Jun 15, 2015
Summary
2
FIIs maintain their faith; DIIs remain elusive: FIIs pumped USD4b in 4QFY14, taking the cumulative inflows of FY14 to USD13.7b. FIIs have been consistent net buyers in Indian equities for the entire decade (except during the global meltdown of FY09). However, DIIs pulled out USD2.2b in 4QFY14 alone and continued to be net sellers in Indian equities for the fourth consecutive year, with USD8.9b outflows in FY14.
FII ownership in BSE-200 at all-time high: FIIs currently hold 23.8% in BSE-200, up from 22.4% in March 2013. As a proportion of free float, FII ownership of BSE-200 remains high at 48.1%. DIIs hold 11.2% of BSE-200, marginally down from 11.5% in March 2013. As a proportion of free float, DII ownership of BSE-200 remains low at 22.6%.
Sector-wise FII flows in BSE-200: In the March quarter, FII flows into the BSE-200 were USD1.9b. Sectors recording the highest inflows were Financials (USD1,338m – Private Banks: USD648m; NBFCs: USD416m, State-owned Banks: USD274m), Oil & Gas (USD341m) and Technology (USD319m). Sectors recording the highest outflows were Healthcare (USD624m), Consumer (USD300m) and Utilities (USD121m).
Sector-wise DII flows in BSE-200: During the quarter, DII flows into the BSE-200 were USD439m. Sectors recording the highest inflows were State-owned (PSU) Banks (USD890m), Consumer (USD404m) and Capital Goods (USD342m). Sectors recording the highest outflows were Technology (USD598m), Telecom (USD273m) and Healthcare (USD197m).
Sector-wise ownership: FIIs are significantly over weight in Private Bank, Technology and NBFCs. Private Banks is the most preferred sector, with USD44.8b investment value. Private Banks recorded the highest increase since March 2009 (USD34.3b). DII are over weight on Consumer, Oil & Gas, Capital Goods, PSU Banks and Metals.
Flowmeter: India Holdings & Flows | May 2014
About the product Flowmeter is a handbook on holdings and institutional flows in Indian equities. This quarterly report will cover:
Overall market flows & holdings
Sector & companies institutional flows and holdings
Overall holdings in BSE200 & Sensex
Sector weight comparison
Deven Mistry ([email protected]); + 9122 3982 5440
Overall market: FIIs maintain their faith; DIIs remain elusive
BSE-200: FIIs share in India at high; DIIs at six year’s low
Sector-wise flows: Financials attract FII and DII flows
Company-wise flows: 4 of top 5 FII flows in Financials
Overall holdings: 57% of BSE-200 saw an increase in FIIs stake
Sector-wise holdings: NBFCs and Pvt Banks recorded highest QoQ chg
FIIs sector holdings: Overweight in Pvt Bank, Technology and NBFCs
DIIs sector holdings: Overweight in Consumer, Oil & Gas and Cap Goods
Sensex holdings: 19 of 30 companies saw increase in FII holdings
Sector weights: Private Banks overtakes Technology
Sector trends: Overview, institutional flows and holding
Contents
3
AUTO
BANKS / FINANCIALS
CAPITAL GOODS
CEMENT
CONSUMER
HEALTHCARE
INFRASTRUCTURE
MEDIA
METALS
OIL & GAS
REAL ESTATE
TECHNOLOGY
TELECOM
UTILITIES
Notes: The attached report is built
around the constituents of BSE-200 and Sensex.
Institutional flows analysis excludes ADR/GDR. Average prices for the quarter have been used.
Holdings analysis includes ADR/GDR for companies and sectors.
Based on the current constituents of the indices, adjusted for stock splits and bonus for flow analysis.
Green up arrow represents positive flows.
Red down arrow represents negative flows.
Flowmeter: India Holdings & Flows | May 2014
Overall markets: FIIs maintain their faith; DIIs remain elusive
Quarterly FIIs flows v/s markets
Inflow of USD4b from FIIs in 4QFY14 was driven by expectations of a stable, pro-market government.
4
Yearly FII and DII flows FIIs have pumped USD96b in the last five years.
DIIs remained net sellers for the fourth consecutive year.
Quarterly DII flows
DIIs pulled out USD2.2b in 4QFY14 alone and continued to be net sellers in Indian equities for the seventh consecutive quarter.
Indian market holding (BSE listed companies)
FIIs and DIIs increased their stake by 23bp and 17bp, respectively on QoQ basis. Promoter stake was down 61bp.
52.8 52.1 51.5
20.4 21.5 21.7
10.3 9.9 10.1
16.5 16.5 16.7
Mar 13 Dec 13 Mar 14
1,138 1,201
FIIs
DIIs
Public
Promoter
Value USDB 1,180
9.5 9.2 10.9
5.8
13.1
-10.4
23.4 25.0
8.5
25.8
13.7
1.30.3 0.1 3.26.4
17.713.1
5.1
-4.1-0.9
-12.7-8.9
-1.4
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
YTD
FII (USDb) DII (USDb)
-1.3
6.4 7.45.2 4.4
2.3
12.6
10.1
0.1 0.8
-1.0
-0.4
9.1
0.1
6.98.4
10.4
3.2
-0.1
6.64.1
Mar
-09
Jun-
09
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Dec
-13
Mar
-14
FII flows in markets (USDb)
2.1
0.4
2.4
0.51.8
0.8
-5.2
-2.2
2.4
0.82.1
0.6
-4.4
0.5
-3.4 -3.5
-6.3
-1.3 -0.7
-4.7
-2.2
Mar
-09
Jun-
09
Sep-
09
Dec
-09
Mar
-10
Jun-
10
Sep-
10
Dec
-10
Mar
-11
Jun-
11
Sep-
11
Dec
-11
Mar
-12
Jun-
12
Sep-
12
Dec
-12
Mar
-13
Jun-
13
Sep-
13
Dec
-13
Mar
-14
DII flows in markets (USDb)
Flowmeter: India Holdings & Flows | May 2014
BSE-200: FIIs share in India at high; DII at six year’s low
5
Trend in FIIs and DIIs holdings FII holding in BSE-200 companies is at an all-time high of 23.8%.
DII holding is at 11.2%.
FIIs share in India at high; DII at six year’s low FII ownership as a proportion of free float of BSE200 remained high
at 48.1%. DII ownership as a proportion to free float at 22.6%
Sector FY10 FY11 FY12 FY13 FY14Cumulative (FY10-FY14)
NBFC 1.4 2.0 1.7 3.3 0.8 9.3Banks - Pvt 2.0 2.0 0.0 3.9 1.3 9.2Technology 1.3 -0.1 1.9 2.5 2.2 7.9Util ities 0.1 4.9 0.0 1.7 1.3 7.9Automobiles 1.6 0.8 1.3 1.3 0.5 5.5Consumer 1.4 1.2 2.6 2.2 -1.7 5.7Oil & Gas 0.7 0.7 -0.1 2.1 1.2 4.6Misc -0.1 2.0 0.5 0.4 0.7 3.6Real Estate 3.1 0.4 -0.1 0.1 0.2 3.6Health Care 1.0 0.1 0.8 1.9 0.1 3.9Metals 3.0 0.0 -0.9 0.5 0.5 3.2Cement 0.4 0.7 0.4 0.6 0.1 2.3Media 0.0 0.5 0.3 0.3 0.4 1.4Infrastructure 0.6 0.0 0.0 0.2 0.5 1.2Chemicals & Fertil izers 0.1 0.1 0.1 0.1 0.2 0.6Capital Goods 0.1 0.0 0.0 0.5 0.7 1.2Banks - PSU 1.0 1.3 -1.7 0.8 -0.3 1.2Telecom -0.7 0.0 0.2 0.8 0.6 0.9FII Flows in BSE-200 17.0 16.7 6.8 23.2 9.4 73.1FII Flows in Markets 23.4 25.0 8.5 25.8 13.7 96.4BSE200 flows % to total 73 67 80 90 69 76
BSE 200 FII flows (USD B)
Yearly FIIs flows in BSE-200 In the last five years, 76% of FIIs flows have been into BSE-200.
NBFCs, Private Banks and Technology attracted highest inflows.
FIIs withdrew USD1.7b from the Consumer sector, ending four years of inflows into the sector.
NBFCs and Private Banks have consistently recorded positive flows for the last five years.
15.9
18.5
23.8
11.8
12.2
11.2
10.8
11.3
11.8
12.3
12.8
14.0
17.0
20.0
23.0
26.0
Mar
-09
Jun-
09Se
p-09
Dec
-09
Mar
-10
Jun-
10Se
p-10
Dec
-10
Mar
-11
Jun-
11Se
p-11
Dec
-11
Mar
-12
Jun-
12Se
p-12
Dec
-12
Mar
-13
Jun-
13Se
p-13
Dec
-13
Mar
-14
BSE200 FII Holding (%) BSE200 DII Holding (%) - RHS
37.2 39.3
41.2
46.1 48.127.7
26.1 26.2
23.7 22.6
21.0
23.0
25.0
27.0
29.0
37.0
40.0
43.0
46.0
49.0
Mar
-09
Jun-
09Se
p-09
Dec
-09
Mar
-10
Jun-
10Se
p-10
Dec
-10
Mar
-11
Jun-
11Se
p-11
Dec
-11
Mar
-12
Jun-
12Se
p-12
Dec
-12
Mar
-13
Jun-
13Se
p-13
Dec
-13
Mar
-14
FII Proportion of Free Float (%) DII Proportion of Free Float (%) - RHS
Flowmeter: India Holdings & Flows | May 2014
Sector-wise flows: Financials attract both FII and DII flows Sector-wise FII flows into BSE-200 In 4QFY14, about 72% of FIIs inflows (USD1.3b) were in Financials.
