With market volatility showing no signs of let-up, mutual funds stuck to safety of index heavyweights in March
According to the data collated by Edelweiss, Reliance Industries was on top of mutual funds’ (MFs’) buying list, with fund managers pumping in Rs 4,243 crore in the stock. HDFC Bank (Rs 2,183 crore), ICICI Bank (Rs 2,175 crore), Axis Bank (Rs 2,105 crore),
TCS (Rs 1,813 crore), and HDFC (Rs 1,689 crore) were the other stocks that were on top of MFs’ buying list in March. Meanwhile, stocks sold by MFs belonged to stressed sectors, such as infrastructure, steel and auto, which are facing pressures due to coronavirus-induced lockdown. MFs reduced exposure to Larsen & Toubro, Tata Motors, and GMR Infra. Among other stocks, Tata Steel and Jindal Steel also saw MF exposure declining by Rs 188 crore each.