The Indian stock market indices are trading at record high levels with the benchmark Nifty scaling above 20,000-mark. The rally in domestic equity markets has been fuelled by a combination of strong domestic macroeconomic data and positive global cues.
The Nifty50 index is up more than 11% in 2023 so far, but the midcap and smallcap indices have outperformed the frontline indices by a big margin.
Strong domestic GDP growth, moderating inflation, narrowing Current Account Deficit (CAD) and global interest rates nearing its peak are some macro factors driving the rally. Moreover, robust corporate earnings growth and expectations of high-teens earnings CAGR over FY23-25E have also kept the market sentiment buoyant, analysts said.
Also Read: Suzlon Energy, BSE, Godrej, Anupam Rasayan among top 20 smallcap stocks bought & sold by mutual funds in August
Meanwhile, equity mutual funds saw a significant surge in net inflows, reaching a five-month high of ₹20,245.26 crore in August 2023. However, large-cap equity funds saw outflows of ₹348 crore.
Adani Power, Zomato, Indian Railway Catering And Tourism Corporation (IRCTC) and Tata Power Company were among the largecap stocks that mutual funds bought the most in the month of August.
The Asset Management Companies (AMCs) bought 4.25 crore Interglobe Aviation shares worth ₹10,339 crore in August, followed by 82.46 crore Zomato shares for ₹8,048 crore, a report from ICICI Direct showed.
Also Read: ACC, Nykaa, HDFC AMC, BHEL among top 20 midcap stocks bought & sold by mutual funds in August
Mutual funds purchased 1.38 crore shares of Britannia Industries for ₹6,150 crore, Dabur India shares worth ₹4,153 crore, Tata Power shares to the tune of ₹3,024 crore and UPL shares worth ₹2,952 crore during the last month, as per the ICICI Direct report.
Top 10 Largecap Buys by Mutual Funds
On the flip side, Dr Reddy’s Laboratories, Trent, Tube Investments of India, Pidilite Industries and Tata Consumer Products were among the top 10 largecap shares that mutual funds sold the most in August.
AMCs sold Dr. Reddy’s shares worth ₹8,067 crore and ₹6,243 crore worth shares of Trent Ltd, the report said.
Also Read: TCS, Tech Mahindra, Persistent Systems among top bets as IT stocks surge 22-92% from their 52-week lows
Top 10 Largecap Sells by Mutual Funds
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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