Mutual funds cut flab in RIL, Airtel to bet on blue chips in August

Equity mutual funds (MFs) pared their holdings in bluechip stocks such as Reliance Industries, Infosys and Tata Consultancy Services (TCS), in August, amid strong inflows from foreign portfolio investors (FPIs).

Last month, MFs turned net-sellers for the first time in 17 months, selling shares worth Rs 1,200 crore. On the other hand, FPIs bought shares worth Rs 51,204 crore. FPIs were net sellers from October 2021 to June 2022. They had dumped stocks worth Rs 3 trillion during this period.

Industry players said domestic funds decided to book profits on valuation concerns around strong influx of foreign flows. They sold