MFs load up on tech stocks in Oct; HCL Tech, TCS, Infosys among most sought

Market observers say this is an indication that money managers have turned defensive amid a spike in volatility

HCL Technologies, Tata Consultancy Services (TCS) and Infosys were among the most-bought stocks by domestic mutual funds (MFs) in October. Market observers said this is an indication that money managers have turned defensive amid a spike in volatility. On the other hand, they took profits from Indian Railway Catering and Tourism Corporation (IRCTC) and Tata Power following a sharp run up this year. Both IRCTC and Tata Power have jumped more than 3x this year. In the mid- and small-cap segment, Zee Entertainment, Max Financial, Mannapuram, Delta Corp, Gokaldas Exports and Prince Pipes, Gateway Distriparks saw an increase in exposure. While equity MFs pruned their holdings in Petronet LNG , Deepak Nitrite, Tata Chemicals , Just Dial , IRB Infra and Mahangar Gas. MFs invested about Rs 678 crore in Nykaa’s IPO and about Rs 203 crore in Fino Payments Bank last month.