Street signs: Fund managers turn defensive

Although mutual fund managers have been aggressive buyers over the past few months, the lofty valuations at present are making them wary. The benchmark Nifty last week fell just few points short of touching a new all-time high. Industry players say several fund managers have already increased their cash levels. However, as there is a limit on increasing cash vis-à-vis their fund corpus, they are turning to defensive stocks. Pharmaceutical companies such as Sun Pharmaceutical, Cipla, Lupin, Sanofi and Aurobindo Pharma are seeing some buying interest from fund managers. Also, shares ...

Click here to read more>>