Flexicap Funds buy ₹15,122 cr, sell ₹12,178 cr: ICICI Bank, HDFC Bank among top buys; Bajaj Auto sold

Mutual Funds in July 2026: Top 21 flexicap fund houses turned more selective in their stock-picking in July 2026, with fund managers increasing exposure to banks, pharmaceuticals, capital markets and electrical equipment while cutting positions in petroleum products and insurance. Data analysed by FinAlpha shows ₹15,122 crore of net buying across stocks where exposure increased, against ₹12,178 crore of net selling.

The data covers changes between June and July 2026 and tracks the portfolio actions of 21 leading flexicap fund houses.

ICICI Bank sees highest increase in exposure

ICICI Bank emerged as the stock with the largest increase in exposure, with top flexicap funds adding ₹493 crore during the month. HDFC Bank followed with an increase of ₹365 crore, while PB Fintech saw exposure rise by ₹349 crore.

Other major stocks where fund managers increased exposure included Bharat Electronics, at ₹328 crore, and TVS Motor Company, at ₹313 crore.

Overall, exposure increased across 194 stocks, involving total capital of ₹9,220 crore. Fund managers also made fresh purchases in 85 stocks worth ₹5,902 crore.

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Among the fresh buys, Diamond Power Infrastructure topped the list with ₹774 crore, followed by Adani Enterprises at ₹656 crore and SBI Funds Management at ₹454 crore. AU Small Finance Bank, Biocon and Adani Energy Solutions were among other notable new additions.

Bajaj Auto leads selling

On the other side, Bajaj Auto witnessed the largest reduction in exposure, with flexicap funds cutting holdings worth ₹935 crore in July. Axis Bank followed with ₹423 crore, while Reliance Industries saw a ₹390 crore reduction.

HDFC Bank also appeared on the selling list, with exposure reduced by ₹264 crore, despite the stock simultaneously featuring among the top stocks where funds increased exposure. This indicates that different flexicap funds took divergent positions in the same stock.

Max Financial Services, with a ₹251 crore reduction, rounded out the top five stocks with decreased exposure.

Overall, fund managers reduced exposure to 157 stocks worth ₹7,363 crore, while completely exiting 83 stocks worth ₹4,815 crore.

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Key July 2026 moves

Tata Power, Infosys among major exits

Among complete exits, Tata Power topped the list at ₹460 crore, followed by Infosys at ₹399 crore and Cholamandalam Investment and Finance Company at ₹354 crore.

Tata Steel, Hindalco Industries, JB Chemicals and Pharmaceuticals and Larsen & Toubro were among other stocks that saw complete exits by one or more funds.

Capital markets, electrical equipment attract buying

At the sector level, Capital Markets recorded the highest net inflow at ₹962 crore across eight stocks. Electrical Equipment followed with ₹824 crore, while Pharmaceuticals attracted ₹810 crore.

Metals and Minerals received ₹706 crore, while Banks saw ₹599 crore of net inflows. Aerospace and Defence, Realty and Retailing also recorded positive flows.

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In contrast, Petroleum Products faced the highest net sector outflow at ₹640 crore, followed by Insurance at ₹476 crore. Industrial Products saw an outflow of ₹449 crore, while Construction and Ferrous Metals recorded outflows of ₹399 crore and ₹397 crore, respectively.

The July data suggests that flexicap fund managers were not making a broad-based shift across the market. Instead, their moves point to selective repositioning, with fresh capital flowing into capital-market and industrial themes while exposure was reduced in petroleum, insurance and select large-cap stocks.