Mutual funds cut positions in Nifty heavyweights in Jan, invest in all IPOs

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NEW DELHI: As equity and equity-linked mutual funds witnessed outflow of funds for the seventh consecutive month in January, domestic mutual funds trimmed positions in Nifty heavyweights including Reliance Industries (RIL), Infosys and Bharti Airtel, showed an Edelweiss report.

 It noted that although MFs were net sellers in the telecom major Bharti Airtel, foreign portfolio investors (FPI) increased their bet in telecom stocks in January. “In January, domestic MFs trimmed positions in Nifty heavyweights like Reliance Industries (Rs 2,081 Cr), Infosys (Rs 2,011 Cr), Bharti Airtel (Rs 1,200 billion), PowerGrid and TCS (Rs 1,000 Cr each),” it said.

The report titled ‘Edelweiss Fund Insight: Feb 2021’ noted that MFs participated in all the IPOs last month. The funds also bought IPOs worth Rs 1,200 Cr and out of this, IRFC got the major chunk with Rs 927 Cr while Indigo Paints garnered Rs 140 Cr and Home First received Rs 120 Cr in January. As per the data from the Association of Mutual Funds in India (AMFI), equity-linked mutual fund schemes saw a net outflow of Rs 9,253.22 Cr last month. The net outflow stood at Rs 10,147.12 Cr in December, Rs 12,917.36 Cr in November, Rs 2,724.95 Cr in October, and Rs 734.40 Cr in September.

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