Notwithstanding a near 30% uptick over the past 12 months, Nifty’s current 12-month forward P/E ratio is largely in line with its long-period average (LPA), Motilal Oswal said in a note as it picked up 11 largecap stocks as its top ideas. Of these, nine are Nifty constituents while the non-Nifty players include Zomato and Gail (India).The Nifty stocks picked by Motilal are Larsen & Toubro (L&T), State Bank of India (SBI), ICICI Bank, Coal India, Titan Company, Mahindra & Mahindra (M&M), ITC, HCL Technologies and Cipla.Nifty is currently trading at a 12-month forward PE of 19.4x versus LPA of 20.3x. In contrast, the broader index NSE Midcap 100 index is trading at a 46% premium to the…
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