Equity MFs take money off the table after sharp rebound in stock prices

Domestic mutual fund (MF) managers were seen taking advantage of the sharp rebound in stock prices in June. 

They pruned their holdings in shares, such as Bajaj Finance, HDFC Bank, and ICICI Prudential Life, which clocked sharp gains. On the other hand, money managers increased their wager on Kotak Mahindra Bank, Bharti Airtel, SBI Life Insurance, HDFC Life, and HDFC AMC, which also saw large share sales. 

The Nifty rose 7.5 per cent in June, even as domestic MFs sold shares worth nearly Rs 4,000 crore. The broader theme was that MFs sold shares of financials, IT, pharma, and state-owned firms. 

Meanwhile, stocks of FMCG firms, diagnostic chains and OMCs featured in the buy list.