By Ameya KarveInflows into Indian equity mutual funds hit a five-month high in March, induced by the rally that recently lifted the $2.2 trillion stock market to a record.Stock funds took in about 118 billion rupees ($1.7 billion), the highest since October, and more than double over the previous month, data from the Association of Mutual Funds in India show.Heres what the top three asset managers bought and sold last month:HDFC Mutual FundIndias largest money manager held 1.5 trillion rupees in equities, with financials accounting for about 33 per cent of stock assets followed by industrial companies at about 14 per cent.ICICI Prudential Mutual FundThe money manager held equity assets of 1.3 trillion rupees, with financials making up 27 per cent of assets followed by materials at about 10 per cent and energy at 9.7 per cent.SBI Funds Management Pvt.The fund house had about 1.6 trillion rupees invested in more than 300 stocks.
Financials made up about 36 per cent of assets, followed by technology at 10 per cent.