Equity mutual funds spur Bank Nifty surge in August, shows data
Domestic fund managers seem to have spurred the sharp upmove
by Samie ModakDespite the uncertainty surrounding loan restructuring, August was a good month for financial stocks. The Bank Nifty index rose 10 per cent during the month, outperforming the benchmark Nifty, which gained 2.8 per cent.
Domestic fund managers seem to have spurred the sharp upmove. The Edelweiss Fund Insight report shows that banks and financial stocks were among the top buys for fund houses in August.
They pumped in over $1 billion in just eight names. Topping the list were Axis Bank, HDFC Ltd, Bandhan Bank, and ICICI Bank.
The combined inflow into these four stocks by MFs was Rs 6,200 crore. Meanwhile, MFs were seen taking some profits off names like Reliance Industries, Tata Consumer Products, and Divi’s Laboratories.