Healthcare (USD0.6b), Consumer (USD0.3b) and Utilities (USD0.1b) recorded the highest FII outflows in 4QFY14.
However, Utilities witnessed a net inflow of USD1.3b in FY14, primarily driven by the Power Grid FPO.
PSU Banks remained the most preferred sector, with DIIs inflows of USD0.9b in 4QFY14. However, DIIs pulled out heavily from Technology in both 4QFY14 and FY14.
Unlike FIIs, DIIs were buyers in Consumer and Utilities.
In FY14, PSU Banks, Utilities, Private Banks and Capital Goods witnessed inflows from DIIs.
6
Sector-wise DII flows into BSE-200
0.1
-1.7
1.30.2
0.2
0.1
0.5
0.4
0.5
0.5
0.7
0.7
0.6
-0.3
2.2
1.2
0.8
1.3
Health Care
Consumer
Utilities
Real Estate
Chemicals
Cement
Infrastructure
Media
Metals
Automobiles
Misc
Capital Goods
Telecom
Banks - PSU
Technology
Oil & Gas
NBFC
Banks - Pvt
FY14
-0.6
-0.3
-0.1
0.0
0.0
0.0
0.0
0.1
0.1
0.1
0.2
0.2
0.2
0.3
0.3
0.3
0.4
0.6
Health Care
Consumer
Utilities
Real Estate
Chemicals
Cement
Infrastructure
Media
Metals
Automobiles
Misc
Capital Goods
Telecom
Banks - PSU
Technology
Oil & Gas
NBFC
Banks - Pvt
4QFY14(USD b)
-2.0
-0.4
-0.5
-0.4
-0.4
-0.3
-0.2
-0.3
-0.2
-0.2
0.0
0.5
0.2
-0.1
0.8
0.3
-0.3
1.3
Technology
Telecom
Health Care
NBFC
Automobiles
Metals
Media
Misc
Chemicals
Infrastructure
Real Estate
Banks - Pvt
Cement
Oil & Gas
Utilities
Capital Goods
Consumer
Banks - PSU
FY14
-0.6
-0.3
-0.2
-0.2
-0.2
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.2
0.3
0.4
0.9
Technology
Telecom
Health Care
NBFC
Automobiles
Metals
Media
Misc
Chemicals
Infrastructure
Real Estate
Banks - Pvt
Cement
Oil & Gas
Utilities
Capital Goods
Consumer
Banks - PSU
4QFY14(USD b)
Flowmeter: India Holdings & Flows | May 2014
Company-wise flows: 4 of top 5 FII flows in Financials
7
531
486
316
310
297
158
148
103
99
94
90
80
76
70
65
61
58
56
56
54
Axis Bank
Infosys
HDFC
SBI
ICICI Bank
Reliance Inds.
Cairn India
L&T
Page Inds
Bharti
HCL Tech.
IndusInd
Maruti
Dr Reddy's
Power Grid
Bharti Infra.
Aurobindo
Divi's Lab.
Apollo Tyres
BPCL
FII Inflows (USD m)
-833
-205
-166
-157
-144
-114
-81
-56
-46
-41
-34
-33
-31
-30
-24
-24
-24
-22
-19
-18
GSK Pharma
HDFC Bank
NTPC
TCS
HUL
Asian Paints
Tata Motors
Jain Irrigation
United Spirits
Tata Steel
Dabur India
Coal India
Yes Bank
O N G C
Canara Bank
IGL
Cipla
REC
SAIL
Godrej Cons.
FII Outflows (USD m)
867
304
177
173
153
136
135
129
112
79
70
62
60
57
54
53
50
43
42
39
SBI
BHEL
ITC
HDFC Bank
HUL
NTPC
Coal India
ONGC
Asian Paints
GAIL
TCS
IOB
REC
Dabur India
Jain Irrigation
Oil India
Engineers India
Hindalco
Cipla
PFC
DII Inflows (USD m)-565
-286
-194
-165
-92
-92
-81
-68
-57
-52
-52
-50
-49
-45
-42
-40
-39
-38
-35
-34
Infosys
ICICI Bank
HDFC
Bharti Airtel
Reliance Inds.
Dr Reddy's
HCL Tech.
Wipro
United Spirits
GSK Pharma
Cairn India
Nestle India
Page Industries
Idea Cellular
Bharat Forge
IDFC
Sun Pharma
BPCL
UPL
Tata Motors
DII Outflows (USD m)
In 4QFY14, Axis Bank, Infosys, HDFC, SBI and ICICI Bank witnessed the highest FII inflows. Top outflows were from GSK Pharma, HDFC Bank, NTPC, TCS and HUL.
DIIs’ top buying list included SBI, BHEL, ITC, HDFC Bank and HUL. DII outflows were the highest in Infosys, ICICI Bank, HDFC and Bharti Airtel.
Flowmeter: India Holdings & Flows | May 2014
57.2 54.7 54.7 53.6 51.5 50.6 51.5 51.2 50.6
15.9 18.0 19.1 19.4 22.4 22.8 22.7 23.5 23.8
11.8 12.6 12.1 12.0 11.5 11.5 11.1 11.0 11.2
15.0 14.7 14.2 15.0 14.6 15.1 14.7 14.3 14.5
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Promoter FIIs DIIs PublicValue USDB
494 1,050 1,230 1,021 1,0429868949841,004
Overall holdings: 57% of BSE-200 saw an increase in FIIs stake
8
FII holding (BSE-200) was up 27bp QoQ and 142bp YoY to 23.8% in March 2014.
– FIIs increased stake QoQ in 57% companies in BSE-200 and 63% companies in Sensex.
Promoter holding in BSE-200 decreased 64bp QoQ and 97bp YoY to 50.6% in March 2014
DII holding (BSE-200) was up 20bp QoQ , but down 30bp YoY to 11.2% in March 2014.
BSE-200 holding pattern (%)
QoQ change in stake (number of companies)
BSE200 Sensex BSE200 SensexIncrease in stake 114 19 89 15Decrease in stake 83 11 109 15Unchanged 3 0 2 0Total 200 30 200 30
FIIs DIIs
Sensex holding pattern (%)
51.6 46.9 48.6 48.0 45.9 45.3 46.8 46.3 45.0
19.5 22.6 22.8 23.1 25.9 25.9 25.3 26.4 27.0
12.8 14.4 13.5 13.9 13.1 13.2 12.7 12.7 13.1
16.1 16.1 15.0 15.1 15.1 15.7 15.1 14.6 14.9
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14
Promoter FIIs DIIs PublicValue USDB 296 563 699 578 601573530575576
FIIs holding in Indian markets at
all-time high
Flowmeter: India Holdings & Flows | May 2014
Sector-wise holdings: NBFCs and Private Banks recorded highest QoQ chg FII and DII holdings in BSE-200 FIIs have the highest ownership in Private
Banks (53%), followed by NBFCs (46%) and Media (32%).
DIIs have the highest ownership in Capital Goods (23%) followed by PSU Banks (18%) and Consumer (16%).
Change in FII/DII holdings (QoQ) FIIs stake in NBFCs increased by 107bp,
Private Banks by 100bp and Capital Goods by 54bp. Cement and Healthcare saw QoQ reduction in stake by FIIs.
DIIs increased stake in PSU Banks, Capital Goods and Consumer on a QoQ basis.
FII holdings increased YoY in Media, Metals and Infrastructure.
FII holdings declined YoY in Cement, Consumer and PSU Banks.
BSE-200 saw an increase in FII holdings in most sectors, but decline in DII holdings in most sectors.
