As equities strengthened in October, mutual fund managers adjusted their portfolios, particularly in banking sector. Private banks and finance companies were among both the top buys and sells at fund houses. HDFC Bank, ICICI, and Bajaj Finance were among the top trades of portfolio managers. There was selective buying in IT stocks, such as, HCL Tech and Tech Mahindra, where valuations have shrunk but are yet to signal a screaming buy. Overall, the focus was on firms where valuations are below their peaks and have room for some expansion.
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