Equity mutual fund (MF) managers stepped up buying in January despite a sharp correction in the markets. Last month, MFs net bought shares worth Rs 7,000 crore, the most since September, as benchmark indices fell to their lowest level in 20 months.
MF buying was seen tapering in the three months to December. Fund managers continued with their cautious stance during the beginning of last month. But they were seen accumulating shares as the 30-share Sensex slipped below the 25,000-mark.
Fund managers poured in a massive Rs 2,000 crore in stocks as the Sensex tested the 24,000 levels. This was at a time when their foreign counterparts took off over Rs 11,000 crore from stocks in January.
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