September was marked by the benchmark Nifty 50 declining 1.9% lower during the start of the month, and subsequently rising 4% higher against the closing price on the last trading day of August.
The index closed 2.28% higher after a significant decline during the last two trading sessions of the month.
As mutual funds revised their holdings in September, stocks like Bajaj Housing Finance Ltd. and Indian Renewable Energy Development Agency Ltd. were the most popular stocks that mutual fund houses made a fresh entry into, while Raymond Lifestyle Ltd. and Tamilnad Mercantile Bank Ltd. were the most common fresh exits during the month.
As many as 20 mutual fund houses took a position in Bajaj Housing Finance, which was a notable initial public offering during the month.
Nearly 12 mutual fund houses took a fresh position in IREDA during September.
The Department of Investment and Public Asset Management approved a fundraiser worth Rs 4,500 crore by the company via qualified institutional placement, where the government's shareholding is set to be diluted.
PN Gadgil Jewellers Ltd. was also among the popular stocks that mutual funds invested in during the month. The stock was also among the most popular IPOs this year, with its issue size of Rs 1,100 crore being subscribed 59.4 times.
In terms of value, GE T&D India Ltd. took the top spot, followed by Bajaj Housing Finance, and Nestle India Ltd. among the fresh entries.
As Raymond Lifestyle Ltd. got listed on the exchanges following the demerger of Raymond Ltd. into three separate entities, 11 mutual fund houses took complete exits from the stock in September.
Since its listing post demerger on Sept. 5, the stock has fallen 27% from its listing price.
Tamilnad Mercantile Bank was the second most exited stock during the month with eight AMCs taking exits, followed by Allcargo Logistics Ltd., Borosil Renewables Ltd. and JK Paper Ltd. at seven AMCs taking exits each.
In terms of reduction in holdings among fresh exits during the month, Dr. Reddy's Laboratories Ltd. took the top spot as Quant Mutual Fund exited the stock, selling its holdings worth Rs 1,194 crore.
Tata Consultancy Services Ltd. and Wipro Ltd. followed close with Quant Mutual Fund exiting both, while Shriram Mutual Fund also took an exit from TCS.
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