Seven Nifty heavyweights, accounting for 43 per cent of index weight, saw profit taking by mutual funds in April. Selling in top stocks, otherwise seen as the stable lot, indicates that domestic fund managers were re-balancing weightages of these stocks to mean levels, following a 30 per cent rally in some of these stocks. While doing so, they redeployed the money in some of the value plays. Data showed MFs bought shares in beaten-down auto and PSU stocks in April, in addition to some of the export plays such as IT and pharma.
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