Mutual funds upped stakes in seven of every 10 Nifty50 stocks during the June sell-off. The month saw Nifty50 falling 4.85 per cent amid concerns over aggressive Fed rate hikes, a spike in oil prices and recession in the world’s largest economy.
Out of 50, mutual funds increased holdings in 35 or 70 per cent of Nifty50 companies, data compiled by Motilal Oswal Securities suggests.
saw the maximum addition in the number of shares. The company, where 19 mutual funds own less than a 2 per cent stake, saw a 14.5 per cent addition in the number of shares in June on a month-on-month basis. MFs held about Rs 4,090 crore Grasim shares at the end of June, up 6.8 per cent.
saw a 10.2 per cent jump in the number of shares that MF held on a monthly basis. The institutional class held Rs 12,270 crore worth of Tech Mahindra shares as of June 30. In the case of
, fund managers held 9.2 per cent more shares than the May figure. The shares they held in the passenger car maker as of June 30 amounted to Rs 23,180 crore.
(up 9.2 per cent),
(up 7.6 per cent),
(up 7.4 per cent) and
(up 7 per cent) are some other index stocks where mutual funds bought additional shares in June.
On the flip side,
saw mutual funds cut the number of shares they held by 8.7 per cent in June over May. UPL (down 4.3 per cent),
(down 2.8 per cent), Dr Reddy’s Labs (2.4 per cent),
(down 2 per cent),
(1.7 per cent),
(down 1.6 per cent) also saw MFs cutting their holdings in June.
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