Buy HDFC Bank, sell Paytm: Mutual fund's investing funda in February
Fund houses that picked more HDFC Bank shares in Feb were HDFC MF, DSP Mutual Fund, Franklin Templeton, and ICICI Prudential. A similar trend was seen in January as well when fund managers bought shares of HDFC Bank worth Rs 13,849 crore to take advantage of the dip in share prices following the disappointment in Q3 results.
bought 5.9 crore shares of underperforming in February and sold 1.2 crore shares of amid the regulatory crisis in the fintech firm. While the buying in was worth about Rs 8,300 crore, the sell-off in was estimated to be around Rs 470 crore.Fund houses that picked more last month were , , , and ICICI Prudential. A similar trend was seen in January as well when fund managers bought shares of HDFC Bank worth Rs 13,849 crore to take advantage of the dip in share prices following the disappointment in Q3 results. are believed to have taken a bearish stance on the private sector lender.
Besides HDFC Bank, the shares of which are down 14% so far in the calendar year, significant buying by mutual funds was also seen in , , and while the highest selling was in , M&M, and , according to a report by Nuvama Institutional Equities.
When it came to midcaps, key buying was seen in Kalyan Jewellers, & while key selling was seen in , & . was a new entry during the month.
Within the world of smallcaps, which have been under selling pressure in the last few days amid growing concerns over froth building up, significant buying was seen in , & Swan Energy while the highest selling was seen in City Union Fin, Aditya Birla Fas & Rites.
Complete exits by mutual funds were seen in Capri Global, MMTC, and Lux Industries.
"The Q3FY24 earnings season concluded, and the earnings growth trend remained intact, with margins expanding for the fourth consecutive quarter. Broad market earnings outperformed the narrow market. With markets at or near all-time highs, investors should be cautious of potential volatility in the near term," Axis Mutual Fund said.
Source: Stocks-Markets-Economic Times