9
Change in FII/DII holdings (YoY)
8
18
11
14
6
23
5
16
9
8
0
9
8
7
11
4
10
13
10
11
14
15
15
17
19
19
20
21
22
25
25
26
30
32
46
53
Utilities
Banks-PSU
Oil & Gas
Metals
Telecom
Cap. Goods
Infra
Consumer
Chem.&Fert
Misc
Real Estate
Cement
Healthcare
Technology
Auto
Media
NBFC
Banks-Pvt
FII Holding (%) DII Holding (%)
-1
-25
85
-7
11
-31
20
-45
-51
20
148
-71
-28
-52
-75
106
6
-14
-283
-88
-37
-34
-18
-7
-11
8
9
27
26
31
34
37
45
54
100
107
Cement
Healthcare
Consumer
Real Estate
Oil & Gas
Auto
Utilities
Technology
Chem.&Fert
BSE200
Banks-PSU
Telecom
Metals
Infra
Media
Cap. Goods
Banks-Pvt
NBFC
FII QoQ Change (bp) DII QoQ Change (bp)
55
-45
196
-94
53
-118
12
-48
-58
-30
124
94
-148
4
-127
-280
-360
-259
-256
-140
-127
36
55
97
107
130
126
142
152
175191
203
353
429
547
611
Cement
Consumer
Banks-PSU
Telecom
Banks-Pvt
NBFC
Oil & Gas
Healthcare
Auto
BSE200
Cap. Goods
Utilities
Technology
Real Estate
Metals
Infra
Chem.&Fert
Media
FII YoY Change (bp) DII YoY Change (bp)
Flowmeter: India Holdings & Flows | May 2014
SectorFII Holding Mar-14 (%)
YoY Chg (pp)
QoQ Chg (pp)
Chg Over Mar-09
(pp)
FII Value Mar-14 (USD B)
Chg Over Mar-09 (USD B)
Price CAGR Over Mar-
09 (%)
BSE200 Weight (%)
Banks - Pvt 52.6 0.5 1.0 6.2 44.8 34.3 36 13.8 4.3 |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology 26.5 1.9 0.1 -0.9 39.7 29.5 38 13.4 2.6 ||||||||||||||||||||||||||||||||||||||||||||||||||||
NBFC 45.6 1.0 1.1 14.0 24.9 18.6 25 7.7 2.4 |||||||||||||||||||||||||||||||||||||||||||||||
Consumer 19.4 -1.4 -0.4 6.1 24.1 18.9 32 13.0 -3.2 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles 30.3 1.3 -0.1 11.2 23.4 19.8 38 8.5 1.0 |||||||||||||||||||
Oil & Gas 14.3 1.1 -0.2 1.1 19.7 5.0 8 10.3 -2.4 |||||||||||||||||||||||||||||||||||||||||||||||
Health Care 25.1 1.3 -0.9 8.6 16.2 13.0 33 6.5 0.1 |
Metals 14.5 3.5 0.3 8.4 8.0 5.5 11 4.0 -0.8 |||||||||||||||
Util ities 10.3 1.7 -0.1 5.1 7.5 4.9 -2 3.6 -0.6 ||||||||||||
Capital Goods 16.6 1.5 0.5 2.6 7.4 3.1 13 5.3 -2.3 |||||||||||||||||||||||||||||||||||||||||||||
Cement 24.5 -0.3 -0.6 5.5 6.7 4.9 29 2.6 0.1 ||
Misc 21.4 2.7 0.9 1.8 6.3 4.6 30 2.6 0.0
Telecom 15.3 0.4 0.3 -1.2 6.1 0.0 2 2.3 0.1 ||
Banks - PSU 11.2 -1.3 0.3 -0.9 5.2 2.0 17 3.9 -1.8 |||||||||||||||||||||||||||||||||||
Media 32.0 6.1 0.5 17.3 2.9 2.4 29 0.8 0.3 ||||||
Infrastructure 19.2 4.3 0.4 7.5 2.0 0.9 8 0.7 0.1 ||
Real Estate 22.0 2.0 -0.3 12.8 1.4 0.7 1 0.5 0.1 ||
Chemicals & Ferti 19.7 5.5 0.1 3.6 1.2 0.8 27 0.6 -0.1 ||
BSE200 23.8 1.4 0.3 7.9 248 169 19 100
FIIs vs BSE200 weight UW/OW (pp)
FIIs sector holdings: Overweight in Private Bank, Technology and NBFCs
10
Sector FII holdings by value
Private Banks is the most preferred sector, with USD44.8b investment value.
Private Banks recorded the highest increase since March 2009 (USD34.3b), followed by Technology (USD29.5b).
Incremental investments in Telecom, Real Estate and Chemicals & Fertilizers remained muted during 2009-14.
Utilities is the only sector to give negative returns since March 2009.
FIIs are significantly over weight in Private Bank, Technology and NBFCs.
Flowmeter: India Holdings & Flows | May 2014
Sector
DII Holding Mar-14
(%)
YoY Chg (pp)
QoQ Chg (pp)
Chg Over Mar-09
(pp)
DII Value Mar-14 (USD B)
Chg Over Mar-09 (USD B)
Price CAGR Over
Mar-09 (%)
BSE200 Weight (%)
Consumer 15.9 -0.5 0.8 -6.5 19.7 11.0 32 13.0 4.0 |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil & Gas 11.4 0.1 0.1 2.1 15.7 5.3 8 10.3 3.1 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banks - Pvt 13.1 0.5 0.1 -2.4 11.1 7.7 36 13.8 -4.2 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Goods 23.3 1.2 1.1 3.9 10.4 4.5 13 5.3 3.6 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Technology 6.7 -1.5 -0.5 0.4 10.1 7.7 38 13.4 -4.8 |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banks - PSU 18.3 2.0 1.5 1.8 8.6 4.2 17 3.9 3.5 |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automobiles 10.7 -0.6 -0.3 -5.7 8.3 5.1 38 8.5 -1.4 |||||||||||||||||||||||||||
Metals 14.2 -1.3 -0.3 5.4 7.8 4.3 11 4.0 2.7 |||||||||||||||||||||||||||||||||||||||||||||||||||||
Util ities 7.8 0.9 0.2 1.2 5.7 2.3 -2 3.6 1.2 ||||||||||||||||||||||||
NBFC 9.9 -1.2 -0.1 -7.9 5.4 1.8 25 7.7 -3.0 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care 7.7 -0.5 -0.3 -6.0 5.0 2.3 33 6.5 -2.2 |||||||||||||||||||||||||||||||||||||||||||
Cement 9.3 0.5 0.0 -8.7 2.5 0.8 29 2.6 -0.4 |||||||
Telecom 6.2 -0.9 -0.7 -2.0 2.5 -0.6 2 2.3 -0.2 ||||
Misc 8.0 -2.2 -0.5 -2.1 2.4 1.4 30 2.6 -0.6 |||||||||||
Chemicals & Fert 9.4 -3.6 -0.5 -10.1 0.6 0.1 27 0.6 -0.1 ||
Infrastructure 4.8 -2.8 -0.5 -2.5 0.5 -0.1 8 0.7 -0.2 ||||
Media 3.9 -2.6 -0.8 -5.4 0.4 0.1 29 0.8 -0.5 ||||||||||
Real Estate 0.5 0.0 -0.1 -0.2 0.0 0.0 1 0.5 -0.4 ||||||||
BSE200 11.2 -0.3 0.2 -0.7 116 58 19 100
DIIs vs BSE200 weight UW/OW (pp)
DIIs sector holdings: Overweight in Consumer, Oil & Gas, Cap Goods, PSU Banks and Metals
11
Sector DII holdings by value
Consumer has been the most preferred sector by DIIs during 2009-14, with incremental investment value of USD11b.
DII holding in Consumer is the third highest at 15.9% after Capital Goods (23.3% ) and PSU Banks (18.3%).
Incremental investment in Real Estate, Infrastructure and Media remained muted during 2009-14.
DIIs are over weight in Consumer, Oil & Gas, Capital Goods, PSU Banks and Metals.
Unlike FII s, DIIs are significantly underweight in Technology, Private Banks and NBFCs.
