Fund managers focus on financial stocks in September, data shows

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Fund managers bought financial stocks in September amid a large influx into equity-based programs. HDFC Bank, SBI Life, SBI Cards and Axis Bank were among the stocks that recorded the highest investments – Rs 5,200 crore cumulative – during the month. Max Healthcare Institute cornered the highest investment at Rs 1,992 crore, although the stock fell nearly 7% in September.

Private equity major KKR sold nearly 7 percent of its stake in the company, which fund managers used to increase exposure to the stock. In the mid-cap space, some of the notable buys were Vodafone Idea, whose shares nearly doubled following the government’s aid plan for the telecommunications sector; Bharat Forge and Bata India. In the small cap universe, CanFin Homes and Arvind Fashion were the most bought stocks. Meanwhile, fund managers recorded profits in IRCTC.

Shares of the crown corporation have jumped nearly four times this year. Bharti Airtel saw the sale of Rs 5,225 crore ahead of its rights issue. Experts said fund managers liquidated their holdings to subscribe to its rights issue.

HDFC Life and Reliance Industries (RIL) was also on the top selling list. CAMS and Granules India were the top selling stocks in the mid and small cap space, respectively. In September, equity funds recorded inflows of Rs 8,670 crore, as they deployed Rs 7,100 crore in stocks.

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