Mutual funds bought financials stocks the most in October—particularly churning their portfolios in favour of select private financial stocks—while cut their holding the most in state-run State Bank of India (SBI). They placed bets on long-term value proposition for stocks such as HDFC Bank Ltd and Housing Development Finance Corp. Ltd (HDFC).
The assets under management (AUM) of equity schemes touched a record Rs7.08 trillion in October, up 7.4% from a month ago. Net inflows into equity schemes, though lower than the previous month, were still strong at Rs16,002 crore, data from industry lobby Association of Mutual Funds in India (Amfi) showed.
