After the Indian stock markets rose to dizzying heights in September 2024, experts were predicting a correction following the liquidity driven unprecedented rally between the Covid pandemic and end-September 2024. While Sensex 30 rose from 27,590 on April 3, 2020 to 85,978 in end September, 2024, Nifty 50 jumped from 8,083 on April 3, 2020 to 26,178 on September 27, 2024.
Obviously, the run stretched valuations beyond the level of comfort for institutional investors. In October, the indices started dipping, led by FIIs partially selling their holdings of Indian stocks. Prominent AMCs (asset management companies) used the correction mode of the market to sell off some stocks and buy some taking advantage of favourable valuations. According to reports quoting Accord Fintech, 10 top AMCs, or mutual fund houses, bought these stocks after prices softened.
Top MFs bought these stocks
SBI Mutual Fund: According to reports India’s biggest mutual fund house SBI MF picked up HDFC Bank, GAIL (India) and Reliance Industries taking advantage of favourable valuations. It also made fresh purchases in Concord Biotech and Varun Beverages.
HDFC Mutual Fund: While HDFC MF picked up Zomato, Indraprastha Gas and JSW Steel, it made fresh buys in Bajaj Finserv, Suzlon Energy and Dodia Dairy.
Nippon India Mutual Fund: Taking advantage of valuations this AMC picked up shares of RIL, Avenue Supermarts and GE Vernova T&D India (an engineering services company). It also made fresh purchases of Metro Brands and Biocon.
Aditya Birla Sun Life Mutual Fund: This MF bought shares of Zomato, ZF Commercial and Avenue Supermarts. It made fresh buys in Karur Vysya Bank, Varun Beverages and Arvind.
Kotak Mutual Fund: Taking advantage of the corrections, it picked up GE Vernova T&D India, Persistent Systems and Cummins India apart from fresh purchases in stocks such as Timken India, MTAR Technologies and MedPlus Health Services.
Mirae Mutual Fund: This AMC bought SBI Life, MCX and Hindalco Industries. Fresh buyus were made in Suzlon Energy, Adani Ports and Aster DM Healthcare.
Axis Mutual Fund: Zomato, SBI and TCS were the shares this AMC bought using the dips. Fresh buys were made in Welspun Corp, 360 One Wam and Neuland Laboratories.
ICICI Prudential Mutual Fund: It made purchases in Maruti Suzuki, RIL and Axis Bank, while making fresh buys in TeamLease Services, PNB Housing Finance and Colgate Palmolive (India).
Quant Mutual Fund: It made buys in SBI, ONGC and RIL. Fresh buys were made in ACC, NMDC and Mazagon Dock.
UTI Mutual Fund: This AMC picked up shares of ICICI Bank, Zomato and Maruti while completely fresh purchases were made in ZF Commercial Vehicle and Varun Beverages.
(Disclaimer: This article is only meant to provide information. News9live.com does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Indian stock markets went into a correction mode after a long bull run. Top fund houses such as SBI MF, Kotak MF, ICICI Prudential, Nippon India, Axis MF picked up several stocks taking advantage of valuations. See list. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
