What are MFs buying? Maximum gain seen in banking stocks in December 2023

Four of the top ten stocks, which saw the maximum increase in value during December 2023, were from the banking domain. HDFC Bank, ICICI Bank, Reliance Industries, L&T, SBI, NTPC, Infosys, Bharat Electronics, ITC, and Axis Bank rose the most in value month-on-month, as per data analysed by brokerage Motilal Oswal. 

Stocks that witnessed the maximum month-on-month decline in value were Indiabulls Housing Finance, HDFC Life Insurance, PI Industries, Dr. Reddy's, Maruti Suzuki, Phoenix Mills, Max Financial, ICICI Lombard, Vedant Fashions, and Ratnamani Metals.

Top 10 stocks by change in value

Among the Nifty50 stocks, MFs were net buyers in 52 per cent of the stocks. The highest MoM net buying in December 2023 was observed in Wipro (+6.9%), JSW Steel (+6.2%), SBI Life Insurance (+4.5%), Axis Bank (+3.2%), and Tech Mahindra (+3%).

Mutual funds were net buyers in 65 per cent of the NiftyMidcap 100 stocks. The highest month-on-month net buying in December 2023 was seen in Bank of India, Mankind Pharma, JSW Energy, One 97 Communications, and Indian Bank.

Mutual funds were net buyers in 64 per cent of Nifty Smallcap 100 stocks. The highest month-on-month net buying in December 2023 was witnessed in Cams Services, Mahanagar Gas, Piramal Pharma, Raymond, and Campus Activewear.

Among the top 25 schemes by AUM, the following reported the highest MoM increase:

1. Kotak Flexi Cap Fund (+8.4% MoM change in NAV)
2. HDFC Top 100 Fund (+8.4% MoM)
3. Nippon India Large Cap Fund (+8.4% MoM)
4. Nippon India Growth Fund (+7.9% MoM)
5. Mirae Asset ELSS Tax Saver Fund (+7.7% MoM)