In July 2025, India’s mutual funds (MFs) turned net buyers of equities worth over ₹45,000 crore, even as foreign institutional investors (FIIs) offloaded stocks worth nearly ₹38,200 crore. Robust SIP inflows at record highs supported domestic fund activity, boosting cash and cash equivalents for fund houses to ₹1.85 lakh crore in July from ₹1.82 lakh crore in June. Cash levels rose to 5.46% from 5.34%, highlighting liquidity strength.
According to Nuvama Alternative & Quantitative Research, here’s a detailed look at what major fund houses bought and sold in July.
India’s largest fund house, SBI Mutual Fund, made aggressive purchases in:
State Bank of India (₹2,322 crore)
Oberoi Realty (₹930 crore)
Tata Steel (₹701 crore)
On the selling side, SBI MF trimmed exposure in:
Sun Pharma (₹863 crore)
Muthoot Finance (₹709 crore)
HDFC AMC (₹336 crore)
It also participated in the Anthem Biosciences and NSDL IPOs, while making a complete exit from Raymond Realty.
HDFC MF increased stakes in:
State Bank of India (₹1,510 crore)
Balkrishna Industries (₹918 crore)
HCLTech (₹894 crore)
On the selling side, it exited positions in:
Solar Industries (₹1,163 crore)
L&T (₹601 crore)
MCX (₹488 crore)
Like SBI MF, it too participated in the Anthem Bio and NSDL IPOs, and fully exited Epigral.
Kotak Mutual Fund’s largest additions included:
Reliance Industries (₹1,209 crore)
HCLTech (₹877 crore)
Cholamandalam Investment (₹777 crore)
Prominent reductions were in:
Bharti Airtel (₹519 crore)
Varun Beverages (₹487 crore)
Kajaria Ceramics (₹475 crore)
New entries included Anthem Bio and Travel Food Services, while GPT Healthcare was a complete exit.
ICICI Prudential MF increased allocations to:
Reliance Industries (₹3,542 crore)
Infosys (₹2,783 crore)
Axis Bank (₹2,249 crore)
It trimmed stakes in:
InterGlobe Aviation (₹1,498 crore)
Eternal (₹810 crore)
Cummins India (₹710 crore)
Travel Food Services and Anthem Bio were fresh entries, while Unichem Labs was completely exited.
Key additions for Aditya Birla Sun Life MF included:
State Bank of India (₹883 crore)
Varun Beverages (₹281 crore)
HDB Financial (₹263 crore)
On the selling side, the AMC cut exposure to:
HPCL (₹463 crore)
Biocon (₹261 crore)
InterGlobe Aviation (₹198 crore)
Anthem Bio and Indiqube entered the portfolio, while Welspun Living was completely exited.
Axis MF increased exposure to:
Infosys (₹645 crore)
CG Power (₹432 crore)
Eternal (₹375 crore)
Reductions included:
Cipla (₹409 crore)
TCS (₹402 crore)
Persistent Systems (₹336 crore)
It added Anthem Bio and Travel Food Services, while exiting Raymond Realty.
Franklin Templeton MF’s top additions included:
State Bank of India (₹552 crore)
HDB Financial (₹425 crore)
RBL Bank (₹325 crore)
Key reductions were seen in:
ICICI Bank (₹262 crore)
Reliance Industries (₹189 crore)
HDFC Bank (₹152 crore)
Fresh positions were taken in Procter & Gamble Hygiene and Brigade Hotels, while Blue Star was a complete exit.
DSP MF added:
Infosys (₹171 crore)
State Bank of India (₹163 crore)
BPCL (₹159 crore)
Reductions included:
AU Small Finance Bank (₹133 crore)
Nippon Life India AMC (₹113 crore)
HCLTech (₹96 crore)
New entries were Aditya Infotech and Jamna Auto, while Hindustan Copper was a complete exit.
Banking stocks, especially State Bank of India, attracted strong inflows across multiple AMCs.
Tech stocks like Infosys and HCLTech remained top buys, signaling confidence in India’s IT sector.
Healthcare and specialty chemicals saw some exits, with fund houses trimming exposure.
Multiple AMCs invested in Anthem Bio and NSDL IPOs, showing institutional faith in new listings.