Fund managers running India’s leading multicap funds appear to be making a decisive shift toward financial and consumption-linked sectors, while reducing exposure to select technology and capital market names. Portfolio activity across top asset management companies (AMCs) during April 2026 indicates a strong preference for banks, finance and consumer-driven themes amid changing market dynamics.
An analysis of portfolio changes across 12 leading AMCs shows that multicap fund managers remained active during the month, adding fresh positions, increasing exposure to existing holdings and exiting select counters across sectors.
Data compiled by FinAlpha showed that fund managers executed 56 fresh buys, 148 increased positions, and made a total of 534 portfolio actions during the period.
Finance and banks
Sector-level trends suggest that fund managers are increasingly leaning toward domestic growth and consumption stories.
Finance emerged as the strongest buy signal, recording 31 fund actions, followed by banks with 21 fund actions. Consumer durables also saw notable activity with 19 fund actions, while auto components and pharmaceutical stocks attracted meaningful interest.
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The buying pattern suggests multicap funds continue to favour sectors closely linked to India’s domestic demand story and economic expansion.
Banks and financials have remained a preferred area for fund managers over the past several months due to improving credit growth expectations, stronger balance sheets and expectations of sustained earnings visibility.
Consumer durables and auto component companies also saw increased allocations, indicating confidence in discretionary consumption and manufacturing-related themes.
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HDFC Bank
Among existing holdings, HDFC Bank emerged as the most increased stock, with exposure raised by five AMCs.
The top five stocks witnessing higher allocations included:
- HDFC Bank Ltd (5 AMCs)
- Larsen & Toubro (3 AMCs)
- Bajaj Finance (3 AMCs)
- NTPC (3 AMCs)
- Tata Steel (3 AMCs)
The increase in HDFC Bank exposure suggests fund managers continue to view large private-sector banks as core portfolio holdings.
Meanwhile, Larsen & Toubro and NTPC reflect growing confidence in infrastructure and capital expenditure themes, while Tata Steel’s inclusion points toward selective interest in cyclical sectors.
Fresh bets
Multicap funds also introduced several new names into portfolios.
The top fresh buys during April included:
- ABB India
- UltraTech Cement
- Eicher Motors
ABB India’s appearance signals growing interest in industrial and automation themes, while UltraTech Cement reflects continued optimism around infrastructure and construction demand.
Eicher Motors, meanwhile, indicates a positive outlook for premium automobile demand and consumption recovery.
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IT and capital market stocks
While fund managers accumulated domestic-facing sectors, some segments saw meaningful profit booking.
According to the analysis, IT Software and Capital Markets faced the highest selling pressure.
The top five stocks witnessing reduced exposure included:
Bharti Airtel
Coforge
Persistent Systems
Oil India
Tata Motors Passenger Vehicles
Technology names such as Coforge and Persistent Systems may be seeing tactical profit-taking after strong previous runs.
Capital market-linked stocks also appear to be witnessing moderation after sharp gains in earlier phases.
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Complete exits
Portfolio churn also included full exits from selected companies.
The top complete exits during the month were:
- FSN Ecommerce Ventures
- Inventurus Knowledge Solutions
- PG Electroplast
These moves indicate fund managers are actively rebalancing portfolios rather than simply increasing allocations.
Overall, April’s portfolio activity suggests multicap funds are positioning themselves toward domestic growth, financial strength and consumption themes, while becoming more selective in sectors where valuations or near-term growth visibility may have become less compelling.
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Disclaimer: Business Today provides market and personal news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risks. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.