NEW DELHI: Foreign institutional investors or FIIs are estimated to have splurged about Rs 44,700 crore in 9 stocks during the December quarter. The shopping list is dominated by bank stocks – , and YES Bank.
During the quarter, FIIs nearly doubled their shareholding in retail favourite YES Bank from 12.15% to 23.24%. Calculations done by PRIME Database, by multiplying the difference in September and December shareholding by the average closing price during the quarter, shows that the net buy in the bank stock was of Rs 6,341 crore.
The biggest bet was Axis Bank, which rallied 27% during the December quarter. The net buy is estimated at Rs 9,561 crore. FII investment in ICICI Bank was estimated at Rs 8,495 crore.
Other top bets include LTIMindtree (Rs 6,081 crore), L&T (Rs 3,238 crore), HCL Tech (Rs 3,164 crore),
(Rs 3,015 crore), (Rs 2,670 crore) and (Rs 2,135 crore).
In the case of PB Fintech, the FII holding rose from 37.11% to 47.99% in Q3. The new-age stock has been a big disappointment for investors as it is down around 41% in the last one year. A rebound has, however, been noticed in the last few days.
During the quarter, FIIs also doubled their bet on
which has gone up by 94% in the last one year. FII holding in the bank went up from 7.82% to 14.88% in Q3.
Other stocks that saw significant increase in FII holding on a sequential basis include , , , PVR and .FII selling
FII holding went down in 692 companies and went up in 639 companies listed on NSE in the last 1 quarter.
Foreign investors were seen paring stakes in Infosys,
, , Paytm, , TCS, NDTV and .
FII holding in Paytm reduced from 77.26% in Q2 to 72.80% in Q3, shows the data.
What should investors do?
During the quarter, FIIs pulled out Rs 3,162 crore from consumer durables and oil, gas & consumable fuels sector during the quarter while investing Rs 19,391 crore in financial services & FMCG.
Last month, FIIs were seen reducing their stakes in banks and financials, oil and gas and consumer durables. Metals, construction and auto saw some buying.
Following Nirmala Sitharaman’s Budget announcements, analysts say investors should focus on three themes of capex, consumption and credit growth. Global brokerage firm Jefferies has just added Bajaj Finance and
Finance to its model portfolio and also raised bets on L&T and RIL.
Domestic brokerage firm is overweight on auto, banks and financials, speciality chemicals and telecom stocks.
“We believe the outperformance of the value stocks is likely to continue in H1CY23 and would be led by a pickup in the credit growth as well as a recovery in the domestic-cyclical stocks, which would be in line with the pickup in the domestic economy,” said Axis analyst Neeraj Chadawar.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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