Union Bank, Maruti Suzuki India, PI Industries Ltd, Karur Vyasa Bank, Data Patterns India, FSN E-Commerce, State Bank of India and Adani Enterprises Ltd were some of the stocks where private life insurers upped exposure in February.
Reliance Industries (Rs 190 cr), ICICI Bank (Rs 149 cr) and TCS (Rs 107 cr) were SBI Life’s large additions in March. The stocks it trimmed stakes to included Sun Pharma (Rs 141 cr) and Bajaj Finserv (Rs 101 cr).
Volatility indicator has also surged significantly, highlighting the nervousness among traders.
“A new and faster-transmitting strain of the virus in the UK is an area of concern. This has led to further restrictions on travel and economic activity. Acceleration in the number of cases in the US and poor economic data are other dampeners. However, the US Congress agreement on $900 billion of fiscal stimulus is likely to support markets. High valuation continues to be a concern in India. But the power of FII-driven liquidity is overwhelming all negative news. Investors should exercise caution,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.