Despite all the challenges, the Indian equity market has seen a strong boom in the last one and a half years. The market is constantly setting highs on highs. Sensex has crossed 61,000 level. On the other hand, Nifty has crossed 18,000. The credit for this goes to the state of the country’s improving economy.
Experts believe that although the market is fully expected to continue its upward trend. But the stocks are looking quite overbought. And their valuations have gone above the long term average. The market looks quite overheated at the moment. In such a situation, investors want to keep some profit in their pocket by pressing the exit button.
Here we are giving a list of such mid-cap stocks in which mutual funds have cut their investments substantially in the September quarter.
IRCTC
During the last 1 year, IRCTC has given a strong return of 377 percent. Now Aditya Birla SL PSU Equity, PGIM India Midcap Opportunities, Motilal Oswal Equity Hybrid, Nippon India Focused Equity and Mirae Asset Equity Savings Fund have completely exited from this stock.
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Sun TV
This media stock has seen a sluggish performance during the last one year. The stock has gained only 29 per cent during this period. Aditya Birla SL Balanced Advantage, Kotak Balanced Advantage, DSP Equity Savings, Quant Quantum and PGIM India Balanced Advantage Fund have reduced their holdings in this stock in September. On the other hand, Edelweiss Equity Savings, Quant Large and Midcap, Quant ESG Equity, Quant Absolute and SBI Balanced Advantage Fund have increased their stake.
Dr lal pathlabs
This pharma stock has proved to be a multibagger from its low of March 2020. Since then, the stock has gained more than 300 per cent. Canara Rob Equity Hybrid, Canara Rob Flexi Cap, DSP Healthcare and UTI Value Opp Fund have completely exited this stock in September. At the same time, Tata Quant Fund has made new purchases in this stock in the same period.
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Petronet LNG
In the last 1 and 3 years, the performance of this stock has been weaker than expected. It has seen returns of 4 and 9 per cent during this period. Petronet LNG has been one of the five stocks that were delisted from the Nifty Next 50 and Nifty 100 indices in September. Apart from this, ICICI Pru Multi-Asset, Navi 3 in 1 and Nippon India Vision have completely sold off this stock. At the same time, Templeton India Equity Income and Taurus Ethical Fund have increased their stake in it.
Godrej Properties
In September, DSP Equity Opportunities, L&T Large and Midcap, Taurus Ethical and Taurus Tax Shield Fund exited completely from Godrej Properties.
Tata Elxsi
Tata Alexi has proved to be a multibagger stock. It has given returns of more than 550 per cent in the last 3 years. In September, schemes like Taurus Discovery (Midcap), IDBI Small Cap, IDBI Hybrid Equity, Edelweiss Large Cap and Taurus Ethical Fund have cut their investments heavily in this stock.
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