Private insurers sell large-caps, but Big Daddy stays put

The 350-point swing in the Sensex on Thursday, after a strong opening gave some domestic fund managers the jitters.

According to institutional dealers, some large private domestic life insurance companies, promoted by a bank and large corporate house, were seen offloading stocks like ITC, Siemens, ICICI Bank and Reliance Industries.

Dealers said that internal price targets of these investors in several large-cap stocks have been triggered. These insurers pared their holdings in these large-cap stocks in late session.

Interestingly, market participants said that the ‘Big Daddy’ is adopting a wait-and-watch policy.

Contributed by Harish Rao, Apurv Gupta & Nishanth Vasudevan