16-May-2024
2 mins read
.jpg)
 1.jpg)
.jpg)
.jpeg)
In the market correction, Mutual funds spent nearly Rs 10,000 crore to buy shares of Kotak Mahindra Bank and HDFC Bank. The two biggest nifty and banknifty giants have underperformed in 2024.
The Mutual fund managers took advantage of a 9% dip in Kotak Mahindra bank to buy 4.65 crore shares, estimated to be worth Rs 7,884 crore. In HDFC Bank, the fund houses bought 1.22 crore shares worth Rs 1,859 crore.
Also Read | Awfis Space Solutions IPO: All You Need To Know Before Applying
Which Mutual Funds Houses Raised Their Bets?
The mutual fund houses that raised their bet on HDFC Bank are SBI Mutual Fund, Axis Mutual Fund, HDFC MF, Nippon India MF, Franklin Templeton and Kotak Mutual Fund.
Kotak Mahindra Bank’s shares closed the April month session, with 9% cut due to the RBI’s ban on onboarding new customers through online and mobile banking channels. Also from issuance of fresh credit cards. Kotak Bank bank saw buying from Nippon
India MF, Quant MF, Aditya Birla Sunlife MF, HDFC AMC, SBI MF and Kotak AMC.
Which Stocks Seen Profit Booking By Mutual Funds?
On the other hand, Mutual Fund houses were seen booking profits in SBI, Jio Financial and Bajaj Finance. Mutual fund selling in SBI estimated to be worth Rs 1,634 crore, Jio Financial worth Rs 1,271 crore and Bajaj Finance worth Rs 1,140 crore.
Due to the negative news flow in the last 2-3 years, both the banking giants HDFC Bank and Kotak Bank lost their premium valuations. Analysts note that the valuation of all large-cap private sector banks has converged with ICICI Bank and Axis Bank, which is now trading at a premium valuation.
Currently, HDFC bank's share price is Rs 1442.90, with an intraday gain of 0.31%, and Kotak Mahindra bank's at Rs 1,660.55, with an intraday gain of 0.57%.
Also Read | Bajaj Consumer Care Limited Buyback: Checkout to Know More