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Eternal (formerly Zomato) emerged as mutual funds' top pick in August, attracting 7,200 crore, surpassing giants like Infosys and HDFC Bank. Several AMCs, including Aditya Birla Sun Life and Axis Mutual Fund, significantly added the stock, while SBI Mutual Fund reduced its holdings. Overall, equity mutual funds decreased cash balances, deploying funds into opportunities like Eternal's Ant Block deal.
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Jaiprakash Toshniwal of LIC MF Asset Management sees a positive turn for Indian stocks. Festive demand and a resilient economy are key factors. He favors IT, banking, and retail NBFCs. He advises caution on overvalued staples. He notes improved conditions in the metals sector. Domestic factors and steady foreign investment should support markets.
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SEBIs board didnt announce changes to derivative contracts but plans to release a consultation paper soon. Potential tweaks, such as altering expiries or contract sizes, could impact exchange earnings, especially for BSE, according to a Nuvama report.
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Jefferies initiates coverage on Indian spirits firms United Spirits, Radico Khaitan, and Allied Blenders with Buy ratings, citing premiumisation as a key growth driver. Radico is the top pick, while Allied is called a dark horse with potential for a turnaround.
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Atul Bhole from Kotak Mutual Fund suggests that the Indian stock market's risk-reward is now favorable after a period of correction. He recommends deploying cash into equities, anticipating double-digit earnings growth driven by government reforms, GST, and addressed liquidity issues. Despite underperforming other markets, domestic flows remain strong, making IT sector a contrarian investment opportunity.
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News and Media
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