Flowmeter: India Holdings & Flows | May 2014
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Mar-
14 (%)YoY Chg
(pp)QoQ Chg
(pp)5 Year Price
CAGR (%)Sensex
Weight (%)
Axis Bank 52.0 2.9 4.9 10.1 1.5 0.3 28.6 2.5 1.1 |||||||||||||||||||||| -1.0 ||||||||||||||||||||
B H E L 16.1 1.4 0.5 16.5 4.1 4.5 -8.1 0.9 -0.1 | 0.8 |||||||||||||||
Bajaj Auto 18.7 0.5 0.0 7.0 -0.3 0.1 46.4 1.5 -0.4 |||||||| -0.7 |||||||||||||
Bharti Airtel 16.4 -0.8 0.5 7.8 -0.8 -0.8 0.4 2.0 0.1 || 0.1 |
Cipla 24.4 -0.3 -0.5 11.4 1.2 0.8 11.8 1.0 -0.3 ||||| -0.3 ||||||
Coal India 5.3 -0.1 -0.1 2.9 0.9 0.5 NA 0.9 0.0 0.2 |||
Dr Reddy's Labs 52.3 5.8 1.9 6.3 -4.7 -1.3 39.3 1.7 0.6 |||||||||||| -1.1 ||||||||||||||||||||||
GAIL (India) 18.8 1.9 0.3 22.7 -0.1 1.1 9.0 1.0 -0.1 | 1.2 ||||||||||||||||||||||||
H D F C 75.7 2.0 1.5 11.9 -1.3 -0.9 25.6 7.0 3.4 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| -3.7 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HDFC Bank 51.1 -0.1 -0.9 9.9 1.3 0.6 31.1 7.3 1.8 |||||||||||||||||||||||||||||||||||| -3.7 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hero Motocorp 30.8 0.2 0.2 8.0 -0.4 -0.5 16.3 1.5 -0.1 || -0.8 |||||||||||||||
Hind. Unilever 14.1 -8.0 -0.7 4.1 -3.9 0.8 20.4 2.3 -0.5 ||||||||| -1.2 ||||||||||||||||||||||||
Hindalco Inds. 34.8 2.0 0.0 14.4 -1.1 1.2 22.2 1.0 0.0 -0.1 ||
ICICI Bank 69.0 1.9 1.5 23.2 -0.9 -1.4 30.2 7.4 2.6 ||||||||||||||||||||||||||||||||||||||||||||||||||| -0.5 ||||||||||
Infosys 58.2 5.3 1.9 13.7 -3.9 -1.7 19.9 8.2 2.8 ||||||||||||||||||||||||||||||||||||||||||||||||||||||| -2.9 |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ITC 19.5 -0.5 0.0 34.7 1.2 0.3 30.7 10.0 -4.6 |||||||||||||||||||||||||||||||||| 9.9 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Larsen & Toubro 21.2 1.0 0.4 36.6 0.3 0.0 23.2 5.4 -2.9 ||||||||||||||||||||||||||||||||||||| 3.4 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M & M 41.9 1.5 0.2 15.9 0.3 -0.2 38.6 2.3 0.2 |||| -0.3 ||||||
Maruti Suzuki 22.4 0.0 0.9 13.6 1.0 -0.4 20.5 1.4 0.0 0.3 |||||
NTPC 9.3 0.0 -1.0 12.9 2.5 0.8 -7.8 1.3 -0.3 |||||| 1.4 |||||||||||||||||||||||||||
O N G C 6.7 0.4 -0.1 10.9 0.0 0.3 10.3 3.5 -1.7 ||||||||||||||||||||||||||||||||| 2.6 |||||||||||||||||||||||||||||||||||||||||||||||||||
Reliance Inds. 22.1 0.8 0.3 11.3 0.2 -0.2 4.1 8.4 -1.8 |||||||||||||||||||||||||||||||||||| -1.5 ||||||||||||||||||||||||||||||
Sesa Sterlite 26.4 -0.9 0.7 7.5 3.2 -0.9 13.3 1.3 0.2 ||| -0.4 ||||||||
St Bk of India 11.8 -1.4 0.6 20.9 4.8 2.9 12.5 3.3 -1.6 |||||||||||||||||||||||||||||||| 2.8 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sun Pharma.Inds. 22.5 -0.1 0.0 5.6 2.2 -0.2 38.8 2.4 0.2 |||| -1.1 |||||||||||||||||||||
Tata Motors 48.4 1.9 0.3 9.8 -1.0 -0.2 61.7 3.8 2.4 ||||||||||||||||||||||||||||||||||||||||||||||| -1.3 |||||||||||||||||||||||||
Tata Power Co. 26.2 -1.6 -3.0 22.3 -1.5 -0.3 2.8 0.8 -0.2 |||| 0.2 ||||
Tata Steel 18.4 2.3 -0.7 25.5 -1.8 0.1 13.8 1.4 -0.7 ||||||||||||| 0.6 ||||||||||||
TCS 16.1 0.0 -0.2 5.4 -0.1 0.1 51.1 6.4 0.3 |||||| -1.8 ||||||||||||||||||||||||||||||||||||
Wipro 12.1 3.0 0.0 3.5 0.2 -0.3 29.8 2.1 -0.4 |||||||| -1.1 |||||||||||||||||||||
Sensex 27.0 1.1 0.5 13.1 0.1 0.4 18.2 100
FII Holding DII Holding Weight
FIIs vs Sensex UW/OW (pp)
Weight
DIIs vs Sensex UW/OW (pp)
Sensex holdings: 19 of 30 companies saw increase in FIIs holdings
12 Flowmeter: India Holdings & Flows | May 2014
Sector-wise weights: Private Banks overtakes Technology During the quarter Private Banks (increase of 75 bps) overtakes Technology (decrease of 135 bps) in terms of top weight position in BSE 200.
FIIs are significantly overweight in Private Banks and Technology relative to the respective sector weights in BSE-200. In contrast, DIIs are significantly underweight in these sectors.
Consumer displayed contrasting trends, with 53bp increase in DII weight v/s 32bp decrease in FII weight.
During the quarter, DIIs substantially increased weight in Capital Goods and PSU Banks, and reduced weight in Technology, Telecom, Metals and Healthcare.
13
BSE-200 weight comparison QoQ (%) FIIs weight comparison QoQ (%) DIIs weight comparison QoQ (%)
13.8
13.4
13.0
10.3
8.5
7.7
6.5
5.3
4.0
3.9
3.6
2.6
2.3
0.8
0.7
13.1
14.8
13.0
10.2
8.2
7.5
6.8
4.7
4.3
3.5
3.9
2.3
2.4
0.9
0.7
Banks - Pvt
Technology
Consumer
Oil & Gas
Automobiles
NBFC
Health Care
Capital Goods
Metals
Banks - PSU
Utilities
Cement
Telecom
Media
Infrastructure
Mar-14 Dec-13
75
Chg bps
9
24
18
55
43
23
1
18.1
16.1
10.2
9.7
9.5
8.0
6.6
3.2
3.0
3.0
2.5
2.5
2.1
1.2
0.8
16.8
17.4
9.8
10.1
9.2
7.9
7.1
3.4
3.3
2.6
2.7
2.5
2.0
1.2
0.7
Banks - Pvt
Technology
NBFC
Consumer
Automobiles
Oil & Gas
Health Care
Metals
Utilities
Capital Goods
Telecom
Cement
Banks - PSU
Media
Infrastructure
Mar-14 Dec-13
126
Chg bps
31
10
38
4
39
16
17.6
13.3
9.9
9.3
9.07.7
7.3
5.1
4.6
4.5
4.1
2.2
2.20.4
0.3
17.0
13.0
9.5
8.1
10.5
6.7
7.3
5.4
5.1
4.9
4.2
2.0
2.7
0.5
0.4
Consumer
Oil & Gas
Banks - Pvt
Capital Goods
Technology
Banks - PSU
Automobiles
Utilities
Metals
Health Care
NBFC
Cement
Telecom
Infrastructure
Media
Mar-14 Dec-13
53
Chg bps
119
44
33
92
20
Flowmeter: India Holdings & Flows | May 2014
Auto: FII holding at new high; DIIs continue to sell
14
FIIs recorded inflows of USD131m during 4QFY14. The top-3 companies receiving inflows from FIIs were Maruti (USD76m), Apollo Tyres (USD56m) and Bharat Forge (USD33m).
Tata Motors, M&M and Maruti are top holdings by both FIIs and DIIs, accounting 67% of the sector’s institutional holding.
FIIs and DIIs are overweight on Tata Motors but underweight on Bajaj Auto. Apollo Tyres was the top stock, with 5.6pp QoQ change in FII holding.
245
217
257 54
659
650
024
471
464
285
330
128
709
103
232
826
350
233
4857
713
1
Mar
-09
Sep-
09
Mar
-10
Sep -
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
183
268
2811
318
828
233
461
126
810
4 1636
312
9367
744
323
824
767
216
5
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep -
13
Mar
-14
DII Flows (USD M)
19.1
29.130.3
16.4
11.3 10.79
12
14
17
19
17
21
25
29
33
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Amara Raja Batt. 15.0 4.9 1.7 12.2 11.6 -3.7 -1.2 -1.4 163 126 289 0.1 0.1 84.4Apollo Tyres 34.5 5.9 5.6 30.5 7.9 1.1 -1.4 -11.7 448 102 550 0.2 0.2 54.4Ashok Leyland 26.0 -4.4 -0.5 2.7 13.3 0.2 1.0 -5.7 265 136 401 0.1 0.1 21.2Bajaj Auto 18.7 0.5 0.0 4.8 7.0 -0.3 0.1 -2.9 1,819 682 2,502 0.7 1.0 46.4Bharat Forge 16.0 6.6 2.4 7.3 14.5 -4.5 -3.0 -0.7 254 230 484 0.1 0.2 33.9Bosch 7.2 0.3 0.0 2.1 11.7 0.0 0.0 -3.7 400 644 1,044 0.3 0.3 28.8Eicher Motors 19.6 6.7 -0.3 19.6 5.3 -6.5 0.2 5.3 511 138 649 0.2 0.2 93.6Exide Inds. 17.3 -0.4 0.0 9.5 17.2 3.6 1.1 -3.9 287 286 573 0.2 0.2 23.9Hero Motocorp 30.8 0.2 0.2 3.8 8.0 -0.4 -0.5 -1.6 2,263 589 2,852 0.8 1.0 16.3M & M 41.9 1.5 0.2 11.2 15.9 0.3 -0.2 -9.6 4,097 1,552 5,649 1.6 1.5 38.6Maruti Suzuki 22.4 0.0 0.9 3.0 13.6 1.0 -0.4 -8.1 2,155 1,311 3,466 1.0 0.9 20.5Motherson Sumi 16.9 1.7 -0.3 10.7 7.4 -2.1 -0.4 1.1 618 271 889 0.2 0.3 53.7MRF 7.0 2.7 1.4 6.0 10.4 -0.4 -0.6 -1.9 104 154 259 0.1 0.2 65.1Tata Motors 48.4 1.9 0.3 28.1 9.8 -1.0 -0.2 -8.4 10,033 2,032 12,065 3.3 2.5 61.7Automobiles 30.3 1.3 -0.1 11.2 10.7 -0.6 -0.3 -5.7 23,418 8,254 31,672 8.7 8.5 38.0
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII O/W DII U/W
Flowmeter: India Holdings & Flows | May 2014
Banks – Private: Second consecutive quarter of FII inflows
15
In BSE-200, FII ownership is the highest in Private Banks (52.6%), with a value of USD45b in 4QFY14. DII ownership in Private Banks is at 13%.
