As India's biggest festival Diwali begins on Sunday, here are five blue-chip stocks that you could buy this festive season.

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According to Motilal Oswal Securities latest research report, here's the list of top five stocks:

1. HDFC Bank

Motilal Oswal Securities has recommended to buy HDFC Bank's stock at a target price of Rs 1,450. 

Over the last 12 years, HDFC Bank's market share has increased significantly in retail loans, low-cost deposits and profitability, indicating the strength of its franchisee, Motilal Oswal said in its report. Strong fundamentals and near-nil stress loans would enable the bank to gain market share, it added. 

2. LIC Housing Finance (LICHF)

Motilal Oswal Securities has recommended to buy LIC Housing Finance's stock at a target price of Rs 748.

"We believe LIC Housing Finance (LICHF) will be the biggest beneficiary of falling government securities (GSec) yields as more than 80% of borrowings come from capital markets," Motilal Oswal said. 

Since the Reserve Bank of India (RBI) started open market operations 10 months back, GSec yields have declined more than 100 basis points from 7.8% to 6.7%. "LICHF has over 20% of outstanding borrowings maturing in FY17 and FY18, and thus will reap significant benefits from refinancing over next few quarters," it further added. 

3. Shriram City Union Finance (SCUF)

Motilal Oswal Securities has recommended to buy Shriram City Union Finance's stock at a target price of Rs 3,000.

"We expect Shriram City Union Finance (SCUF) to deliver 21% compounded annual growth rate (CAGR) in assets under management (AUM) over FY16-18 estimate versus 7% CAGR during FY13-16," cited Motilal Oswal in a report. 

It further added, "We believe that SCUF's deserves to trade at a premium over other asset financiers, owing to high structural loan growth, better earnings visibility, lower cyclicality and superior asset quality."  

4. Bharat Electronics

Motilal Oswal Securities has recommended to buy Bharat Electronics' stock at a target price of  Rs 1,450. 

According to Motilal Oswal, Bharat Electronics is well-positioned to benefit from the rising defense expenditure supported by strong manufacturing base (capacity utilisation of approximately 60%) and execution track record, relationship with defense and government agencies, strategic collaboration with foreign technology partners for new products development, in-house research and development (R&D) capabilities (R&D spend at 8.2% of revenues) and increased focus on exports to friendly countries.

5. Amara Raja Batteries

Motilal Oswal Securities has recommended to buy Amara Raja Batteries' stock at a target price of Rs 1,257. 

Stable competitive environment, significant FCF generation (approximately Rs 2.6 billion (nearly Rs 260 crore) over FY16-18) and stable RoE of 25% -coupled with potential shift from unorganised to organised players when goods and services tax (GST) rolls out is to sustain high growth trajectory, Motilal Oswal said in a report.