Equity mutual funds sell bluechip financial firms aggressively in Nov

They sold shares worth nearly Rs 13,000 crore in 10 companies, most of them in the financial sector.
Equity mutual funds pruned their holdings in several bluechip financial companies, which saw sharp rally in their stock prices in November. Kotak Mahindra Bank, ICICI Bank, and HDFC Bank are among the stocks where MFs sold aggressively.

All these counters witnessed aggressive buying for foreign portfolio investors (FPIs). Fund managers were seen buying shares of firms that underperformed the market last month.

Maruti Suzuki, HCL Technologies, and Crompton Greaves Consumer Electricals are among the most-bought stocks by MFs in November. Their shares ended flat during the month. The Nifty50 gained nearly 11 per cent in November, while the Bank Nifty had rallied 24 per cent. November saw the highest-ever inflows by FPIs at $8.1 billion, while MFs pulled out around $4.2 billion (Rs 30,800 crore) from domestic stocks.

They sold shares worth nearly Rs 13,000 crore in 10 companies, most of them in the financial sector.



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