“The rally in Indian Oil & Gas PSU is based on many favourable factors that have gotten even better: 1) Oil price in a range of $74-84/bbl despite disruptions and OPEC+ cuts 2) No govt intervention on any policy impacting the sector at large, no fuel retail price cut announcements; 3) Higher global petroleum product demand given the shortage, which keeps cracks on the higher side, accentuated by the red sea impact; 4) Government focus on expansion and energy transition will need higher profitability and stronger cashflows; 5) Peak cycle profitability will likely expand multiples,” said Harshraj Aggarwal, lead analyst at YES Securities.
Meanwhile, inflows into equity mutual funds have sustained even in January 2024 with net assets under management growing to Rs 22.5 trillion. Among sectors, thematic funds saw the largest inflows, followed by small-cap funds and multi-cap funds.
Sectoral and Small Cap funds register strong inflows
MFs show faith in Beleaguered Paytm, while pour money in Financial Services
HDFC Bank, Reliance Industries, Kotak Bank, Maruti, Larsen and Toubro were the top stocks in which mutual funds increased holdings, while NTPC, Bharti Airtel, TVS Motor, Zee and Infosys were the top stocks in which MFs decreased holdings during January 2024.
In the last month, Paytm finds no respite despite MF buying, while PSU stocks make hay
Mangalore Refinery and Petrochemicals Limited, Indian Overseas Bank, UCO Bank, National Buildings Construction Corporation,EIH Limited were the top gainers in NSE 500 in the last month, while Paytm, Gujarat State Fertilizers and Chemicals, AU Small Finance Bank, Zee Entertainment, Timken India were the top losers.
Source: Bloomberg, YES Sec; Note: Data reported between 20-Jan-24 to 20-Feb-24
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First Published: Feb 26 2024 | 1:40 PM IST