LIC trims stake in large-caps: Check how Sun Pharma, Maruti look on charts

The technical outlook for Sun Pharma and Maruti remains bullish, while the trend for Bajaj Auto is looking weak on charts. Power Grid, meanwhile, needs to overcome the hurdle of Rs 240 level

Life Insurance Corporation of India (LIC), the government-backed insurance behemoth with significant investment in domestic market, has trimmed its stake in major listed companies in the July-September quarter (Q2FY23).

These include Bajaj Auto, Maruti Suzuki India, Power Grid Corporation of India, Sun Pharmaceutical Industries, and Mahindra & Mahindra, among others. In total, LIC reduced its exposure in 105 listed equities during the quarter.  

LIC sold 4.3 million shares of Maruti during Q2FY23, reducing its holding to 3.43 per cent from 4.86 per cent. It also cut its stale in Power Grid Corporation to 3.40 per cent from 4.99 per cent.