Key Points
Mutual funds have bought shares in Infosys, with ICICI Prudential AMC purchasing Cognizant Technology Solutions, Aditya Birla Sun Life AMC purchasing Wipro, and Mirae Asset Management buying Coforge last month..
Although the mutual funds were inclined to overweight on the IT sector, risks of further earnings downgrades remain..
While some investors argue that a slowdown is already priced into the shares, a weak earnings outlook from US major Accenture Plc persists, which quoted challenging global macroenvironment, clients curbing discretionary spending, and reduced annual growth guidance for the second time.Agencies..
Data showed that mutual funds net bought 1 crore shares of sector major Infosys in May...
The best play would be to do bottom picking in several pockets of equity such as IT, pharma sectors, which have faced the wrath of FPI outflows in the past year, and are now stable from a risk-return perspective from a longer time frame, Mehta said.. Quant investment firm Gulaq turned overweight on the IT sector and is currently most bullish on them..
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