IEX, Tata Communications among top 10 midcap stocks bet by mutual funds last month
Mutual funds sold midcap stocks Sun TV, Vodafone Idea (Vi), Policybazaar among others in June
PremiumMutual fund houses added midcap stocks that included IDFC First Bank Ltd, HDFC Asset Management Company (AMC), Tata Communications Ltd, Indian Energy Exchange Ltd (IEX), Bata India, Motherson Sumi Wiring India, Laurus Labs, Page Industries, Petronet LNG, Prestige Estates Projects Ltd in the month of June, as per the monthly data compiled by domestic brokerage and research firm ICICI Securities.
Meanwhile, the top ten midcap stocks that asset management companies (AMCs) sold last month were Sun TV Network, L&T Finance Holdings, GMR Infrastructure, Vodafone Idea (Vi), Bharat Heavy Electricals Ltd (BHEL), ICICI Securities, PB Fintech (Policybazaar), L&T Technology Services (LTTS), Oil India, Deepak Nitrite, showed the data by the brokerage.
Equity schemes have been witnessing net inflow since March 2021, highlighting the positive sentiment among investors. Indian investors continued to put their faith in stock markets as open-ended equity mutual funds saw positive net inflows for the 16th straight month in June at ₹15,497.76 crore, as per data released by the Association of Mutual Funds in India (Amfi).
However, equity inflows last month fell 16% sequentially, as rising inflation, geopolitical turmoil, and selloff by foreign investors hit investor sentiment. Indian benchmark indexes NSE Nifty 50 and S&P BSE Sensex fell for a third straight month in June, dropping nearly 5% amid huge volatility.
Retail investors stayed bullish as Amfi data showed that monthly systematic investment plan (SIP) contribution, popular among retail investors for allowing investment of a fixed amount regularly in schemes, came in at ₹12,275.79 crore. Further, the number of SIP accounts stood at all-time high in June at 5.54 crore, surpassing the May high of 5.48 crore.
Overall, the mutual fund industry registered a net outflow of ₹69,853 crore last month, as compared to a net pull out of ₹7,532 crore in May. The outflow pulled down the average assets under management (AUM) of the industry to ₹36.9 lakh crore at the end of June, from ₹37 lakh crore at May-end.
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