Now Reading: Jefferies drops HDFC Bank, adds MCX and Bajaj Finance
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Jefferies drops HDFC Bank, adds MCX and Bajaj Finance
Jefferies has overhauled its India portfolio, removing HDFC Bank, PolicyBazaar and REC and adding Multi Commodity Exchange (MCX), eyewear retailer Lenskart and Bajaj Finance. The changes are part of its Greed &…
The Story in Brief
Jefferies has overhauled its India portfolio, removing HDFC Bank, PolicyBazaar and REC and adding Multi Commodity Exchange (MCX), eyewear retailer Lenskart and Bajaj Finance. The changes are part of its Greed & Fear note, with Christopher Wood maintaining a 12% overweight on India within Asia Pacific ex-Japan. Bajaj Finance, which Jefferies dropped in January 2024, is back after rising 49% since removal. REC, however, delivered a 228% return since it was added in December 2022. Separately, foreign portfolios turned net buyers in July after months of selling, raising hopes that the prolonged outflow cycle may be easing.
The Indian Opinion
A single broker rebalancing its model portfolio does not signal a bull run. Headlines may scream ‘foreign buying is back’, but July’s net purchases followed months of relentless selling. Jefferies remains overweight India, yet its changes are tactical: cutting a bank that has underperformed to add an exchange and an NBFC with growth stories. The real test will be August and September flows. If sustained buying does not materialise, the ‘turnaround’ narrative looks like a positioning tweak, not a trend.
Sources (2): ndtvprofit.com, timesnownews.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
