MFs hiked stakes in 30 Nifty stocks in June. Check out their top buys

NEW DELHI: Domestic mutual fund managers raised their stakes in 30 Nifty50 stocks in June, with , HDFC Life Insurance, and two-wheeler stocks Hero MotoCorp and Bajaj Auto emerging as their top buys. These funds were seen selling many of the oil & gas and consumer names, data showed.

One of their key buys was JSW Steel, where shares held by mutual funds jumped by 15.2 per cent month-on-month (MoM) to 5.57 crore, valued at Rs 3,810 crore. The stock fell 4 per cent during the month, and, thus, the increase in MF stake in value terms was lesser at 10.2 per cent MoM.

In the case of HDFC Life Insurance, 20 MFs owned 9.44 crore shares at the end of June, up 12.4 per cent MoM. In value terms, MF holding in the life insurer stood at Rs 6,480 crore, up 15.8 per cent MoM. This stock gained 3 per cent for the month.

Tech Mahindra saw 19 mutual funds raise stake by 10.5 per cent to 9.26 crore shares and 18.5 per cent in terms of value to Rs 10,150 crore, data compiled by Motilal Oswal Securities showed. This stock gained over 7 per cent in June.

Bajaj Auto, Hero MotoCorp, Hindalco and ITC were some of other stocks that saw at least 5 per cent MoM rise in shares held by mutual funds. Among the four, ITC saw a drop in MF holding in value terms, thanks to a 6 per cent fall in the stock price for June.

(Source: Motilal Oswal Financial Services)

The month saw the benchmark indices gain just over 1 per cent, following a 6.5 per cent rally in May.

Inflows into the equity funds during the month stood at Rs 6,000 crore compared with Rs 7,000 crore (excluding NFO flows) in May, ICICIdirect noted, adding that SIP flows in June came in at an all-time high at Rs 9,155 crore against May’s Rs 8,819 crore.

“Investors capitalised on the market rally to book profit and rebalance their portfolios as the market continued to achieve new highs, leading to a moderation in inflows to domestic mutual funds (MF). On a MoM basis, the weightages of technology, capital goods, healthcare, automobiles and insurance sectors increased, while those of private banks, oil & gas, PSU banks and telecom moderated.,” said Motilal Oswal Securities.

(Source: Motilal Oswal Financial Services)

The funds were, meanwhile, seen selling shares of IOC (down 6.3 per cent), Grasim (down 5.4 per cent), (down 5.4 per cent), ONGC (down 4.7 per cent), Tata Consumer (down 4.7 per cent) and Asian Paints (dow 3.8 per cent.

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