NBFCs, IT sector biggest draw for equity mutual funds in July, shows data

MFs sold a net of Rs 5,600 crore worth of industrial sector stocks in the April-July period

The information and technology (IT) sector, which has been going through a rough patch lately, was among the top draws for equity mutual funds (MFs) in July. MF schemes together invested a net of Rs 1,800 crores in IT stocks last month after pulling out around Rs 700 crore from the sector in June, according to a report by ICICI Securities.

Overall, MFs deployed Rs 4,900 crore in IT firms in the first four months of the 2023-24 financial year (FY24) with financial services and IT stocks emerging as the preferred bets. On the other hand, fund managers have trimmed