ITC, Zomato, 2 Tata cos among top 10 largecap stocks shopped by MFs in December

In December, when equities rallied the most in more than a year, Zomato, Tata Steel, Tata Power, Axis Bank, and GAIL India were the top five largecap stocks shopped by mutual funds.

MF holding in Zomato increased by a sharp 71 million shares month-on-month (MoM) in December, according to a report by PhillipCapital. Shares of the online food delivery aggregator have rallied nearly 19% since December.

In 2023, the stock witnessed its longest-ever winning streak since listing, and this one-way run turned it into a multibagger.

Tata Power and Tata Steel also saw significant buying by mutual funds. In Tata Steel, their ownership increased by nearly 33 million shares MoM, and in Tata Power, it went up by nearly 25 million shares.

In the last one month, shares of Tata Steel have gained over 17%, while those of Tata Power surged nearly 24%.

Gail India was another largecap stock heavily bought by mutual funds in December. The public sector natural gas transmission major has given handsome returns of over 28% to investors since December.

Three largecap banking stocks also saw an increase in the ownership by MFs. Axis Bank, ICICI Bank, and State Bank of India were among the top 10 largecap stocks bought by them in December.Besides, ITC, Samvardhana Motherson, and Mankind Pharma were also bought by MFs last month.

Midcap/Smallcap Stocks

In the midcap segment, the three stocks bought heavily by mutual funds last month were Vodafone Idea, GMR Airports, and Steel Authority of India.

In Vodafone Idea, shares held by MF schemes increased by a sharp 275 million MoM. Shares of the telecom operator have rallied 41% since December.

The year 2023 turned out to be the best-ever in the history of its listing for Vodafone Idea, as the stock saw its longest gaining streak of 9 months, and this upmove led its value rising by more than 2x.

GMR Airports Infrastructure was another lucky candidate in the midcap segment, which saw strong buying by both mutual funds and foreign institutional investors. MF holding in the stock increased by 46 million shares MoM in December.

Last month, GQG Partners, which made big bucks through its contra bet on Adani Group stocks, bought a 4.7% stake in GMR Airports through the open market. The stock has rallied over 48% since December.

In the smallcap segment, National Aluminium Co and HUDCO saw the highest buying by MFs in December. In NALCO, shares held by various MF schemes increased by 11 million shares MoM, and in HUDCO, it went up by over 29 million shares.

Since December, HUDCO and NALCO shares have jumped 56% and 52%, respectively.

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