The October-December quarter was the time for mutual funds to book profit in equities.
Funds chose to cut exposure in every leading stock, choosing to cash in at a time when the stock market picked up upward momentum after months of gloom.
Among the blue chips, shares of brick-and-mortar businesses remained the favourites with the funds in the past quarter, benefiting from signs of a turnaround on the economic horizon, in continuation of a trend that spanned most of 2002.
Led by Bajaj Auto, Tata Steel and Reliance, the older corporate breed improved their ranks on the funds
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