Eternal, Groww, ICICI Bank, ITC are top MF picks; cuts stake in SBI, RIL
On the selling side, mutual funds pared their exposure to public sector giants. State Bank of India (SBI) witnessed the highest selling pressure, with a net sell value of Rs 2,321.4 crore.
- Dec 16, 2025,
- Updated Dec 16, 2025 10:15 AM IST
Mutual funds (MFs) churned their portfolios in November, placing heavy bets on new-age companies and select private sector lenders while trimming stakes in state-run banking majors and oil & gas heavyweights.
According to a strategy report by brokerage firm JM Financial, domestic mutual funds displayed a strong appetite for e-commerce and consumer stocks during the month. The data highlights a distinct preference shift, with Eternal (Zomato) and Billionbrains Garage (Groww) emerging as the top stocks added by asset managers.
Leading the buying spree was Eternal, which saw a net buy value of Rs 4,571.7 crore in November. It was closely followed by Billionbrains Garage, witnessing a net infusion of Rs 4,196.3 crore. The buying trend extended to established heavyweights, with ICICI Bank attracting Rs 3,639.1 crore and the diversified conglomerate ITC seeing inflows of Rs 3,442.8 crore.
Other notable additions to MF portfolios included IT majors Mphasis and Infosys, with net buying of Rs 3,415.7 crore and Rs 2137.9 crore, respectively. HDFC Bank also saw significant traction with additions worth Rs 3,147.7 crore.
On the selling side, mutual funds pared their exposure to public sector giants. State Bank of India (SBI) witnessed the highest selling pressure, with a net sell value of Rs 2,321.4 crore. Reliance Industries (RIL) also saw a reduction in MF exposure, with outflows totalling Rs 13,94.8 crore.
The selling list was dominated by other prominent names such as Canara Bank (Rs 1,291.5 crore), pharma major Lupin (Rs 1,004 crore), and Siemens Energy India (Rs 993.7 crore).
The JM Financial note highlights that relative to the BSE 200 index, domestic mutual funds maintained their overweight stance on sectors including pharmaceuticals & healthcare, e-commerce, capital goods, consumer durables and agrochemicals & petrochemicals. The e-commerce sector specifically saw a massive ‘Buy Value’ of Rs 15,929.4 crore, driven by interest in stocks like Eternal, Billionbrains Garage, Pine Labs, and Physicswallah.
Conversely, fund managers remained underweight on private banks, oil & gas, consumer, IT services and metals & mining. The Private Banks sector, despite the buying in ICICI and HDFC Bank, remains the most underweight sector for MFs relative to the BSE 200, followed by Oil & Gas.
Mutual funds (MFs) churned their portfolios in November, placing heavy bets on new-age companies and select private sector lenders while trimming stakes in state-run banking majors and oil & gas heavyweights.
According to a strategy report by brokerage firm JM Financial, domestic mutual funds displayed a strong appetite for e-commerce and consumer stocks during the month. The data highlights a distinct preference shift, with Eternal (Zomato) and Billionbrains Garage (Groww) emerging as the top stocks added by asset managers.
Leading the buying spree was Eternal, which saw a net buy value of Rs 4,571.7 crore in November. It was closely followed by Billionbrains Garage, witnessing a net infusion of Rs 4,196.3 crore. The buying trend extended to established heavyweights, with ICICI Bank attracting Rs 3,639.1 crore and the diversified conglomerate ITC seeing inflows of Rs 3,442.8 crore.
Other notable additions to MF portfolios included IT majors Mphasis and Infosys, with net buying of Rs 3,415.7 crore and Rs 2137.9 crore, respectively. HDFC Bank also saw significant traction with additions worth Rs 3,147.7 crore.
On the selling side, mutual funds pared their exposure to public sector giants. State Bank of India (SBI) witnessed the highest selling pressure, with a net sell value of Rs 2,321.4 crore. Reliance Industries (RIL) also saw a reduction in MF exposure, with outflows totalling Rs 13,94.8 crore.
The selling list was dominated by other prominent names such as Canara Bank (Rs 1,291.5 crore), pharma major Lupin (Rs 1,004 crore), and Siemens Energy India (Rs 993.7 crore).
The JM Financial note highlights that relative to the BSE 200 index, domestic mutual funds maintained their overweight stance on sectors including pharmaceuticals & healthcare, e-commerce, capital goods, consumer durables and agrochemicals & petrochemicals. The e-commerce sector specifically saw a massive ‘Buy Value’ of Rs 15,929.4 crore, driven by interest in stocks like Eternal, Billionbrains Garage, Pine Labs, and Physicswallah.
Conversely, fund managers remained underweight on private banks, oil & gas, consumer, IT services and metals & mining. The Private Banks sector, despite the buying in ICICI and HDFC Bank, remains the most underweight sector for MFs relative to the BSE 200, followed by Oil & Gas.