Banks, insurance firms cushion FII sales in Q1

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Mumbai, Aug 25: hand, MFs, including UTI, favoured engineering, banking and financial services and oil and gas sectors which together comprise about 40% of their portfolio. FMCG, metals/mining, IT services and telecommunications were the next preferred sectors for mutual funds.

BFI companies leaned on oil and gas, banking and financial services and metals sectors which together comprised about 43% of their portfolio in the first quarter. Engineering, FMCG, energy and auto were the next on their holdings priority list.

Among individual stocks, the study shows Reliance Industries, HDFC and Bharti Airtel were the favourite top three stocks for FIIs, dominating the portfolio weights during the June quarter. For BFI investors, once again Reliance Industries topped the portfolio weight, followed by ITC and L&T. For the MFs, including UTI, L&T topped the weightages, followed by ITC and RIL.

Sectorally, the study shows that banking and financial services, infrastructure, retail, cement and engineering sector stocks saw a decline in FII holdings during the quarter.

FMCG, IT and textiles sectors saw a rise in MF holdings during the quarter, whereas auto, diversified, media and cement saw a fall in MF holdings during the same period.