Meanwhile, domestic fund houses have added 3 lakh shares in Adani Transmission and further 19 lakh shares in the group's flagship entity Adani Enterprises. According to a report by ICICI Direct Research, mutual funds have also fancied Coal India and JSW Steel in the large cap space.
A total of 1,078 shares changed hands on the counter till 11:21AM (IST).
The Nifty Auto index was trading 0.1 per cent up at 15633.05.
A total of 568,194 shares changed hands on the counter till 11:26AM (IST).
One can definitely look inward and think that, okay, what all things I can do other than doing my mundane job or the things which I am doing currently and thereafter, people will start getting the answers to their question.
CLSA has downgraded IDFC First Bank from 'buy' to 'underperform', causing a 6% fall in the bank's shares. The brokerage firm also lowered the target price for the stock to Rs 85. Despite the downgrade, Elixir Equities' Dipan Mehta praised the bank's efforts in assembling retail deposits and having some of the best net interest margins in the sector. While IDFC First Bank's share price has more than doubled over the last year, valuations are being stretched at roughly 1.8 times 1-year forward PB.
Debt mutual fund schemes have outperformed equity mutual funds in recent months, benefiting from inflows totalling INR 1.5 lakh crore ($22bn) during April and May, compared to just over INR 7,200 crores across all equity mutual fund categories. Adil Shetty, the CEO of BankBazaar.com, suggested that equity underperformance strayed from a variety of reasons: investor liquidity needs, profit-taking as markets edge towards new highs, and higher bond yields making debt funds more attractive. Nonetheless, experts have cautioned against an investment exclusively in debt funds and urge rebalancing portfolios to reduce risk and boost wealth.
India’s tech unicorns are back on track and have been rallying for the past few weeks
The Nifty IT index closed 0.74 per cent down at 28811.15.