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.
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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.
The benchmark indices traded with minor gains in early afternoon trade. Auto, IT and realty indices witnessed selling pressure. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 30.37 points or 0.07% at 46,129.38. The Nifty 50 index gained 8.80 points or 0.07% at 13,522.65.
In the broader market, the S&P BSE Mid-Cap index added 0.73% while the S&P BSE Small-Cap index rose 0.67%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1,754 shares rose and 1,056 shares fell. A total of 190 shares were unchanged.
The undertone of the market was upbeat amid positive global cues following the progress in coronavirus vaccine. Robust inflows from foreign institutional investors and improving domestic economic scenario also boosted the investor s risk appetite.
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