FIIs pare exposure in 19 Sensex companies

Out of 30-Sensex firms, 19 have witnessed decline in their respective Foreign Institutional Investors (FIIs) holding, while in the remaining 11 stocks, foreign fund house have consolidated their stakes during the July-September quarter of current fiscal compared to preceding (April-June) quarter, according to BSE data.

FIIs have increased their stakes marginally in 16 Sensex firms during June quarter this fiscal and reduced exposure in the remaining 14 companies.

Market analysts attributed the decline in FII holding to challenging macro economic conditions and weakening rupee. Interestingly, metal companies such as Hindalco Industries, Tata Steel and Jindal Steel & Power Ltd (JSPL), country's largest lender State Bank of India (SBI) and drug firm Cipla have witnessed maximum reduction in their FII holdings.

In contrast, FIIs increased their holding in auto stocks such as Mahindra & Mahindra, Maruti Suzuki, Hero MotorCorp and Bajaj Auto. However, Tata Motors was an exception to this category.

The FII holding in Hindalco Industries fell from 30.83 per cent to 28.24 per cent at the end of the July-September quarter and during the same period, FII shareholding in Tata Steel declined from 17.06 per cent to 14.61 per cent.