Mutual funds sell several blue chips stocks, buy mid-caps in March

The benchmark indices had gained nearly 8% amid a surge in foreign institutional investor flows last month

Domestic money managers were seen pruning their holdings in several blue-chip stocks, including Reliance Industries (RIL) and Housing Development Finance Corp (HDFC), in March. On the other hand, they were seen nibbling in several mid-caps such as Jubilant Foodworks, Sheela Foam and Relaxo Footwears. 

The benchmark indices had gained nearly 8 per cent amid a surge in foreign institutional investor (FII) flows last month. It is pertinent to note that while FIIs pumped in Rs 42,500 crore into domestic equities, mutual fund (MFs) took nearly Rs 8,000 crore off the table last month. “Domestic fund managers indulged in contrarian investing.