FIIs maintained their positive interest in Private Banks, which recorded an inflow of USD1,340m in the last two quarters.
IndusInd and Yes Bank were the top-performing stocks over a 5-year period, and both have also shown substantial increase in FII holding.
296
569
373 55
949
863
91,
583
9817
319
940
756
079
8
563
1,21
51,
419
1,81
445
550
869
264
8
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
279
4729
212
510
449
2 361
184 39
712
212
546
327
0
281
662
577
663
210
483
180
2
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
46.5
52.1 52.6
15.5
12.613.1
10
12
14
16
18
44
47
49
52
54
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Axis Bank 52.0 2.9 4.9 20.8 10.1 1.5 0.3 -1.2 5,775 1,118 6,893 1.9 1.6 28.6Federal Bank 43.4 -4.5 -1.3 -0.3 23.2 1.3 1.6 2.4 574 307 881 0.2 0.3 28.2HDFC Bank 51.1 -0.1 -0.9 6.3 9.9 1.3 0.6 -3.9 14,844 2,884 17,728 4.9 4.7 31.1ICICI Bank 69.0 1.9 1.5 6.4 23.2 -0.9 -1.4 0.6 16,066 5,406 21,472 5.9 4.7 30.2IndusInd Bank 55.6 2.7 2.1 18.6 7.5 -1.1 0.2 6.5 2,369 318 2,687 0.7 0.7 73.0ING Vysya Bank 28.7 1.2 -0.1 8.4 14.8 2.3 0.4 -3.2 549 283 832 0.2 0.2 37.1J & K Bank 28.0 3.5 -0.2 -3.0 4.8 -0.1 0.3 2.0 338 58 396 0.1 0.1 37.7Karnataka Bank 21.0 -3.8 1.9 -12.0 7.8 1.1 -0.2 1.0 75 28 103 0.0 0.1 14.3Kotak Mah. Bank 31.8 -0.5 -0.1 3.5 1.9 -0.3 0.1 -1.9 3,088 179 3,268 0.9 1.0 40.6South Ind.Bank 41.7 -2.3 -2.3 5.8 12.0 -0.3 -0.1 0.0 202 58 260 0.1 0.1 34.1Yes Bank 38.0 -11.0 -1.6 11.5 21.0 7.7 1.7 -5.4 917 506 1,423 0.4 0.4 52.6Banks - Pvt 52.6 0.5 1.0 6.2 13.1 0.5 0.1 -2.4 44,797 11,146 55,943 15.4 13.8 36.2
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII O/W DII U/W
Flowmeter: India Holdings & Flows | May 2014
Banks – PSU: Highest institutional flows during 4QFY14
16
After three consecutive quarters of FII outflows, PSU Banks remained the most active sector in 4QFY14, with FII inflows of USD274m and DII inflows of USD890m. The sector was also one of the best performers during the quarter, with a change of 14% on QoQ basis.
SBI, OBC and Andhra Bank saw an increase in FII holding during the quarter. DIIs increased their stake in IOB and SBI.
DII holding reached a new high of 18.3% during 4QFY14.
665
517
364
468
300
462 1,
253
152
274
783
1,05
328
545
0
5615
023
3 503
274
233 30
274
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
431
340
7417
847
084
787 20
083
541
453
946
1,09
1
11 3038
357
158
156
9689
0
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
12.1 12.5 11.2
16.5 16.3
18.3
14
16
17
19
20
10
12
13
15
16
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Allahabad Bank 8.0 -1.8 -0.8 -2.3 18.0 -3.7 -0.5 3.6 64 144 208 0.1 0.1 18.5Andhra Bank 11.5 -1.8 0.3 -3.1 10.9 -3.7 -0.1 -5.6 70 67 137 0.0 0.0 7.3Bank of Baroda 15.6 -1.1 0.1 2.1 18.6 0.8 -1.0 -3.5 788 937 1,726 0.5 0.5 25.2Bank of India 10.2 -3.4 -0.8 -4.2 15.5 -0.9 0.1 2.7 242 369 610 0.2 0.2 0.8Canara Bank 9.0 -3.2 -1.4 -2.3 13.1 -0.3 0.2 4.5 177 258 435 0.1 0.1 9.8Central Bank 0.9 -0.9 -0.2 -0.9 5.9 -1.7 0.0 -1.0 10 65 75 0.0 0.0 11.6I O B 1.9 -0.6 -0.1 -6.0 15.3 3.3 5.9 0.0 19 156 175 0.0 0.0 2.3IDBI Bank 2.9 -0.5 0.1 -1.0 11.2 -2.6 -0.1 -10.6 49 190 239 0.1 0.1 7.6Oriental Bank 9.9 0.3 0.3 0.3 24.0 -1.2 -0.9 -6.9 107 260 367 0.1 0.1 15.2Punjab Natl.Bank 17.2 -0.8 -0.3 2.3 18.7 -0.3 0.2 -2.4 750 813 1,563 0.4 0.4 12.6St Bk of India 11.8 -1.4 0.6 -0.4 20.9 4.8 2.9 4.6 2,737 4,833 7,570 2.1 2.1 12.5Syndicate Bank 6.6 0.2 -0.1 3.1 13.3 -2.7 -1.0 2.7 64 129 193 0.1 0.1 15.0UCO Bank 4.2 1.1 -1.0 2.7 8.9 -4.1 -3.4 1.2 51 107 158 0.0 0.1 24.9Union Bank (I) 8.5 -2.1 -0.3 -5.6 16.6 -1.4 -0.3 0.7 119 233 351 0.1 0.1 -1.4Banks - PSU 11.2 -1.3 0.3 -0.9 18.3 2.0 1.5 1.8 5,246 8,561 13,807 3.8 3.9 16.9
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII U/W DII O/W
Flowmeter: India Holdings & Flows | May 2014
NBFCs: Second best sector in terms of FII flows during 4QFY14
17
After PSU Banks, NBFCs was the second best sector in terms of FII flows. NBFCs witnessed inflows of USD416m from FIIs. However, DIIs remained sellers for the second consecutive quarter.
LIC Housing, HDFC and Bajaj Holding remained the favoured stocks and saw an increase in FII holding during the quarter.
DII and FII flows have been in opposite direction for 10 quarters.
6547
030
441
592
438
1,37
811
095
2416
911,
605
188
1,08
6 1,46
157
411
549
360
416
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
1712
648
308
130
601 15
7 1062
913
818
1,77
9
7018
094
518
212
713
618
917
7
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
31.6
44.6 45.6
17.8
11.09.9
7
11
14
18
21
30
35
40
45
50
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Bajaj Fin. 11.7 4.8 0.7 -9.5 7.6 -3.6 -0.2 4.7 170 110 280 0.1 0.1 93.1Bajaj Finserv 11.0 0.0 0.0 -0.1 4.4 0.1 0.2 -2.5 224 90 315 0.1 0.2 36.8Bajaj Holdings 16.3 2.5 1.5 1.5 10.1 -1.7 -1.1 -4.0 297 185 482 0.1 0.2 27.8GRUH Finance 17.5 2.1 0.5 8.5 0.7 0.3 0.1 -3.6 149 6 155 0.0 0.1 73.7H D F C 75.7 2.0 1.5 15.9 11.9 -1.3 -0.9 -15.3 16,900 2,665 19,565 5.4 4.5 25.6I D F C 52.6 -0.6 1.2 21.2 29.4 -2.5 -1.6 -21.6 1,578 882 2,460 0.7 0.5 17.7IFCI 5.4 0.9 0.3 -0.6 12.7 0.1 0.2 -23.6 39 91 129 0.0 0.1 6.6Indiabulls Hous. 39.2 39.2 -0.2 39.2 3.4 3.4 0.0 3.4 501 44 545 0.1 0.2 NAL&T Fin.Holdings 4.4 1.8 1.4 4.4 0.8 -0.1 -0.1 0.8 90 16 107 0.0 0.1 NALIC Housing Fin. 37.9 5.3 1.6 16.3 6.9 -5.4 -1.2 -11.9 729 134 863 0.2 0.2 39.3M & M Financial 41.4 3.4 0.6 17.1 1.3 -3.4 -0.9 1.1 960 31 991 0.3 0.2 43.1Muthoot Finance 10.3 1.3 0.9 10.3 1.1 -0.1 0.7 1.1 106 11 117 0.0 0.0 NAPower Fin.Corpn. 11.2 -1.3 0.0 7.2 11.0 2.2 1.2 7.8 462 455 917 0.3 0.2 6.0Reliance Capital 20.6 0.7 -0.5 -0.6 5.4 -0.3 0.0 1.3 283 74 356 0.1 0.1 -0.4Religare Enterp. 10.6 9.0 0.0 6.4 3.7 2.6 0.0 3.6 82 29 110 0.0 0.1 0.2Rural Elec.Corp. 18.7 -2.0 -0.7 15.3 9.9 3.7 1.9 1.6 683 361 1,044 0.3 0.3 18.9Shri.City Union. 25.3 0.1 -0.4 19.5 3.0 -1.3 0.0 1.8 267 32 299 0.1 0.1 27.6Shriram Trans. 48.9 -0.5 -0.8 35.0 6.0 1.0 0.4 3.3 1,371 168 1,540 0.4 0.4 33.0NBFC 45.6 1.0 1.1 14.0 9.9 -1.2 -0.1 -7.9 24,891 5,384 30,275 8.3 7.7 25.5
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII O/W DII U/W
Flowmeter: India Holdings & Flows | May 2014
Capital Goods: DII and FII holdings at new high
18
Capital Goods recorded inflows of USD227m and USD342m from FIIs and DIIs, respectively. The holdings of both were at all-time highs.
