FPIs dumped banking shares, pouring money into utilities and NBFCs instead. MFs, on the other hand, were big buyers of metals and consumer discretionary shares, and were marginal sellers of media and utilities firms, shows an analysis by ICICI Securities. The value of holdings of FPIs and MFs dropped 9.4 per cent and 8.3 per cent, respectively, during the September quarter — more than 6.4 per cent drop in the benchmark Nifty.

FPI outflows during stood at Rs 10 billion. MF assets fell even as they invested Rs 116.4 billion into equities during the period. The decline was on the back of a sharp fall in the broader market. The Nifty Midcap 100 and Nifty Smallcap 100 indices fell 5.7 per cent and 14.3 per cent during the quarter. Overall, institutional holdings at listed firms fell 60 bps, with FPI holding declining 30 bps to 18.8 per cent and MF holding being unchanged at 6.4 per cent.