MFs go bullish on cyclicals before Budget 2015

In the run-up to the Union Budget, the top six mutual fund houses in the country - HDFC AMC, ICICI Pru AMC, Reliance MF, Birla Sun Life AMC, UTI AMC and SBI Funds Mgmt - which together hold over 60% of the mutual fund market in India, bought select cyclicals such as private banks and capital goods in January on expectations the government will soon kickstart the investmen cycle.

Fund houses have sold technology shares in January on concerns over global demand slowdown for IT services.They also sold oil exploration companies on concerns over lower crude realisation on account of declining crude prices.