Charticle: Mutual funds continue to claim bank stocks in July
Mutual funds (MFs) continued to buy HDFC Bank and other major banking sector stocks in July.
With a stake of Rs 2,720 crore in July, the total investment by MFs in HDFC Bank in calendar year 2024 (so far) rose to Rs 48,820 crore, a report by Nuvama Alternative & Quantitative Research shows.
The investment is the sum of the total net commitment by active, passive and equity-oriented hybrid schemes.
Other top buys in the banking sector include Axis Bank and State Bank of India. Vedanta, ITC and Asian Bank were also among the most bought stocks last month.
Among small cap companies, MFs were particularly interested in shares of PNB Housing, Jyoti CNC Auto, Emcure Pharma, Sobha and Piramal Enterprises, the report showed.
Companies in which financial institutions have significantly reduced their stakes include Tata Consultancy Services (TCS), NTPC, Avenue Supermart, Bharat Electronics and Sun Pharma.
Building: Banks dominate financial institutions’ buy list
Source: Nuvama Alternative & Quantitative Research
Please note: During a two month period (August and September); **At closing price of October 12
First publication: Aug 15, 2024 | 12:42 AM IST