Among IT names, shares of Tech Mahindra, Coforge, LTIMindtree and HCL Technologies were the top buys
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Domestic mutual funds sold shares of ICICI Bank, Bank of Baroda, State Bank of India and Bajaj Finance to the tune of Rs 4360 crore in the month of February. Meanwhile, they were hot on tech stocks including new-age companies like Paytm and Delhivery, according to data by Nuvama Research.
Among IT names, shares of Tech Mahindra, Coforge, LTIMindtree and HCL Technologies were the top buys, cumulatively amounting to Rs 3420 crore. The buying in Coforge shares was part of the block deal in which Baring PE sold 10 percent stake.
The ‘Buy IT, sell banks’ trend is indicative of the trend reversal seen in Nifty Bank and Nifty IT indices in this calendar year. Reversing last year’s outperformance, Nifty Bank index is down 6 percent in this year so far on margin compression concerns. Meanwhile, Nifty IT index is up 4.4 percent after taking a beating in 2022.
Also Read: Can bank stocks repeat the massive outperformance of last year?
Mutual funds also lapped up shares worth Rs 230 crore of One97 Communications and worth Rs 130 crore of Delhivery after both the new-age tech companies narrowed their losses in Q3. In fact, Paytm achieved operating profitability in Q3, three quarters ahead of the guidance for the September quarter. Paytm shares rallied post Q3 results announcement from Rs 524 to Rs 705. It has cooled off significantly since then and is currently trading near Rs 570 level.
Adani stocks
During the month, mutual funds offloaded stakes in Adani Ports, Adani Enterprises and Ambuja Cements. Meanwhile, they bought ACC shares worth Rs 110 crore. The big fund houses that trimmed their positions in Adani Ports were Aditya Birla Sun Life MF, IDFC MF, Edelweiss MF, SBI MF and Quant MF, as per the data collated by Nuvama Research.
Adani group stocks have been on a rollercoaster ride ever since the publication of the Hindenburg Research report on January 24. On some days, the stocks are buoyed by promoters’ prepayment of margin-backed loans only to crash in the following session. Rs 10.28 lakh crore has been wiped off from the group’s combined market capitalization since January 24.
Zee
Another stock that was in focus last month was Zee Entertainment Enterprises. The company was dragged to the National Company Law Tribunal for insolvency proceedings, jeopardising its merger with Culver Max Entertainment (Sony). But, mutual funds were not too bothered by this. They sold only 35 lakh shares worth Rs 70 crore.
Also Read: Zee Entertainment: Merger with Sony is the only hero in this daily soap
About 26.7 percent of the company’s total share capital is currently held by mutual funds. In fact, MFs have been steadily increasing their stake in the company. In September 2022, they held 22.62 percent which inched up to 27.42 percent by end of January.
NCLAT has stayed the insolvency proceedings for now and the next hearing is scheduled for March 27.
MSCI stocks
Mutual funds flipped MSCI names in the month of February, noted Nuvama Research. They sold shares worth Rs 1100 crore of Bank of Baroda, which was added to India Global Standard Index. Meanwhile, they bought shares worth Rs 300 crore of Biocon, which was removed from the index.
“Historically, post-adjustment, in one month and two month period after the rebalance, on an average, 60 percent of the times stocks (inclusion names) have settled with losses,” Abhilash Pagaria of Nuvama Research had earlier noted.