India's MFS turn net seller in Q2
India's domestic mutual funds seem to have taken a bearish stance in the stock market during the last quarter, when they offloaded shares worth about USD 1.2 billion (Rs 6,625 crore) despite a significant uptrend in the overall market and impressive buying by foreign investors.
Individually, sectors like financials and consumer were among the worst hit in terms of net-sale by mutual funds, while net purchases were made in stocks from industrial and consumer staple segments.
According to global research report by BofA-Merrill Lynch, domestic MF has emerged as net sellers during July-September quarter 2012 with an outflow of USD 1.19 billion compared to a net inflow of USD 50 million in the previous quarter (April-June 2012).
India's top stocks sold by domestic mutual funds are ICICI Bank, Tata Consultancy Services (TCS), Power Finance, Reliance Industries (RIL) and ONGC, while most bought shares are Cairn India, Tech Mahindra, Petronet LNG, Canara Bank and HDFC Bank.