MFs cut allocation to banks
IT emerges as the top favourite in July
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.