Adopting a clear "sell on rise" strategy when the market rallied in April, mutual funds were seen smartly booking profits, pulling an estimated ₹17,000 crore out of just 10 major stocks amid caution over earnings risks, geopolitical uncertainty, and stretched valuations even as several of these stocks staged sharp rallies.
Market data estimates compiled from PRIME Database reveal that at least 109 stocks witnessed mutual funds selling shares worth at least ₹100 crore each last month. However, the exodus was heavily concentrated at the top, with the ten largest exits, headlined by heavily weighted bluechips like HDFC Bank, Wipro and Vedanta, bearing the brunt of the ₹17,000 crore institutional liquidation.
