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Published on 14/03/2019 12:27:44 PM | Source: ICICI Securities Ltd

FPI buying in Banks could have continued in Mar’19 as well - ICICI Securities

Posted in Special Event Reports| #Special Report #ICICI Securities

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* FPIs’ turn net buyers in Banks after 7 months in Feb’19

FPIs bought banks (PSU+Pvt) worth Rs92bn in Feb’19 – which was on top of MF Buying worth Rs67bn. However, the Nifty Bank index was flat over Feb’19 as the above buying was due to large stake sales, such as the ING stake sale in Kotak Mahindra Bank of Rs74bn, SUUTI stake sale in Axis Bank (Rs54bn), and Bharat 22 ETF FFO (includes Axis, SBI and other PSU banks).

* Institutional buying into banks has likely continued in Mar’19,

given the sharp appreciation in Nifty Bank index in Mar’19TD. Energy, Infra, Cons. Durables, Telecom and Power also had high returns in Mar’19TD.

* FPI equity flows turned positive in Feb’19

(US$2.4bn) and Mar’19TD (US$2.2bn) after outflows in most of FY19 (Apr’18-Jan’19 outflows of US$6.8bn).

* FPI and MF AUM perform in-line with NIFTY50:

Reported FPI AUMs rose 0.2% (fell 0.5% adjusting for inflows) in Feb’19 to Rs26.9tn, thereby performing in-line with the NIFTY50 which fell by 0.4%. MF inflows for Feb’19 were Rs22bn in secondary markets. Estimated MF cash equity AUMs rose 0.8% (0.1% excluding inflows) to Rs9.9tn during Feb’19 thereby marginally beating NIFTY50.  Sectors bought by FPIs and sold by MFs: Other financials; Sectors sold by FPIs and bought by MFs: Staples, and Industrials; Both FPIs and MFs bought Banks and Utilities.

* MF top stocks: Top buys by MFs were:

Kotak Mahindra bank, Axis Bank, L&T, SBI and Emami (each with >Rs10bn buying). Top sells were Tech Mahindra, Adani ports, IOCL, UPL and Bajaj Auto (each with >Rs4bn selling).

 

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