Bajaj Finance is the favourite stock of mutual funds, ITC is the most sold

• Bajaj Finance was the most purchased stock by mutual funds, followed by Maruti Suzuki.
• ITC is where mutual funds have decreased their investment on profit booking after the stock climbed 50% this year.
• Despite a 57% slump in Zomato’s share price this year, mutual funds bought ₹505 crore of the stock.
• One of the biggest laggards of the year – IT sector companies like Infosys, Wipro, HCL Technologies were also on the list of stocks sold by mutual funds.

Indian markets have remained extremely volatile because of risky global indicators such as monetary policy tightening and potential recession. However, the return of foreign institutional investors (FIIs) in the last few months to the Indian markets has encouraged some buying.

So far in FY23, foreign portfolio investors (FPIs) have significantly decreased their stake in IT, while stockpiling auto and FMCG, said a report by YES Securities. Mutual funds however are betting on the financial sector and auto stocks.

Here are the stocks in which mutual funds increased their investments

Source: YES Securities, Data for July month, net asset value database

Bajaj Finance is top pick for mutual fund industry
Bajaj Finance was…