Brokerage firm India Infoline Limited (IIFL) sees an upside of up to 60 per cent in index heavyweights from technology, pharmaceuticals to construction stocks. The stocks markets market on Thursday welcomed easing of Russia-Ukraine tension and  assembly elections 2022 results. 

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IIFL sees profit margins to get hit for companies in commodity and energy sectors. The brokerage firm is of the view that crude oil prices could remain under pressure. 

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At a time when Brent crude looks like sustaining north of $ 125/barrel after having nearly breached $140, and with LME Metals index staying in sync, it is difficult to predict how long the war and its impact on resource prices will stay, the brokerage mentions in its report. 

However, IIFL sees an upside of up to 60 per cent in many index heavyweights such as SBI Life Insurance, Bharti Airtel, Larsen and Toubro, HDFC Bank, Cipla and Infosys as top picks. 

SBI Life Insurance is considered as best bet, as the brokerage sees an upside of 60 per cent to target price of Rs 1650 per share. The stock on Thursday is trading almost 2.5 per cent higher to Rs 1050 per share on the NSE, as compared to nearly 2 per cent rise in the Nifty50. 

Over 50 per cent upside is seen in HDFC Bank shares and target price of Rs 2000 per share. The stock on Thursday was trading up nearly 3 per cent to Rs 1409 per share on the NSE. Similarly, 41 per cent upside in L&T with a target of Rs 2338 per share versus Rs 1729 per shar CMP. 

In tech space, IIFL sees an upside of 35 per cent in Infosys, with target of Rs 2400 per share, the stock on Thursday is marginally up 1 per cent to Rs 1826 per share. While it sees 16-18 per cent growth in Bharti Airtel and Cipla shares and sets a target of Rs Rs 803 and Rs 1130 per share, respectively.