NEW DELHI: March did not turn out to be a good month for the stock market, considering 3 per cent, or 1,000-point, decline in the Sensex.
But fund houses have stood their ground, busy churning their portfolio at an aggressive pace.
The stocks have corrected, mostly because of nervous global sentiment and over Rs 10,000 crore worth of primary offerings.
That's not all.
Even flows into equity schemes have thinned.
Equity inflows in March came down to Rs 11,700 crore, from Rs 17,200 crore in February.
On the other hand, the quantum into balanced schemes swelled to Rs 6,700 crore, from the earlier Rs 5,000 crore."March was a volatile month.
With profit taking intensifying in equities across globe, a rub-off effect was evident back home.
However in this capricious phase, home-grown mutual funds continued adding quality names such as TCS, Tata Steel, Kotak Mahindra Bank and Dabur India," said Edelweiss Securities in a note.
Bottom fishing was evident in SBI, ICICI Bank and ITC.
New listings ICICI Securities and Bandhan Bank also featured in the list of prominent additions, Edelweiss Securities said."Churning was seen across sectors, with Axis Bank, Larsen Toubro, Fortis Healthcare and Induslnd Bank being the major ones," the brokerage said.Here's a list of stocks mutual funds bought and sold during the month: