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Last Updated : Mar 14, 2019 04:51 PM IST | Source:

Private banks, oil & gas companies find favour among fund managers

Axis Bank was one of the preferred stocks among MFs in February, with net buying by 19 funds.

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The month gone by saw a notable change in sector and stock allocation of funds from the mutual fund industry.

On a month-on-month (MoM) basis, during February, the weight of oil & gas, private banks, consumer, cement, capital goods and utilities increased in the mutual fund industry portfolio, while that of PSU banks, healthcare, NBFCs, metals and chemicals moderated, according to Mutual Fund Tracker report from Motilal Oswal Financial Services.

Last month, five of the top-10 stocks that saw maximum change in value were from private banks and oil & gas.

Private banks with 18.6 percent exposure was the top sector holding in February 2019, followed by technology (9.5 percent), NBFCs (8.4 percent) and Consumer (8.1 percent).

Oil & Gas weight increased for the fourth successive month to reach a new high of 7.8 percent. The sector now stands at the fifth position in sector allocation of mutual funds – it was at the seventh position 12 months ago.


Axis Bank, Kotak Mahindra Bank, Reliance Industries, L&T and NTPC saw the maximum value change on a MoM basis while stocks that saw maximum decline in value were SBI, Vedanta, ICICI Bank, HDFC and Tata Chemicals.

Axis Bank was one of the preferred stocks among MFs in February, with net buying by 19 funds. The value increased by Rs 21 billion, despite the stock corrected by 1.9 percent during the month under review.

Kotak Mahindra Bank was another preferred stock in the month, with net buying by 15 funds. Value increased by Rs 20.4 billion even when the stock corrected by 3.3 percent in the month.

Reliance Industries saw a value increase of Rs 19.2 billion in Feb 2019, despite stock being flat (+0.4 percent MoM). Notably, the stock saw net buying by 17 of the top-20 funds.

SBI was the least preferred stock among MFs last month,  that saw net selling by just 5 funds and net buying 13 funds. Value decreased by Rs 14.8 billion, as the stock was down 8 percent in the month.

The total equity value of the top-20 AMCs increased 0.9 percent  MoM  and 12.9 percent YoY in February, as against the Nifty’s flat performance MoM (+2.9 percent YoY).

Indian benchmark indices ended flat (-0.4 percent MoM) for the third consecutive month in Feb 2019, as the street exercised caution amid a flurry of unsupportive domestic and global cues.

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First Published on Mar 14, 2019 04:45 pm
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