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Foreign investors cut mid-cap holdings to five-year low, focus on benchmark stocks with easy exits

This article was posted on Mar 15, 2013 and is filed under Market News

Foreign portfolio investors are loading up on stocks in the automobile, financial and information technology sectors, led by Maruti Suzuki 3.43 %, Bajaj Auto -2.05 %, HDFC 0.60 % and Cipla 0.48 %, while trimming their holdings in real estate and the oil and gas sectors and reducing their exposure to mid-cap companies to a five-year low.

With the number of India-dedicated funds, among foreign funds, on the decline and a weak macro-economic outlook, foreign portfolio investors, or FIIs, have cut their holdings in mid-cap companies to 11% of the market cap for such companies — the lowest in the last five years while raising their holdings in auto, finance and IT firms, making it 22% of the market cap for the top 50 companies.

In the quarter to December 2012, FIIs continued to remain overweight on the auto and banking sectors and underweight on power and energy sectors.

For more visit: Economic times

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