New Delhi: After the bloodbath on Dalal Street in the month of March, the benchmark indices saw some recovery in April as they tracked their global peers. While BSE Sensex surged 14.42% the 50-stock NSE Nifty surged 14.68%. But amidst the troubled times as almost all Indians refrained from going outside, inflows into equity funds declined sharply to Rs 6,100 crore from Rs 11,723 crore in March. Mutual funds during the month of April were seen picking large-cap stocks like Wipro, Eicher Motors, UPL, and Lupin, said ICICI Direct in a research note, while the top stocks sold by mutual funds included, Bandhan Bank JSW Steel, IndusInd Bank, and ZEE entertainment. Here’s what top mutual funds bought in April.
The fund house bought 115 lakh shares of Jindal Steel and Power in April, a jump of 4531% from March, according to the report. The second biggest buy was Engineers India followed by Hindalco Industries, buying 90 lakh and 70 lakh shares respectively.
Information Technology giant Wipro was the biggest buy for ICICI Prudential in April buying 125 shares in April, a 36% increase from March. Trent Ltd was the second biggest buy, followed by Motilal Oswal Financial Services. According to the report, the value of Trent Ltd’s shares held by the fund house now stands at Rs 95 crore from Rs 69 crore in March.
With a 383% increase in shares held, TVS Motor Company is SBI’s biggest buy after purchasing 17 lakh shares of the company. Aurobindo Pharma was the second most bought scrip in April for SBI Mutual funds with 11 lakh shares bought. Interestingly, Tata Group’s India Hotels Company also features on the most shares bought by SBI in April as it bought 178 lakh shares of the firm despite there being a weak outlook for the hospitality business in the post-coronavirus world.