Large mutual funds bought shares of lenders, automobile makers and select IT companies in May as they stuck to beaten-down stocks amid uncertainty over the near-term market outlook.
In May, the Nifty declined 3%, partly led by sell-offs in IT stocks that are on average down 20-25% from their highs. Some fund managers used the lower price levels to buy stocks such as
, and .
Fund managers also bought underperforming auto stocks like
, and Mahindra & Mahindra where growth has been muted due to chip shortages, and demand revival has been relatively subdued.
Agencies
Large banks have also seen buying on cheaper valuations. Some fund managers also bought into select companies that have gained market share like and , which are seen among the top beneficiaries of the re-opening trades
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