FIIs hike stake in 8 out of 10 IT stocks to play Fed rate cut cycle but retail investors left behind
FIIs) ended up increasing stakes in 8 out of top 10 tech companies in India apparently to play the interest rate cut cycle in the US.
September quarter shareholding pattern analysis shows that FII ownership in Infosys rose 54 basis points to 33.28%, TCS 31 bps to 12.66%, Tech Mahindra 40 bps to 23.67%, HCL Tech 22 bps to 18.67% and by 15 bps to 7.27% in case of Wipro.
FIIs also bought more of Coforge, LTIMindtree and Persistent Systems. The only two IT stocks in Nifty IT in which FII holding went down in Q2 are L&T Technology Services and Mphasis.
Mutual funds were seen hiking stakes in Coforge, Infosys, LTTS, Mphasis, Tech Mahindra and Wipro.
However, retail shareholders seemed to be bearish on the future of India's software exporters as they reduced stake in all the top 10 companies.
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