The rally in precious metal reflected in gold exchange traded funds as well. Birla Sun Life, Goldman Sachs, ICICI Prudential, Kotak, IDBI gold ETFs etc gained 2-7 percent.
SBI Mutual Fund, which had 8.77 percent earlier, brought down its shareholding in the company to 5.77 percent, McDowell Holdings said in a filing to BSE.
A number of fund houses are expected to come up with more schemes that will invest in equity and equity-related securities to take benefit from the rising stock markets.
Some of these NFOs have already been launched after getting regulatory clearances. ICICI Prudential MF, Reliance MF, SBI MF, UTI MF and HDFC MF are among the fund houses that are offering NFOs to investors. A large number of these schemes are aimed at investment in equity and equity-related securities.