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ICICI, Tata Steel hot with MFs, IFCI loses flavour in Sep

ICICI, Tata Steel hot with MFs, IFCI loses flavour in Sep
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First Published: Thu, Oct 23 2008. 03 05 PM IST
Updated: Thu, Oct 23 2008. 03 05 PM IST
PTI
New Delhi: Country’s largest private sector lender ICICI Bank and steel major Tata Steel have emerged as favourite stocks for domestic mutual funds, while IFCI and Spice Communications are among those having lost appeal last month.
An analysis of buy-and-sell transactions by mutual funds during September shows that the fund houses purchased stocks from sectors such as banks, power, oil and gas and pharma, while offloading shares from FMCG, IT and telecom.
The domestic MFs were net sellers to the tune of about Rs11,577.10 crore during October, as per data available on the SEBI website.
According to brokerage firm Sharekhan, ICICI Bank, Tata Steel, Jaiprakash Associates and state-run ONGC, Bharat Petroleum Corporation and Rural Electrification Corporation figure among the favourites of equity funds in the month of September.
In terms of market value, ICICI Bank, ONGC and BPCL rank among the top picks by domestic fund houses last month.
Besides, Anil Ambani group firm Reliance Infrastructure, Hindustan Uniliver and state-run HPCL and GAIL caught the fancy of equity funds.
However, IFCI, Panacea Biotec, Whirlpool (India) and Sesa Goa are among the stocks where some of the funds have made a complete exit.
In terms of new stocks that attracted the domestic fund managers are HCL Technologies, Wipro, Nestle India and NDTV and Kingfisher Airlines.
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First Published: Thu, Oct 23 2008. 03 05 PM IST