BHEL, the only stock to have given negative returns in five years, has also seen reduction in FII holding during the period.
Havells, which has given the highest return of 67% in five years, saw FIIs value increasing by 17x .
6465
118
968
466
101
411
4849
213
628
337
450
8
267
362
306
100
4060
475
227
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
9926
517
8 556
349
274
516
514
01,
014
9525
228
3
310
105
216
148
65 6616
134
2
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
14.0
15.1
16.6
19.3
22.0
23.3
18
20
21
23
24
11
13
15
16
18
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
A B B 4.4 0.7 0.3 -8.2 12.2 -0.2 -0.1 -9.2 128 356 484 0.1 0.1 14.7B H E L 16.1 1.4 0.5 -0.9 16.5 4.1 4.5 7.3 1,258 1,284 2,542 0.7 0.6 -8.1Bharat Electron 3.7 0.0 -0.8 -1.6 16.9 1.7 1.6 2.3 55 251 305 0.1 0.1 5.3Crompton Greaves 19.5 4.5 0.8 9.8 23.2 -1.1 -0.6 -5.0 318 376 694 0.2 0.2 17.8Cummins India 18.4 2.9 1.5 7.8 17.2 -2.6 -1.0 -4.9 493 461 953 0.3 0.3 35.1Engineers India 8.5 4.0 2.9 6.8 12.5 4.7 5.6 8.0 104 154 258 0.1 0.1 21.0Havells India 30.7 4.9 -0.2 13.0 0.4 -0.6 -0.1 -2.3 577 7 584 0.2 0.2 66.8Larsen & Toubro 21.2 1.0 0.4 6.3 36.6 0.3 0.0 -1.8 4,038 6,988 11,026 3.0 3.5 23.2Siemens 4.2 0.6 0.6 1.8 8.8 0.8 0.1 -13.3 186 392 579 0.2 0.2 23.5Thermax 16.6 2.3 0.5 10.8 6.8 -2.4 -0.4 -9.7 240 98 337 0.1 0.1 32.8Capital Goods 16.6 1.5 0.5 2.6 23.3 1.2 1.1 3.9 7,396 10,367 17,762 4.9 5.3 12.6
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII U/W DII O/W
Flowmeter: India Holdings & Flows | May 2014
Cement: FII flows muted
19
The Cement sector witnessed a decrease in FII holding during the quarter. Also, the flows have dropped for the third consecutive quarter.
The sector recorded an inflow of USD46m from DIIs during the quarter after an outflow in the December quarter.
Shree Cement and UltraTech were the top performers in the sector in terms of five-year returns.
6381
1347
330
4447
429
324
113
167
174
192
128 20
854
224
2492
20 1
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
3249 25
1423
434
7820
6 141
3796
128
233
4222
253
121
129
354
46
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
24.9
24.518.0
8.8
9.37
11
14
18
21
19
21
23
25
27
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep -
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
ACC 19.7 -0.2 -0.3 9.1 13.2 2.6 0.2 -9.2 833 556 1,389 0.4 0.4 19.3Ambuja Cem. 32.2 -0.3 0.1 8.0 9.4 0.8 0.0 -7.7 1,619 471 2,090 0.6 0.5 23.1Grasim Inds 37.3 -0.2 -0.2 3.4 16.1 0.7 0.1 -4.8 1,599 690 2,289 0.6 0.6 12.9Shree Cement 8.6 0.9 0.5 5.3 6.3 0.6 0.4 -3.8 274 200 474 0.1 0.2 51.4The Ramco Cement 18.7 4.9 0.3 16.4 18.2 0.3 0.2 -2.4 155 150 305 0.1 0.1 24.7UltraTech Cem. 22.7 0.1 -0.1 20.3 4.9 0.3 0.3 -4.0 2,209 477 2,686 0.7 0.8 31.8Cement 24.5 -0.3 -0.6 5.5 9.3 0.5 0.0 -8.7 6,690 2,544 9,234 2.5 2.6 29.0
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII - DII -
Flowmeter: India Holdings & Flows | May 2014
Consumer: FIIs big sellers; DIIs big buyers
20
During 4QFY14, FIIs continued selling Consumer stocks, which saw an outflow of USD300m. For the full year, FIIs have sold to the tune of USD1.7b.
On the other hand, DIIs poured USD404m into the sector, after 18 quarters of selling.
FII holding in the Consumer sector is at 19.4%, down from the peak of 20.8% in March 2013.
139
196
312 60
029
630
0 610
174
146
775
444 62
571
0
377 56
457
667
124
41,
120
2930
0
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
3626
24
2713
625
350
416
1 8736
5 238
243
360 12
940
2 278
860
4864
439
404
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
13.3
20.819.4
22.3
16.3
15.9
10
14
18
22
26
12
15
18
21
24
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep -
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Asian Paints 18.0 -1.5 -1.5 4.7 9.4 1.5 1.5 -5.1 1,525 794 2,319 0.6 0.9 47.4Bata India 20.1 -0.1 1.3 8.9 9.8 -0.4 -1.0 -4.2 238 117 355 0.1 0.1 61.5Berger Paints 11.7 1.4 0.0 5.8 2.7 -0.1 0.0 -2.4 151 35 186 0.1 0.1 45.8Britannia Inds. 20.1 2.2 0.0 12.5 8.4 -2.9 -0.4 -14.1 329 138 467 0.1 0.2 24.5Colgate-Palm. 20.0 -1.6 0.0 9.9 7.0 1.8 0.4 -3.8 604 211 815 0.2 0.3 23.9Dabur India 19.2 -1.0 -0.7 10.7 5.6 1.4 1.2 -8.2 975 286 1,261 0.3 0.4 29.5Emami 16.0 1.5 -0.7 15.5 1.8 -1.7 -0.2 0.8 255 28 284 0.1 0.1 44.9GlaxoSmith C H L 11.7 0.5 0.0 8.9 0.8 0.1 0.2 -25.7 342 24 367 0.1 0.2 43.7Godrej Consumer 28.4 0.2 -0.4 11.0 1.8 0.6 0.4 0.1 1,333 83 1,416 0.4 0.4 45.0Hind. Unilever 14.1 -8.0 -0.7 -0.3 4.1 -3.9 0.8 -11.0 2,979 871 3,850 1.1 1.5 20.4ITC 19.5 -0.5 0.0 5.3 34.7 1.2 0.3 -3.1 8,868 15,756 24,624 6.8 6.4 30.7Jubilant Food. 46.6 5.0 -0.8 46.6 0.1 -0.1 0.0 0.1 527 1 527 0.1 0.1 NAMarico 27.6 -0.4 0.0 10.8 6.0 0.5 0.3 -5.0 603 132 734 0.2 0.2 28.4Mcleod Russel 34.4 -0.5 -1.3 17.2 6.7 3.1 1.0 -4.1 186 36 222 0.1 0.1 36.4Nestle India 13.7 1.8 0.6 5.7 5.3 -1.4 -0.6 -6.6 1,071 412 1,483 0.4 0.6 26.3P & G Hygiene 2.4 -0.1 0.0 2.0 12.2 0.7 0.0 4.5 41 204 245 0.1 0.1 33.6Pidil ite Inds. 15.5 1.9 0.3 6.3 3.6 -2.0 -0.2 -4.9 393 91 485 0.1 0.2 48.5Tata Global 23.2 4.5 1.0 9.7 14.2 -4.3 -1.3 -15.5 349 212 561 0.2 0.2 20.7TTK Prestige 20.9 7.3 -1.2 18.6 2.1 -1.3 0.7 -1.6 119 12 131 0.0 0.0 101.7United Breweries 19.0 0.3 0.0 6.2 0.5 0.5 0.2 -1.2 668 19 687 0.2 0.2 55.8United Spirits 40.7 -6.3 -0.7 10.1 4.0 -2.0 -1.0 -3.5 2,527 247 2,773 0.8 0.8 32.4Consumer 19.4 -1.4 -0.4 6.1 15.9 -0.5 0.8 -6.5 24,083 19,708 43,792 12.0 13.0 31.5
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII U/W DII O/W
Flowmeter: India Holdings & Flows | May 2014
Healthcare: Biggest outflows by FIIs during the quarter
21
During the quarter, Healthcare recorded the biggest FII outflows at USD624m. DIIs also sold during the quarter to tune of USD197m.
Institutional investors are currently underweight on Healthcare relative to BSE-200.
Aurobindo, Dr Reddys and Divis Labs showed the highest increase in FII holding during the quarter.
