Mutual Funds prune BFSI and FMCG exposure in December, shows data

Mutual Funds (MFs) remained net sellers in all sectors in December, and sold most in the with banking and financial services (BFSIs), cement and engineering, fast moving consumer goods (FMCG), and metals sectors. The last two months have seen a contra­sting trend of MFs offloading banking and FMCG shares and foreign portfolio investors (FPIs) becoming net buyers.

In December, MFs sold equities worth about Rs 37,000 crore, while FPIs bought Rs 50,000 crore worth of equities in the secondary market.

BFSI names that saw the most selling include Kotak Mahindra Bank, ICICI Bank, HDFC Bank, HDFC and State Bank of India. Major exits in the FMCG space include Hindustan Unilever, Trent, Asian Paints, Titan, and Tata Consumer.

Major additions were seen in stocks such as IRCTC, Max Financial, Axis Bank, and Burger King.