"The strong performance of the equity markets in November seems to have encouraged more investors to book profits and move to short-term investments. We still believe that there is a significant amount of money that can come back to the market in the event of any correction.
The benchmark indices have rallied more than 70 percent from the low of March 23 till November and extended gains to 82 percent in December, so far. The broader markets also participated in the upward journey as the Nifty midcap climbed 88 percent and smallcap 105 percent from March.
Mutual funds in November made fresh buying into six gold exchange traded funds (ETF)— Axis Gold ETF, Birla Sun Life Gold ETF, HDFC Gold Exchange Traded Fund, Kotak Gold Exchange Traded Fund, Nippon India ETF Gold BEES, SBI Gold Exchange Traded Scheme and UTI Gold Exchange Traded Fund, Dolat Capital said in a note.
The asset management companies also made fresh entry into four stocks—Gland Pharma, Kirloskar Industries, Marksans Pharma and Shreno, the brokerage added. Twenty-one mutual funds acquired shares in Gland Pharma through its initial public offering that was launched in November.
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