities. Maybank Kim Eng has a "buy" rating for Mahindra and Mahindra, with a price target of 1,010 Indian rupees — 30% higher than the stock's Friday close.

Indian onlookers watch the Bombay Stock Exchange (BSE) digital broadcast outside the BSE in Mumbai on October 24, 2008. I

Indranil Mukherjee | AFP | Getty Images

India's stock market is powering ahead of its Asian peers as the country's economic recovery picks up momentum following a devastating resurgence in Covid-19 cases earlier this year.