In­dia's MFS turn net seller in Q2

The Pak Banker - - Front Page -


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.

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