Foreign ownership (including ADR and GDR) in the BSE-200 Index declined to $291 billion in the March quarter from $304 billion in the December 2015 quarter, according to an ownership navigator published by Kotak Institutional Equities.
In percentage terms, FPI holdings in BSE-200 companies came down to 24.5 per cent in the March quarter against 24.8 per cent in the December 2015 quarter.
FPIs sold heavily in banking, pharmaceuticals and automobiles stocks, while domestic institutional investors (DIIs) increased their stakes in sectors such as banking, utilities and pharmaceuticals.
DII holdings in BSE-200 companies increased to 11.1 per cent in the March quarter from 10.9 per cent at the end of the previous quarter.
Max Financial Services, SKS Microfinance and Ramco Cement had the highest increase in FPI stake, while Shriram Transport, LIC Housing Finance and Jain Irrigation saw the most fall in FPI holding.
Mutual funds were more interested in Suprajit Engineering, Engineers India and Container Corporation of India, while they sold Ramco Cement, SKS Microfinance and PVR.
FPIs were overweight on banking and technology sectors, while they were underweight on consumer and industrials, while MFs were overweight on industrials and banking and underweight on consumer and technology.