Mutual fund houses were seen adding a number of stocks such as HDFC AMC, Coal India Ltd, Shriram Finance Ltd, Timken India, Kotak Mahindra Bank, ICICI Bank and Reliance Industries Ltd (RIL) to their schemes amid a broad-based market rally in June. They were seen trimming stakes to shares such as Axis Bank, Larsen & Toubro, Hindustan Aeronautics and Max Healthcare, data compiled by Nuvama Institutional Equities suggest.
Among stocks, desi fund managers bought included HDFC AMC. Funds increased they exposure to this stock by 1.01 crore shares worth Rs 2,310 crore. They held 2.5 crore shares in HDFC AMC at June-end against 1.49 crore shares at May-end.
In Coal India, mutual funds increased stake to 43.26 crore shares from 34.42 crore shares. They bought a net Rs 2,040 crore worth Coal India shares for the month. Shriram Finance (Rs 1,730 crore) and Timken India (Rs 1,270 crore) were two stocks where mutual funds invested heavily in June.
To recall, equity mutual funds attracted Rs 8,637 crore in June, making it the highest net inflow in three months. This was against Rs 3,240 crore inflow seen in May and Rs 6,480 crore in April. The broader BSE500 index jumped 4.07 per cent for the month, which was higher than Sensex's 3.35 per cent return for the same period.
Kotak Mahindra Bank (Rs 840 crore), ICICI Bank (Rs 750 crore), Reliance Industries Ltd (Rs 740 crore), Aether Industries (Rs 720 crore) and Jindal Steel (Rs 640 crore) were some other stocks seeing MF buying in June.
On the flip side, Axis Bank saw maximum reduction in MF exposure. Funds sold Rs 2,450 crore worth Axis Bank stocks in June, trimming their stake to 63.42 crore shares from 65.90 crore shares in May.
Larsen & Toubro (Rs 1,710 crore) and HAL (Rs 1,670 crore) were two other stocks seeing high MF selling during the month.
Max Healthcare (Rs 840 crore), Tata Motors (Rs 790 crore), Indian Hotels (Rs 690 crore), Titan Company (Rs 660 crore), UltraTech Cement (Rs 6260 crore) and Sun Pharma (Rs 520 crore) were some other shares seeing MF selling in June.
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