Mumbai: Mutual funds continued to trim their holdings in various blue-chip stocks in February as continued redemption pressures prompted money managers to offload liquid stocks.
Edelweiss Alternative Research said in a note that mutual funds sold Rs 2,800 crore worth of shares of Bharti Airtel, Rs 1,700 crore worth of HDFC Bank, Rs 1,500 crore worth of Reliance Industries and offloaded Rs 1,400 crore worth of HDFC shares.
Funds bought shares of NTPC and IndusInd Bank to the tune of Rs 700 crore each; while in L&T, they were buyers worth Rs 650 crore during the month, said Edelweiss.
"In the last few months, mutual funds are selling heavyweights because of net outflows in equity mutual fund schemes and heavyweights are easier to trim because of liquidity," said Abhilash Pagaria, senior manager, Edelweiss Alternative Research.