The market is struggling in red with the Sensex down 61.38 points or 0.2 percent at 28062.06. The Nifty is down 14.40 points or 0.2 percent at 8658.85. About 1368 shares have advanced, 1168 shares declined, and 166 shares are unchanged.
SBI, BHEL, Cipla, ONGC and ICICI Bank are gainers while Coal India, TCS, Adani Ports, HDFC and Bharti are losers in the Sensex.
Mutual funds' allocation for bank stocks slumped to Rs 82,000 crore at the end of July, after touching a record high in the preceding month. Prior to that, fund managers have been raising their allocation to banking shares since February. Although, they had trimmed exposure to the sector between November and January due to higher bad loans.
Experts have attributed the trim in allocation to banking stocks to mounting bad loans of public sector banks.
In percentage terms, exposure to banking stocks fallen to 19.86 percent of equity AUM in last month as against 20.4 percent in June.
SBI, BHEL, Cipla, ONGC and ICICI Bank are gainers while Coal India, TCS, Adani Ports, HDFC and Bharti are losers in the Sensex.
Mutual funds' allocation for bank stocks slumped to Rs 82,000 crore at the end of July, after touching a record high in the preceding month. Prior to that, fund managers have been raising their allocation to banking shares since February. Although, they had trimmed exposure to the sector between November and January due to higher bad loans.
Experts have attributed the trim in allocation to banking stocks to mounting bad loans of public sector banks.
In percentage terms, exposure to banking stocks fallen to 19.86 percent of equity AUM in last month as against 20.4 percent in June.
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