Mutual funds raised stake in as many as 185 companies while reducing in 178 companies in the March quarter, according to the shareholding data declared by companies and collated by AceEquity.
Fund managers were net buyers in Indian equity market purchasing shares worth Rs 1,000 crore in the January-March period.
Companies in which fund managers raised their stakes include TCS, ITC, HUL, HDFC, Infosys, SBI, Axis Bank, Bank of Baroda, IOC, Coal India among others.
Higher allocation of funds to the banking and financial services companies helped Nifty Bank to hit fresh record highs. The index has been in an uptrend since the last one month. It has rallied over 11 percent so far in 2019.
The expectation of likely strong quarterly results and NPA worries largely being over have put banking stocks in focus, experts say.
“Fund managers are cherry-picking certain IT and banking stocks that indicate that they are specifically entering secular trends in the market. Banking stocks are expected to post slightly better results this quarter considering NCLT’s continuous efforts to reduce NPAs, drop-in slippages and various new regulatory norms that have created a bullish sentiment among the market participants,” Jayant Manglik, President - Retail Distribution at Religare Broking told Moneycontrol.
“IT space, on the other hand, might experience slower growth considering the run-up experienced by a few companies after the current results. Hence, investors can accumulate a few quality companies from both these sectors with a long-term perspective,” he said.
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