Improving earnings trajectory and a significant correction in valuation are likely to have prompted mutual funds to turn their eyes on the new-age consumer technology pack, even as foreign investors were on an exit mode.
Mutual funds raised their holding in most of the new-age technology stocks in the quarter ended September, while foreign investors reduced their ownership in a majority of them, data analysed by ETMarkets showed.
Mutual funds increased their stake in Delhivery, FSN E-Commerce Ventures, One97 Communications, PB Fintech, and Zomato in the last quarter, while FIIs reduced stake in Delhivery, FSN E-Commerce, Paytm parent, and PB Fintech.
The buying by mutual funds was the highest in Zomato and Nykaa parent during the quarter. Zomato was the only stock in the pack to witness buying by both mutual funds and FIIs.
Interestingly, all new-age technology stocks, barring PB Fintech, have given high double-digit returns so far in FY24. Infact, Zomato has turned a multibagger and is the best performing
stock in the space.
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