India's equity mutual fund managers have cut their exposure in banking shares big time. In first of its steepest declines, allocation of equity assets to stocks of banks dipped to 16.93% in July against 19.63% in the previous month.
On the other hand, software and pharma sectors saw a big diversion of funds to them.
For instance, in information technology (IT) shares allocation stood at 12.91% in July- an increase of 2.7% over the previous month.
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As on 31 July, 2013, overall equity assets under management ( including ELSS) stood at around 1.63 lakh crore.
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