Equity mutual funds pruned their holdings in a number of bluechip financial corporations, which noticed sharp rally in their stock costs in November. Kotak Mahindra Bank, ICICI Bank, and HDFC Bank are among the many shares the place MFs offered aggressively.
All these counters witnessed aggressive shopping for for international portfolio traders (FPIs). Fund managers had been seen shopping for shares of firms that underperformed the market final month.
Maruti Suzuki, HCL Technologies, and Crompton Greaves Consumer Electricals are among the many most-bought shares by MFs in November. Their shares ended flat in the course of the month. The Nifty50 gained almost 11 per cent in November, whereas the Bank Nifty had rallied 24 per cent. November noticed the highest-ever inflows by FPIs at $8.1 billion, whereas MFs pulled out round $4.2 billion (Rs 30,800 crore) from home shares.
They offered shares value almost Rs 13,000 crore in 10 corporations, most of them in the financial sector.