Fund managers added large-cap private banks, utilities, energy and select FMCG names.
The market was under pressure in July, due to renewed worries over the US-China trade war, concerns over economic slowdown and the income-tax surcharge on foreign portfolio investors.
The mutual fund (MF) industry also experienced the heat of selloff. Nevertheless, it still fared better than the pack of heavyweights in Nifty.
In July 2019, cumulative equity assets under management (AUM) stood at Rs 6,84,200 crore, down 5.46 percent while the benchmark Nifty corrected by 5.7 percent.
As per data from Edelweiss Securities, the major contribution to the inflows of equity schemes came from large cap, focused, mid cap and small cap funds to the tune of Rs 6,000 crore.
Fund managers added large-cap private banks, utilities, energy and select FMCG names, whereas exposure to NBFCs and auto was reduced.
Edelweiss Securities in its report has listed 6 stocks which received inflows worth over Rs 1,000 crore each.
Private lender Axis Bank emerged at the top among those stocks as fund managers bought in shares worth Rs 2,145 crore.
Next came ICICI Bank as fund managers bought in shares worth for Rs 1,863 crore.
GAIL was bought to the tune of Rs 1,251 crore while HDFC Bank witnessed an inflow of Rs 1,179 crore. ITC saw inflows to the tune of Rs 1,056 crore and Larsen & Toubro was bought to the tune of Rs 1,051 crore, respectively, in July.
Other than these six stocks, Reliance Industries (Rs 952 crore), Tata Consultancy Services (Rs 743 crore), NTPC (Rs 689 crore), Titan Company (Rs 512 crore), Coal India (Rs 432 crore) and Bajaj Finance (Rs 383 crore) also witnessed decent inflows.
On the contrary, Infosys led the pack of stocks which saw offloading of positions by fund managers. Fund managers offloaded Rs 630 crore in the stock.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.