Mutual funds raised stake in as many as 185 companies while reducing in 178 companies in the March quarter, according to the shareholding data declared by companies and collated by AceEquity.
Fund managers were net buyers in Indian equity market purchasing shares worth Rs 1,000 crore in the January-March period.
Companies in which fund managers raised their stakes include TCS, ITC, HUL, HDFC, Infosys, SBI, Axis Bank, Bank of Baroda, IOC, Coal India among others.
Higher allocation of funds to the banking and financial services companies helped Nifty Bank to hit fresh record highs. The index has been in an uptrend since the last one month. It has rallied over 11 percent so far in 2019.
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