Fund Man­agers Add Pri­vate Banks, Se­lect Pharma Stocks in March

The Economic Times - - Companies -

Fund man­agers adopted a cau­tious ap­proach in March af­ter the sharp fall in the Nifty in the first two months of 2016. March saw sharp gains of 10.75% in the Nifty, on ac­count of strong flows from FIIs.

As per dis­trib­u­tors, money con­tin­ued to flow in through SIPs into mu­tual funds, with lump sums com­ing largely into ELSS funds for tax sav­ings on ac­count of it be­ing the last month of the fi­nan­cial year. Among bank­ing stocks, fund man­agers con­tin­ued to pre­fer re­tail banks over their cor­po­rate peers and con­tin­ued to add HDFC Bank to their port­fo­lio. Fund man­agers trimmed their po­si­tions in In­fosys and Tech Mahin­dra on fears that growth is likely to be slow in the US and Euro­pean mar­kets. In the pharma space, funds added Lupin and Ci­pla, post the sharp cor­rec­tion in Lupin af­ter it re­ceived nine ob­ser­va­tions on its Goa plant from the US FDA.

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