Financial Daily from THE HINDU group of publications
Sunday, Oct 17, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 17, 2004 |
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Mutual Funds Markets - Mutual Funds Equity funds turned to banking, steel in Sept Suresh Krishnamurthy
EQUITY funds were sellers in September. They have also continued to sell heavily in the month of October. They, however, did not sell across-the-board in September. Equity funds have been selective in their stock picking and, in particular, have bought into banking and steel sector stocks. But they have bailed out of oil, information technology (IT), pharmaceutical, auto and cement sector stocks. In banking, equity funds favoured stocks such as Oriental Bank of Commerce, ICICI Bank and Union Bank of India. They, however, sold Canara Bank and Bank of Baroda. In steel, exposures in Tata Steel and Steel Authority of India Ltd (SAIL) had been stepped up. In the pharmaceutical sector, equity funds liquidated exposures in Matrix Labs, Ranbaxy Labs and Lupin; they bought into mid-cap stocks such as Strides Arcolab, Aventis Pharma and Glenmark Pharmaceuticals. Interestingly, in the IT sector, equity funds sold Satyam, Infosys and Wipro, while stepping up exposures in TCS.
Given the impasse over oil price hike, equity funds have sold HPCL, BPCL and IOC. There was also evidence of their continuing penchant for undiscovered mid-cap and small-cap stocks. Equity funds bought into stocks such as JK Paper, KEC International, Ricoh India, Bongaigaon Refinery and IDBI Bank. Mid-cap stocks that equity funds off-loaded in September include Century Textiles, Ballarpur Industries, Kochi Refineries, Arvind Mills and Amforge Industries.
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