In the initial part of May, the markets had witnessed a steep fall led by banking stocks
Mutual funds (MFs) were among the major buyers in large share sales in companies, such as Hindustan Unilever, Bharti Airtel, and Kotak Mahindra Bank.
All the three stocks featured in the most-bought list for May. Besides these stocks, ICICI Bank, Power Grid, Dr Reddy’s, and Wipro were among the top buys for equity fund managers last month.
On the other hand, index heavyweights Reliance Industries and HDFC Bank were the most-sold counters.
Market observers say selling these two stocks were more of a tactical call following a sharp run-up in them during April. On an overall basis, MFs were seen buying stocks from less volatile sectors, such as staples and consumer discretionary, while pruning exposure to stocks in the financial and automobile space.
In the initial part of May, the markets
had witnessed a steep fall led by banking stocks. However, in the last two weeks of the month, most stocks witnessed a sharp rebound, thanks to improvement in global investor sentiment.