Funds pick bank stocks, dump IT ahead of RBI policy

Flush with investor inflows, mutual funds net-bought shares worth over Rs 19,200 crore (Rs 192 billion) during the September 2014 quarter.

Of the 50 blue-chip stocks in the benchmark Nifty index, they have increased their holdings in 26 companies, latest shareholding pattern data show.

Fund managers have favoured stocks in the financial services and automobile spaces, which include IDFC, PNB, Maruti Suzuki and Hero MotoCorp.

Although these are not their top sells, fund managers have pared holdings in IT names such as Tech Mahindra, TCS and Infosys.