Mutual Funds buy hotels, entertainment, auto and cement stocks

Equity mutual funds continued to shuffle their holdings in banks and insurance in February as foreign investors trimmed their positions in these stocks as part of their broader sell-off in Indian equities. Reliance Industries was one of the top picks of equity fund managers, who found value in the stock after the recent outperformance. Fund managers also used the overall market weakness to make select purchases in automobiles, entertainment, hospitality and entertainment. PVR was a notable entry into a few mutual fund portfolios. Globus Spirits, Indian Hotels, Bajaj Auto and Wonderla Holidays were among the other buys. Some fund managers also bought into cement stocks like Ultratech Cement and Dalmia Bharat given the rise in prices and likely increased infrastructure spending ahead of the slew of state elections and the main General election the next year.