The most-bought list is dominated by companies that are expected to benefit from a revival in economic activity and consumer spending
Topics
Mutual Funds | fund managers
Samie Modak | Mumbai
Last Updated at October 14, 2020 01:19 IST
Mutual fund (MF) managers were seen pruning their holdings in blue-chip banking names during September. State Bank of India (SBI), ICICI Bank, HDFC Bank, and Kotak Mahindra Bank are among the stocks that saw maximum selling. The selling by MFs weighed on the performance of these stocks as the Bank Nifty index dropped 10 per cent in September. However, from the September lows, the banking index has jumped 15 per cent, mainly led by overseas investor buying. Other blue-chip names that have emerged in the most-sold list include Hindustan Unilever, Infosys, Larsen & Toubro, and Reliance Industries.
The most-bought list is dominated by companies that are expected to benefit from a revival in economic activity and consumer spending. Some of the stocks that fund managers fancied include Maruti Suzuki, Zydus Wellness, Avenue Supermarts, and Tata Consumer Products. Bharti Airtel saw the maximum buying by MFs amid a sharp correction in the stock.
After four straight months of gains, the benchmark indices had declined as much as 1.23 per cent in September. However, from the September lows, the Nifty has gained more than 10 per cent.
Overseas investors have been buyers in the recent upmove, while MFs have been taking money off the table.
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First Published: Wed, October 14 2020. 01:11 IST
read the full story about Mutual fund managers pare holdings in large banks in September
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