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Eternal (formerly Zomato) emerged as mutual funds' top pick in August, attracting 7,200 crore, surpassing giants like Infosys and HDFC Bank. Several AMCs, including Aditya Birla Sun Life and Axis Mutual Fund, significantly added the stock, while SBI Mutual Fund reduced its holdings. Overall, equity mutual funds decreased cash balances, deploying funds into opportunities like Eternal's Ant Block deal.
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Giles Hurley says the chancellor must consider "very carefully" any policies that raise business costs.
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Jaiprakash Toshniwal of LIC MF Asset Management sees a positive turn for Indian stocks. Festive demand and a resilient economy are key factors. He favors IT, banking, and retail NBFCs. He advises caution on overvalued staples. He notes improved conditions in the metals sector. Domestic factors and steady foreign investment should support markets.
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