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Equity fund managers, who manage assets worth Rs 5 lakh crore, have turned net sellers of stocks this month. The previous monthly outflow by mutual funds (MFs) was in July 2016.
The selling, albeit marginal, comes after benchmark indices rallied four per cent since the start of the month and 12 per cent since the December 2016 low. Their cautious stand is reflecting in this month's investment pattern, with equity fund managers pulling out a net Rs 78 crore till last Thursday.
A chief investment officer, managing a little over Rs 20,000 crore of equity assets, told this newspaper on condition of
