While most mutual funds faced significant losses, Aditya Birla Sun Life Mutual Fund and Axis Mutual Fund managed to buck the trend with marginal gains.
Aditya Birla Sun Life recorded an increase of Rs 6.88 crore, taking its foreign equity holding value to Rs 525.95 crore, while Axis Mutual Fund saw a rise of Rs 4.68 crore to Rs 1,477.15 crore.
Among the major asset management companies, ICICI Prudential Mutual Fund made the most notable share sales, offloading 10.54 lakh shares of British American Tobacco PLC. SBI Mutual Fund sold 3 lakh shares each of Cognizant Technology Solutions and Alphabet Inc. Meanwhile, ICICI Prudential also trimmed its exposure to Newmont Mining Corp and EPAM Systems Inc.
Other key offloaded stocks included Alphabet Inc. (300,282 shares), Charles Schwab Corp. (6,872 shares), Salesforce.com (5,687 shares), Autodesk Inc. (4,629 shares), Amazon (2,544 shares), NVIDIA (486 shares), Apple (296 shares), and Intel (199 shares). Additionally, Oracle Corp. (17,000 shares), Emerson Electric (18,000 shares), and Newmont Mining Corp. (20,000 shares) saw reductions.
On the buying side, some funds took a more optimistic view by acquiring international stocks. Notable buys included 81,900 shares of Contemporary Amperex Technology and 46,653 shares of Microsoft Corp.
The evolving global market scenario has made it imperative for mutual funds to adopt selective and strategic approaches, navigating volatility with an eye on long-term growth potential.