Mutual funds looked beyond frontline stocks in April, say analysts

Equity fund managers were seen offloading shares of the country’s biggest companies and buying stocks that are a notch below. In HDFC Bank, ITC, Axis Bank, Reliance Industries, and Larsen & Toubro (L&T), mutual funds (MFs) sold stakes between Rs 1,170 crore and Rs 1,817 crore. Market experts say the selling could be on account of profit-booking. “MFs were aggressive buyers when large-caps dropped like ninepins. They took money off the table when the stocks rebounded in April,” said an industry official. After dropping 23 per cent in March, the benchmark indices had soar.....

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