Union Budget's infra boost puts bank stocks in sweet spot; Here's what MFs are banking on
Mutual funds focused on banking and financial services have gained the most since Budget 2023. Experts opine that Budget’s added thrust on infrastructure sector has cheered the banking stocks.
Among the equity mutual fund categories, Banking and financial services sector funds were ahead of the pack in terms of return after the Finance Minister unveiled Union Budget 2023 on 1st February. While there were no direct proposals to benefit these sectors, the announcements related to capex and other areas will have a rub-off impact on the banking industry. Kranthi Bathini, Equity strategist at WealthMills securities pvt ltd says, “This budget has a lot of emphasis on infrastructure and CAPEX spending. Both public sector as well as private sector banks lend money to a majority of these infrastructure projects.” An expected borrowing program also cheered the banking sector. Here is the list of banking and financial services stocks that were newly added by the most number of actively managed mutual funds schemes over the last three months. These fund houses are now expected to benefit from new additions in bank stocks. Data as of December 2022. Source: ACEMF.
2/14
IndusInd Bank No. of active schemes that newly added the stock: 39 Total no. of active schemes that hold the stock: 163 A sample of schemes that newly added the stock: Tata Quant, HDFC Business Cycle and Invesco India Largecap
3/14
RBL Bank No. of active schemes that newly added the stock: 26 Total no. of active schemes that hold the stock: 41 A sample of schemes that newly added the stock: Quant ESG Equity, Tata Mid Cap Growth and Baroda BNP Paribas Banking and Fin Serv
4/14
HDFC Bank No. of active schemes that newly added the stock: 21 Total no. of active schemes that hold the stock: 380 A sample of schemes that newly added the stock: Quant ESG Equity, IIFL ELSS Nifty 50 Tax Saver Index and HDFC Business Cycle
The Federal Bank No. of active schemes that newly added the stock: 20 Total no. of active schemes that hold the stock: 118 A sample of schemes that newly added the stock: Canara Rob Mid Cap, Taurus Infrastructure and IDFC Midcap
6/14
Power Finance Corporation No. of active schemes that newly added the stock: 17 Total no. of active schemes that hold the stock: 39 A sample of schemes that newly added the stock: Nippon India Quant, Kotak Multicap and JM Tax Gain
7/14
Axis Bank No. of active schemes that newly added the stock: 15 Total no. of active schemes that hold the stock: 326 A sample of schemes that newly added the stock: SBI Multi Asset Allocation, Bank of India Small Cap and ITI Small Cap
8/14
Bank Of Baroda No. of active schemes that newly added the stock: 15 Total no. of active schemes that hold the stock: 125 A sample of schemes that newly added the stock: Tata Quant, SBI Banking & Financial Services and Bank of India Large & Mid Cap Equity
Union Bank Of India No. of active schemes that newly added the stock: 15 Total no. of active schemes that hold the stock: 21 A sample of schemes that newly added the stock: Quant Mid Cap, Tata Quant and Bank of India Mid & Small Cap Equity & Debt
10/14
State Bank Of India No. of active schemes that newly added the stock: 13 Total no. of active schemes that hold the stock: 353 A sample of schemes that newly added the stock: Union Multicap, WOC Large Cap and HDFC Business Cycle
11/14
CreditAccess Grameen No. of active schemes that newly added the stock: 12 Total no. of active schemes that hold the stock: 52 A sample of schemes that newly added the stock: Tata Mid Cap Growth, Union Multicap and LIC MF Multi Cap
12/14
Karur Vysya Bank No. of active schemes that newly added the stock: 12 Total no. of active schemes that hold the stock: 39 A sample of schemes that newly added the stock: Baroda BNP Paribas Banking and Fin Serv, Tata Flexi Cap and UTI Multi Asset
13/14
Multi Commodity Exchange Of India No. of active schemes that newly added the stock: 11 Total no. of active schemes that hold the stock: 59 A sample of schemes that newly added the stock: SBI Multi Asset Allocation, Bank of India Small Cap and ITI Small Cap
14/14
Bank Of India No. of active schemes that newly added the stock: 10 Total no. of active schemes that hold the stock: 11 A sample of schemes that newly added the stock: Aditya Birla SL Equity Savings, PGIM India Equity Savings and LIC MF Multi Cap
