Top fund managers used the near 5% decline in the Nifty to buy select auto, large-cap IT and some PSU stocks in June. Falling commodity prices, new launches, improvement in chip availability, rising sales, reasonable valuations and expectations of a cyclical upturn in automobiles led fund managers to take exposure to large companies like Hero Moto, M&M, , and Endurance Tech in June.
Amidst fears of rising interest rates, high inflation and a depreciating rupee, fund houses preferred to add large-caps like
and that corrected sharply. Fund managers continued to increase exposure to companies with stable earnings and dividend yield such as and .
In the mid-cap space, some fund managers bought firms with earnings visibility and low valuations like
, which benefit due to the economy opening up, and , which is expected to benefit from the fall in raw material prices.
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