Fund managers placed big bets on startups and newly listed firms in August, and three of these stocks made the list of the top five stocks purchased by mutual funds (MFs) last month.
Ola Electric, which listed on August 9, was the second most bought stock as fund managers bought over Rs 2,740 crore worth of shares. FirstCry, which has just gone public, saw mutual funds buy 40 million shares worth Rs 2,550 crore. Zomato was fourth on the list as mutual funds invested Rs 2,500 crore in the stock.
Axis Bank topped the list of top buys as mutual funds picked up shares worth Rs 3,120 crore. However, its largest peer HDFC Bank saw mutual funds pull out as much as Rs 8,370 crore. The stock, which has struggled to perform in the past few years, saw several fund houses slash allocation after making significant purchases for six consecutive months. Quant MF completely exited the stock in August, months after betting big. Other stocks on the list of top sellers included Bharti Airtel, Zydus Lifesciences, Indus Towers, Coal India and Dixon Technologies.
Fund houses have completely exited Adani Enterprises while making significant purchases in Adani Energy Solutions.
In August, mutual funds bought domestic stocks worth over Rs 35,600 crore and along with foreign institutional investors (FIIs), sold Rs 2,700 crore in the Indian secondary market, the report said.
First published: September 13, 2024 | 11:13 PM IS
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.