 "MFs lap up banks amid FPI selloff, pump in Rs 8,000 cr in three lenders")
Domestic mutual funds (MFs) pumped in over Rs 8,000 crore into three leading private sector banks in November amid a sharp correction in them triggered by heavy selloff by foreign portfolio funds (FPIs). Besides banks, stocks in the technology, consumer goods and automobile sector were picked up. MFs deployed nearly Rs 4,000 crore in IPOs during the month. Most went into PB Fintech (about Rs 1,350 crore), followed by Paytm (Rs 980 crore) and Go Fashion (Rs 660 crore).
On the other hand, money managers booked profits in stocks of Vedanta, Zomato and Apollo Hospitals which saw sharp up moves during the month. They also took some gains in recent winners such as India Energy Exchange (IEX) and Narayana Hrudayala in the midcap space and Elgi Equipment and BSE in the smallcap space.
FPIs are said to have yanked out about Rs 15,000 crore in banks and financial stocks in November.
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