What India’s Mutual Funds Bought and Sold in July

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.

SBI Mutual Fund: Bets on Banking, Realty, and Steel

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 Mutual Fund: Tech and Industrials Lead Buys

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: Reliance and HCLTech Among Key Picks

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: Big on Largecaps

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.

Aditya Birla Sun Life MF: Focus on Financials

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 Mutual Fund: Betting on IT and Power

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: Mix of Banks and Consumer Plays

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 Mutual Fund: Balanced Portfolio Moves

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.

Key Takeaways from July MF Activity

• 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.