ITC, HDFC Bank, Airtel, Eternal are top MF picks; trim stakes in Tata Motors PV, RIL
Heavyweights led the selling pressure list, with the brokerage highlighting Reliance Industries (RIL), HPCL, GAIL, BPCL, and ONGC as the top sells.
- Nov 25, 2025,
- Updated Nov 25, 2025 10:55 AM IST
Mutual fund managers reshuffled their portfolios significantly in October 2025, gravitating towards established heavyweights in the FMCG, banking, and telecom spaces while trimming exposure to the auto and energy sectors. According to a report by JM Financial, while overall equity inflows saw a month-on-month dip, specific large-cap stocks witnessed aggressive accumulation.
The brokerage note highlights that ITC emerged as the top favorite, with a massive net buy value of Rs 7,851.2 crore. Following closely was HDFC Bank, which witnessed net additions worth Rs 5,730.2 crore.
Telecom major Bharti Airtel and Eternal also saw substantial buying interest, with net inflows of Rs 5,282.6 crore and Rs 5,148.2 crore, respectively. The aviation sector also found favor, with InterGlobe Aviation seeing net buying of Rs 4,970.5 crore.
On a sectoral basis, NBFCs attracted the highest traction with a total buy value of Rs 7,652.4 crore. Within this space, JM Financial identified Tata Capital, BSE, Shriram Finance, Aditya Birla Capital, and Bajaj Finance as the top five buys.
The consumer sector was the second most preferred, recording a buy value of Rs 6,698.7 crore. Apart from ITC, the brokerage noted buying interest in Lenskart Solutions, Godrej Consumer, Britannia, and Jubilant Pharmova.
Conversely, fund managers lightened their load in the automobile and energy sectors. The Auto & Auto Components sector witnessed the highest selling pressure with a sell value of Rs 3,495.4 crore. The report listed Tata Motors Passenger, Maruti Suzuki, Bajaj Auto, TVS Motor, and Ashok Leyland as the top five sells.
The Oil & Gas sector saw outflows, with a sell value of Rs 2,698.8 crore. Heavyweights led the selling pressure list, with the brokerage highlighting Reliance Industries (RIL), HPCL, GAIL, BPCL, and ONGC as the top sells.
Despite the stock-specific churn, broader sectoral preferences remained largely stable compared to the previous month. Vis-à-vis the BSE 200, domestic mutual funds continued to be overweight on pharmaceuticals & healthcare, e-commerce, capital goods, consumer durables, and agrochemicals & petrochemicals.
On the other hand, fund managers remained underweight on private banks, oil & gas, consumer, IT services, and metals & mining. JM Financial noted that this underweight list was “unchanged vs Sep ’25.”
Broader market data indicated a cooling of inflows. In October 2025, equity mutual funds (excluding arbitrage) saw inflows of Rs 32,200 crore (322 billion). This was 22 per cent lower MoM.
However, retail discipline remained strong. SIP inflows increased to Rs 29,500 crore, taking the total SIP AUM to Rs 16.3 lakh crore, which is 4.7 per cent higher MoM.
Regarding liquidity deployment, Indian MF cash levels stood at Rs 2.09 lakh crore, constituting 4.7 per cent of total equity AUM, slightly higher than the absolute cash levels in September.
Mutual fund managers reshuffled their portfolios significantly in October 2025, gravitating towards established heavyweights in the FMCG, banking, and telecom spaces while trimming exposure to the auto and energy sectors. According to a report by JM Financial, while overall equity inflows saw a month-on-month dip, specific large-cap stocks witnessed aggressive accumulation.
The brokerage note highlights that ITC emerged as the top favorite, with a massive net buy value of Rs 7,851.2 crore. Following closely was HDFC Bank, which witnessed net additions worth Rs 5,730.2 crore.
Telecom major Bharti Airtel and Eternal also saw substantial buying interest, with net inflows of Rs 5,282.6 crore and Rs 5,148.2 crore, respectively. The aviation sector also found favor, with InterGlobe Aviation seeing net buying of Rs 4,970.5 crore.
On a sectoral basis, NBFCs attracted the highest traction with a total buy value of Rs 7,652.4 crore. Within this space, JM Financial identified Tata Capital, BSE, Shriram Finance, Aditya Birla Capital, and Bajaj Finance as the top five buys.
The consumer sector was the second most preferred, recording a buy value of Rs 6,698.7 crore. Apart from ITC, the brokerage noted buying interest in Lenskart Solutions, Godrej Consumer, Britannia, and Jubilant Pharmova.
Conversely, fund managers lightened their load in the automobile and energy sectors. The Auto & Auto Components sector witnessed the highest selling pressure with a sell value of Rs 3,495.4 crore. The report listed Tata Motors Passenger, Maruti Suzuki, Bajaj Auto, TVS Motor, and Ashok Leyland as the top five sells.
The Oil & Gas sector saw outflows, with a sell value of Rs 2,698.8 crore. Heavyweights led the selling pressure list, with the brokerage highlighting Reliance Industries (RIL), HPCL, GAIL, BPCL, and ONGC as the top sells.
Despite the stock-specific churn, broader sectoral preferences remained largely stable compared to the previous month. Vis-à-vis the BSE 200, domestic mutual funds continued to be overweight on pharmaceuticals & healthcare, e-commerce, capital goods, consumer durables, and agrochemicals & petrochemicals.
On the other hand, fund managers remained underweight on private banks, oil & gas, consumer, IT services, and metals & mining. JM Financial noted that this underweight list was “unchanged vs Sep ’25.”
Broader market data indicated a cooling of inflows. In October 2025, equity mutual funds (excluding arbitrage) saw inflows of Rs 32,200 crore (322 billion). This was 22 per cent lower MoM.
However, retail discipline remained strong. SIP inflows increased to Rs 29,500 crore, taking the total SIP AUM to Rs 16.3 lakh crore, which is 4.7 per cent higher MoM.
Regarding liquidity deployment, Indian MF cash levels stood at Rs 2.09 lakh crore, constituting 4.7 per cent of total equity AUM, slightly higher than the absolute cash levels in September.