Equity fund managers buy Infosys, sell Reliance Industries in October

Equity fund managers increased their exposure to Infosys in October amid a sharp slide in the software exporter’s share price following whistle-blower allegations. On the other hand, they pruned their exposure to Reliance Industries (RIL), taking advantage of sharp gains in the stock, which saw the oil-to-telecom major’s market value go past the Rs 9-trillion mark. Both the bets seem to have paid off for money managers as shares of Infosys have rebounded 10 per cent off their October lows. Shares of RIL have been soft after climbing 25 per cent since the surprise cut in corporation tax. ICICI Lombard was another stock that saw aggressive buying by mutual funds (MFs) in October. State Bank of India, Ultratech Cement, and Hindustan Unilever were the other top buys. MFs sold TCS, ZEE and IndusInd Bank shares.