163
214
202 43
613
412 28
414
327
228
327
504
162 28
3 505 93
154
615
658
624
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
133
131
8614
3 9111
1 5529
212
481
188 38
390
7022
345
160
7 409
142
283
197
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
16.5
23.825.1
13.8
8.2 7.75
8
11
14
17
15
18
21
24
27
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Apollo Hospitals 42.3 0.0 -0.6 10.9 3.8 0.9 0.6 2.6 873 79 951 0.3 0.2 35.0Aurobindo Pharma 23.7 6.9 2.6 10.6 9.9 -5.2 -0.5 0.0 572 237 810 0.2 0.2 68.2Biocon 13.5 5.5 1.3 7.6 6.0 -2.9 -0.5 -5.0 186 83 269 0.1 0.1 24.0Cadila Health. 5.8 0.5 0.1 3.6 8.2 -3.0 0.1 -7.1 198 278 475 0.1 0.2 41.4Cipla 24.4 -0.3 -0.5 10.0 11.4 1.2 0.8 -7.0 1,218 570 1,788 0.5 0.7 11.8Divi's Lab. 18.2 4.2 1.9 2.1 12.1 -1.2 -1.1 -1.9 535 355 891 0.2 0.3 23.5Dr Reddy's Labs 52.3 5.8 1.9 14.4 6.3 -4.7 -1.3 -13.9 3,688 443 4,131 1.1 1.1 39.3Glaxosmit Pharma 2.6 -20.3 -21.2 -12.2 8.9 -2.4 -1.3 -8.5 91 313 404 0.1 0.4 18.8Glenmark Pharma. 33.2 0.8 0.1 5.0 7.8 -0.3 0.3 4.4 825 194 1,019 0.3 0.3 29.1Ipca Labs. 25.3 4.5 -0.1 24.6 11.5 -4.3 -0.5 -24.0 436 198 634 0.2 0.2 66.6Lupin 31.9 3.1 -0.1 20.7 11.3 -3.0 0.0 -16.0 2,164 768 2,932 0.8 0.8 46.7Piramal Enterp. 26.6 1.6 0.1 5.0 4.0 -0.7 -0.3 -6.7 405 60 465 0.1 0.2 22.9Ranbaxy Labs. 13.3 0.6 0.9 8.5 8.3 -1.7 -0.5 -3.2 333 208 540 0.1 0.2 17.1Strides Arcolab 49.3 3.8 -0.1 38.6 2.7 -7.6 -0.2 -35.0 184 10 194 0.1 0.1 36.5Sun Pharma.Inds. 22.5 -0.1 0.0 5.4 5.6 2.2 -0.2 -1.8 4,326 1,067 5,393 1.5 1.6 38.8Torrent Pharma. 12.0 4.9 1.4 5.3 7.6 -2.1 -0.5 2.0 171 109 281 0.1 0.1 50.9Wockhardt 3.9 -5.4 -1.1 1.5 4.1 0.9 0.7 -5.1 31 33 65 0.0 0.0 39.8Health Care 25.1 1.3 -0.9 8.6 7.7 -0.5 -0.3 -6.0 16,236 5,006 21,242 5.8 6.5 32.5
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII - DII U/W
Flowmeter: India Holdings & Flows | May 2014
Infrastructure: FII holding at peak; DII holding at new low
22
DII holding in the sector is at a five-year low of 4.8%. However, FII holding is at a high of 19.2%. For FY14, FII inflows were USD497m.
FIIs increased their holding in JP Associates by 1.5% to 28.9% and in IRB Infra by 2.5% to 25.7% during 4QFY14.
Adani Ports and IRB Infra have given positive returns on five-year basis; JP Associates and GMR have given negative returns.
103
171 24
084 61
163
13 3211
2 1573
1948
1639 75 94
286
4213
534
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
165
1911
618
199
6610
36 1311
34
20
1625
238
2859 72
18
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
11.8
15.0
19.2
7.3 7.6
4.8
3
5
7
8
10
10
13
16
19
22
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep -
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Adani Ports 17.5 6.6 0.1 11.0 3.2 -1.6 0.2 0.5 1,098 203 1,301 0.4 0.3 23.7GMR Infra. 11.2 -0.4 -0.6 2.0 7.5 0.2 0.0 -1.1 155 103 258 0.1 0.1 -14.3IRB Infra.Devl. 25.7 3.4 2.5 16.5 3.0 -1.1 -0.9 -1.1 143 16 159 0.0 0.0 5.2JP Associates 28.9 6.2 1.5 5.1 8.5 -5.4 -1.4 -3.3 558 165 722 0.2 0.2 -0.9Infrastructure 19.2 4.3 0.4 7.5 4.8 -2.8 -0.5 -2.5 1,953 487 2,440 0.7 0.7 7.9
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII - DII -
Flowmeter: India Holdings & Flows | May 2014
Media: FII holding increased by 2x in five years
23
FIIs continued to buy, with inflows of USD62m in 4QFY14. However, DIIs were net sellers, with outflows of USD49m.
FII holding in the Media sector has doubled in the last five years to 32%. DII holding has declined from 9.3% to 3.9%.
FIIs increased their stake in all media stocks, whereas DIIs decreased stake.
FII holding is the highest in Zee at 47.9%, followed by Hathway at 31.7%.
1735 34
6537
7813
3 189
5118
352
580
5359 79
178
76 8117
162
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep -
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
1533
8133
100
3812
417
026
2087
628
3241
1710
631
5994
49
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
14.7
25.9
32.0
9.3
6.5 3.9
3
6
9
12
15
10
17
24
31
38
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Dish TV 19.5 -1.8 0.4 14.1 4.9 0.5 -0.7 1.4 175 44 220 0.1 0.1 16.8Hathway Cable 31.7 8.3 2.1 31.7 17.0 -4.2 -2.1 17.0 189 102 291 0.1 0.1 NASun TV Network 16.0 1.9 0.5 7.0 2.0 0.1 -0.1 -0.6 410 51 462 0.1 0.1 19.3TV18 Broadcast 11.0 4.3 0.4 3.9 1.4 -2.2 -0.2 -11.1 77 10 87 0.0 0.1 -16.7Zee Entertainmen 47.9 6.3 0.7 18.4 3.4 -5.3 -0.6 -17.3 2,024 145 2,169 0.6 0.5 38.6Media 32.0 6.1 0.5 17.3 3.9 -2.6 -0.8 -5.4 2,877 352 3,229 0.9 0.8 28.5
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII - DII U/W
Flowmeter: India Holdings & Flows | May 2014
Metals: DIIs sellers for third consecutive quarter
24
DIIs sold to the tune of USD266m in the last three quarters and have decreased their holding to 14.2%. FII inflows in the sector slowed down to USD66m, after a huge inflows of USD454m in the December quarter.
Sesa Sterlite and JSPL showed an increase in FII stake. DIIs decreased their stake these stocks.
NMDC has given negative returns over the last five years despite FIIs increasing stake by 6.2pp.
1437
6 722 1,
013
914
679
283
134 28
710
072
3 341
265
159
222 53
812
09 12
454
66
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
7783
322
169 2,
108
155
8017
460
33,
764
331
213
166 87
196
3,74
836
51
519
4 67
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
6.2
11.0
14.5
8.8
15.4
14.2
5
8
11
14
17
5
8
11
14
17
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Bhushan Steel 1.8 0.1 0.0 -0.9 4.0 3.1 0.0 2.6 30 66 96 0.0 0.1 42.0Hind.Copper 0.0 0.0 0.0 0.0 7.6 3.5 0.0 7.6 0 78 79 0.0 0.0 -9.1Hind.Zinc 2.1 0.6 0.1 0.6 31.3 -0.3 -0.1 -0.2 181 2,746 2,927 0.8 0.2 23.5Hindalco Inds. 34.8 2.0 0.0 14.3 14.4 -1.1 1.2 -4.2 1,646 683 2,329 0.6 0.6 22.2Jindal Steel 22.3 0.6 0.4 3.7 4.1 -2.7 -0.6 -1.2 976 181 1,157 0.3 0.4 7.8JSW Steel 19.2 -0.5 0.6 -9.9 4.1 -0.9 -0.8 -2.7 776 168 944 0.3 0.4 34.9Natl. Aluminium 3.8 -0.4 -0.3 0.2 10.2 -0.2 0.1 4.7 63 169 232 0.1 0.1 -5.9NMDC 6.2 1.4 0.1 6.2 10.6 -0.8 0.2 9.3 551 952 1,503 0.4 0.4 -2.3S A I L 5.9 1.0 -0.5 2.1 10.9 -0.9 0.3 3.3 280 522 802 0.2 0.2 -5.8Sesa Sterlite 26.4 -0.9 0.7 6.7 7.5 3.2 -0.9 2.3 2,378 672 3,050 0.8 0.8 13.3Tata Steel 18.4 2.3 -0.7 5.2 25.5 -1.8 0.1 0.7 1,137 1,577 2,714 0.7 0.9 13.8Metals 14.5 3.5 0.3 8.4 14.2 -1.3 -0.3 5.4 8,018 7,814 15,832 4.3 4.0 11.1
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII U/W DII O/W
Flowmeter: India Holdings & Flows | May 2014
Oil & Gas: Institutions underweight by 60bp
25
Oil & Gas contributes 10.3% of total institutional investment value of BSE-200. Institutions are underweight on Reliance by 100bp.
FIIs recorded inflows of USD341m and DIIs of USD128m during the March quarter.
Petronet LNG gave five-year returns of 29%, FII holding during the period increased to 19.9% from 9.4%.
