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Synopsis
Investment managers led by Prashant Jain increased exposure to Coal India, whose shares are down 1.30 per cent since the beginning of this financial year.
Prashant Jain, ED and CIO of HDFC AMC
NEW DELHI: HDFC Mutual Fund lapped up select underperformers from the mining, FMCG and power sectors during the November market rally that lifted BSE benchmark Sensex 11 per cent to 44,150, on firm global cues, sustained inflows from foreign institutional investors and progress on Covid-19 vaccine.
Investment managers led by Prashant Jain at the country’s second-largest money manager increased exposure to Coal India, whose shares are down 1.30 per cent since the beginning of this financial year. It bought nearly 80 lakh shares in the world’s single largest coal producer last month.
NEW DELHI: Nifty added a few points on Tuesday than its previous close and formed a small bullish candle with a long lower shadow similar to a Doji formation on the daily chart.
The daily chart signals a capped upside going forward. Nifty has formed an indecisive pattern similar to that of Doji candles in the last five out of six sessions, suggesting that the rally is losing momentum.
According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short-term trend of Nifty continues to be rangebound within a high low band of 13,600-13,400 levels. He added, “A sustainable move above 13,600 levels is expected to result in Nifty continuing with next round of sharp upside momentum and inch towards the next upside levels of 13,900 in the near term.
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NEW DELHI: HDFC Mutual Fund lapped up select underperformers from the mining, FMCG and power sectors during the November market rally that lifted BSE benchmark Sensex 11 per cent to 44,150, on firm global cues, sustained inflows from foreign institutional investors and progress on Covid-19 vaccine.
Investment managers led by Prashant Jain at the country’s second-largest money manager increased exposure to Coal India, whose shares are down 1.30 per cent since the beginning of this financial year. It bought nearly 80 lakh shares in the world’s single largest coal producer last month.
The fund house also picked over 40 lakh shares each in REC and ITC. Shares of the former have gained 53 per cent to Rs 136 as of December 11 from Rs 88 on March 31, while those of the latter have risen nearly 26 per cent to Rs 216. The 30-share Sensex has added 56.40 per cent during the same period.
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