MFs lap up commodity and metal stocks; some buy Kotak Bank, too

Vedanta, Hindalco, NMDC, GAIL India and ONGC were among the top picks in that space. Some leading mutual funds also lapped up Kotak Mahindra Bank, whose shares have been beaten down after the Reserve Bank of India’s ban on the private lender from issuing new credit cards and onboarding new customers through mobile and online banking, and the exit of joint managing director KVS Manian. Some funds bought shares of Axis Bank, while sold ICICI Bank and Jio Financial Services.

made fresh purchases in companies that could benefi t from the strength in , including the US. They increased exposure to , commodities and oil & gas. Fund managers believe the is likely to cut rates later this year, which will lead the to depreciate resulting in rise in , subsequently leading to higher .

, Hindalco, , India and were among the top picks in that space. Some leading mutual funds also lapped up Kotak Mahindra Bank, whose shares have been beaten down after the Reserve Bank of India’s ban on the private lender from issuing new credit cards and onboarding new customers through mobile and online banking, and the exit of joint managing director KVS Manian. Some funds bought shares of Axis Bank, while sold ICICI Bank and Jio Financial Services.

Source: Stocks-Markets-Economic Times