 "SBI Life, HDFC twins topped equity fund managers' buy list in May")
Equity fund managers adopted a cautious stance in May as stocks climbed to fresh all-time highs. An analysis of their buying and selling pattern suggests they didn’t back any particular sector but went for a stock-selective approach.
SBI Life Insurance, HDFC and HDFC Bank attracted maximum inflows from mutual funds (MFs).
The fund manager used the share sale by Carlyle Group to invest Rs 2,346 crore into the State Bank of India-backed life insurer.
Tata Steel, ICICI Bank and BPCL were the most-sold stocks by MFs. Market players said fund managers chose to book profit in these counters after a stellar rally. The net buying by MFs during the month stood at just Rs 100 crore, down from Rs 5,500 crore in the previous month.
Market observers said MFs took some money off the table in the second half of the month as overseas investors stepped up buying.
MFs are keeping some powder to try to deploy in the event of a correction, said one expert.
SBI Life Insurance, HDFC and HDFC Bank attracted maximum inflows from mutual funds (MFs).
The fund manager used the share sale by Carlyle Group to invest Rs 2,346 crore into the State Bank of India-backed life insurer.
Tata Steel, ICICI Bank and BPCL were the most-sold stocks by MFs. Market players said fund managers chose to book profit in these counters after a stellar rally. The net buying by MFs during the month stood at just Rs 100 crore, down from Rs 5,500 crore in the previous month.
Market observers said MFs took some money off the table in the second half of the month as overseas investors stepped up buying.
MFs are keeping some powder to try to deploy in the event of a correction, said one expert.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%