Top mutual funds raised exposure to financials in January, adding both banking and insurance stocks while trimming positions in parts of the Information Technology (IT) and Fast Moving Consumer Goods (FMCG) space. Among lenders, Axis Bank, ICICI Bank, Union Bank and IndusInd Bank saw buying interest, along with selective additions in small finance bank Equitas as valuations of private banks are considered cheap relative to others and the market. In January, financials bore the maximum brunt of foreign investor selling. In Insurance, HDFC Life, GIC and Star Health are among the top picks.
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