According to the Association of Mutual Funds in India, inflows into equity markets are on the rise. The inflows reached a 12-month high in March 2023 at ₹ 20,534 crores and they were at ₹ 15,685 crores in February and at ₹ 12,546 crores in January 2023. Meanwhile, the assets under management (AUM) of the mutual fund industry stood at ₹ 39.42 lakh crore as on March 31, 2023.
Data from Nuvama Institutional Equities (formerly Edelweiss Institutional Equities) showed that Mutual Funds bought additional shares of many blue-chip stocks in the month of March.
According to the report, they invested ₹ 2520 crores in Infosys, ₹ 1870 crores in Reliance Industries, ₹ 1380 crores in HDFC, ₹ 1090 crores in Hindustan Aeronautics, ₹ 990 crores in Kotak Mahindra Bank, ₹ 780 crores in Power Grid Corporation, ₹ 760 crores in Tata Motors, ₹ 630 crores in Tata Consultancy Services, ₹ 610 crores in Tata Steel, ₹ 610 crores in Bajaj Finance and ₹ 570 crores in Sun Pharma.
On the other hand, mutual funds trimmed their stake in large-cap stocks like Ultratech Cement by ₹ 640 crores, in SRF by ₹ 540 crores and in Max Healthcare services by ₹ 440 crores.
In the midcap and small-cap space, they lapped up shares of Sonal BLW Precision Forgings worth ₹ 1,010 crores, Phoenix Mills worth ₹ 430 crores, and Devyani International Worth (₹270 crores). Moreover, they invested ₹ 460 crores in Kirloskar Oil, ₹ 370 crores in Persistent Systems and ₹ 320 crores in Data Patterns and ₹ 430 crores in Mahindra CIE Automotive.
Equity markets ended a 9-day rally on Monday dragged by frenzy selling by investors in major tech stocks after they disappointed the street with their results. In fact the selling in IT stocks which are index heavyweights erased the gains made in broader markets. The Sensex closed for the day 520.25 points (0.86%) lower at 59910.75 points, while the Nifty settled 121.15 points or 0.68% lower at 17706.85 points.
Written by Simran Bafna
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