From Axis to ICICI: Mutual funds lap up private bank stocks ahead of rally

Domestic money managers aggressively bought shares of private sector banks in February. Kotak Mahindra Bank and Axis Bank were the two most-bought stocks by domestic mutual funds (MFs) last month, according to an analysis of monthly scheme disclosure data. The buying came at an opportune time as shares of most banks have rebounded sharply from their February lows. Reliance Industries was the third-most bought stock. 

Shares of the company made fresh lifetime highs on Wednesday. MFs also bought shares of Emami, where the promoter divested their holding to reduce the share pledge burden. Meanwhile, Tech Mahindra, Adani Ports and UPL were