While mutual fund managers pumped Rs 136 billion into stocks in May the buying wasn’t across the board. Changes to portfolio holding suggest fund managers have been following bottom-up approach for stock picking amid spike volatility in May. For instance, they were seen favouring technology, finance and pharma stocks but didn’t go all-out buying companies such as Tata Consultancy Services (TCS), Kotak Mahindra Bank and Dr Lal Path Labs were among the sellers even as they bought HDFC, Infosys and State Bank of India. Among the most-sold stocks in value terms in May include Power Grid, TI Financial Holding, Kotak Mahindra Bank and InterGlobe Aviation. Meanwhile, HDFC, Infosys, HCL Technologies and ITC were the most-bought stocks, with each company seeing MF buying worth more than Rs 9 billion.