Mutual funds are loading up on information technology (IT) stocks on improved valuations and low downside risk after a double-digit correction in top companies like Infosys and Wipro.
IT stocks were MFs' top sectoral buys in April when they invested a net of Rs 2,100 crore. In the first four months of 2023, the net investments in IT amounted to Rs 9,500 crore, shows an analysis by ICICI Securities.
Infosys, which has had the steepest correction among large-cap IT stocks (down 19 per cent in the last six months), was MFs' top stock pick in March and April. MFs added 30.4 million Infosys stocks in their portfolios during the period.
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