Free stock tips : Even as fund houses reduced their exposure in traditional investment options such as banking stocks after the market crash in August month, they continue to bet big on shares of software services companies.
Equity mutual funds positioning in information technology (IT) stocks stood at nearly Rs 40602 Cr in the month of August, the biggest ever in terms of value. Fund houses had 10.27% of their equity assets under management (AUM) in shares of IT companies in the month ending, data with market regulator SEBI displayed.
The depreciation of the rupee in against with the dollar & lower volatility in IT stocks has made them an attractive investment option for fund managers, industry officials say. We are bullish on the sector. It is reasonably valued & support is also coming from the currency (weak rupee) said Sankaran Naren, CIO, ICICI Prudential MF.
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