3244
725
811
816
725
021
577
952
511
221
198
406
165
1,38
814
771
311
368 53
334
1
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
201 24
21,
289
491,
198
8758
620
415
137
114
137
1,60
3
5780 77
72 112
2432
412
8
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
13.2
13.2
14.3
9.3
11.3 11.4
8
9
10
11
12
10
12
13
15
16
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep -
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
B P C L 11.4 1.0 1.2 3.0 16.8 -0.7 -0.9 -4.6 612 903 1,515 0.4 0.4 19.6Cairn India 17.8 3.3 1.5 9.0 9.9 -1.3 -0.5 4.2 1,833 1,014 2,847 0.8 0.7 12.6Essar Oil 67.2 -9.3 -0.4 -9.8 1.5 -0.1 0.0 1.5 838 18 856 0.2 0.0 -6.8GAIL (India) 18.8 1.9 0.3 4.2 22.7 -0.1 1.1 -2.0 1,446 1,754 3,201 0.9 0.6 9.0Guj.St.Petronet 5.1 0.9 0.8 -6.0 33.9 0.9 0.2 10.3 32 214 246 0.1 0.1 12.5H P C L 10.6 0.8 0.6 0.8 22.2 -1.9 -0.5 -6.1 179 377 556 0.2 0.2 2.9I O C L 2.2 0.3 0.1 1.2 4.8 0.2 0.4 -0.5 239 525 764 0.2 0.2 7.6Indraprastha Gas 15.5 -2.7 -4.1 -1.7 23.1 3.3 4.4 -0.1 105 156 261 0.1 0.1 22.3O N G C 6.7 0.4 -0.1 1.2 10.9 0.0 0.3 4.2 2,939 4,793 7,732 2.1 2.2 10.3Oil India 9.3 1.6 -0.3 9.3 8.1 0.2 1.2 8.1 434 379 814 0.2 0.2 NAPetronet LNG 19.9 6.2 1.0 10.5 4.4 -4.6 -0.4 2.4 331 73 404 0.1 0.1 28.7Reliance Inds. 22.1 0.8 0.3 2.6 11.3 0.2 -0.2 2.0 10,721 5,470 16,191 4.4 5.4 4.1Oil & Gas 14.3 1.1 -0.2 1.1 11.4 0.1 0.1 2.1 19,710 15,675 35,385 9.7 10.3 8.1
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII U/W DII O/W
Flowmeter: India Holdings & Flows | May 2014
Real Estate: Lowest holding by DIIs
26
DII holding in Real Estate is at 0.5%, the lowest in BSE-200. The sector has given a marginal return of 0.5% in the last five years.
Except DLF, all stocks in the sector posted negative returns for the last five years.
Unitech and HDIL are stocks in which FIIs increased stake marginally.
Unitech remains the worst performing stock, followed by IBREL over a five-year period.
491,
950
1,30
867 14
027
512
34 6810
527
6121 6
2071
123
223
1314
11
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
319
423
117
8 6 191
2515 16 12
4
810
3755
103
63
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
9.3
20.022.0
0.7
0.4 0.50.0
0.5
1.0
1.5
2.0
2.5
8
13
18
23
28
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
DLF 19.9 3.3 -0.1 13.7 0.4 0.1 0.0 0.0 1,014 18 1,031 0.3 0.3 1.1H D I L 38.3 5.5 0.1 34.1 0.2 0.0 0.1 -0.4 150 1 151 0.0 0.1 -6.8Indbull.RealEst. 24.9 -6.7 -2.9 -24.7 0.5 -0.3 0.1 -1.4 93 2 95 0.0 0.0 -11.4Unitech 27.8 -5.6 0.3 19.6 1.7 0.5 -0.4 -0.2 165 10 175 0.0 0.1 -16.7Real Estate 22.0 2.0 -0.3 12.8 0.5 0.0 -0.1 -0.2 1,422 31 1,452 0.4 0.5 0.5
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII - DII -
Flowmeter: India Holdings & Flows | May 2014
Technology: Largest DII outflows for the quarter
27
During the quarter, DII outflows were the highest in Technology at USD598b. The sector has also posted negative return of 3% on QoQ basis.
FII holding in the sector is at 26.5%, up 2% in the last one year. FIIs recorded inflows of USD319m during the March quarter.
Infosys remained the favored stock of FIIs. FII holding in the stock increased 1.9pp to 58.2%. DIIs, on the other hand, decreased stake by 1.7pp.
208
405
418
441
3439
4 6060
121
140
916
150
01,
129
1471
773
6 1,06
922
682
11,
300
319
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
3986 86 18
724
153
418
213
230
833
952
01,
833
593
285
63 78
1,09
765
678
01,
245
598
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep -
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
27.3
24.5
26.5
6.3
8.2
6.7
5
7
8
10
11
20
23
25
28
30
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep -
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
HCL Technologies 28.6 4.3 0.5 11.9 3.7 -2.9 -0.5 -1.6 4,500 581 5,081 1.4 1.3 68.7Hexaware Tech. 23.1 -23.0 -0.6 -19.1 2.5 -5.4 0.2 -2.1 169 19 188 0.1 0.0 63.1Indian Infotech 0.2 0.0 0.0 0.2 0.0 0.0 0.0 -4.8 0 0 0 0.0 0.0 NAInfosys 58.2 5.3 1.9 4.2 13.7 -3.9 -1.7 5.9 17,736 4,163 21,898 6.0 5.2 19.9Mindtree 36.0 5.2 -0.8 26.8 10.1 2.6 0.3 8.5 321 90 411 0.1 0.2 44.2MphasiS 26.1 -0.3 -1.2 14.4 4.6 1.1 0.6 -3.2 358 63 421 0.1 0.1 15.2Oracle Fin.Serv. 12.2 7.4 0.1 11.8 1.6 -0.5 -0.3 -0.5 514 67 582 0.2 0.3 33.0TCS 16.1 0.0 -0.2 6.1 5.4 -0.1 0.1 -2.5 10,869 3,616 14,485 4.0 4.1 51.1Tech Mahindra 39.1 11.8 -1.3 37.7 9.7 -6.3 0.6 6.1 2,651 658 3,309 0.9 0.9 46.6Vakrangee 1.7 1.7 0.2 -15.1 5.8 0.1 0.0 5.8 14 47 61 0.0 0.1 140.1Wipro 12.1 3.0 0.0 4.5 3.5 0.2 -0.3 1.5 2,614 756 3,370 0.9 1.3 29.8Technology 26.5 1.9 0.1 -0.9 6.7 -1.5 -0.5 0.4 39,748 10,060 49,807 13.7 13.4 37.9
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII O/W DII U/W
Flowmeter: India Holdings & Flows | May 2014
Telecom: Muted performance since 2009
28
FIIs recorded inflows of USD236m in the March quarter, the sixth consecutive quarter of inflows. DIIs remained sellers for the second consecutive quarter (outflow of USD273m).
In the last five years, Idea has posted positive returns of 22%. FII holding in Idea has gone up from 7% in March 2009 to 19.5% in Mardh 2014.
All stocks in the sector have shown an increase in FII holding and a decrease in DII holding on a QoQ basis.
FII holding in the sector is at 15.3%, marginally higher on YoY basis. DII holding is down by 90bp to 6.2%.
383 11
634
939
915
335
335
728
2314
055
208
68 41 2576
110
586 37
193
236
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
240
171
135
8014
190
4613
136
8212
620
779
8716
76 574
106
226
273
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
16.6
15.0 15.3
8.1
7.1 6.26
7
8
9
10
12
14
15
17
18
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Bharti Airtel 16.4 -0.8 0.5 -4.3 7.8 -0.8 -0.8 0.4 3,382 1,605 4,987 1.4 1.2 0.4Bharti Infra. 10.8 1.5 1.1 10.8 2.1 0.0 -0.3 2.1 675 133 808 0.2 0.3 NAIdea Cellular 19.5 3.2 0.5 12.6 2.4 -3.3 -0.6 -5.4 1,441 178 1,619 0.4 0.4 22.4Rel. Comm. 12.2 3.9 0.9 2.6 8.9 -0.4 -0.8 -0.6 524 384 908 0.2 0.3 -5.9Tata Comm 7.0 -1.7 0.9 -3.2 12.1 0.3 -1.2 0.9 99 171 270 0.1 0.1 -9.9Telecom 15.3 0.4 0.3 -1.2 6.2 -0.9 -0.7 -2.0 6,121 2,472 8,593 2.4 2.3 2.4
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII - DII -
Flowmeter: India Holdings & Flows | May 2014
Utilities: FIIs sell off; DIIs buy during the quarter
29
FIIs recorded an outflow of USD121m due to selling in NTPC (USD166m) and Coal India (USD33m).
The sector has been the worst performer over a five-year period, posting a negative return of 2.2%.
DIIs continued investing (inflow of USD242m during the quarter). DII holding has gone up from 6.8% in March 2013 to 7.8% in March 2014.
217
5531
413
4 1245 30
54,
124
399
209
9728
614
6 70 7041
5 1,14
623
529
5 848
121
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Flows (USD M)
222 25
9 641
254
1,46
333 26
764
469
9625 50
232 34 45
3087
828 58
625
242
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
DII Flows (USD M)
5.2
8.6
10.3
6.6
6.8
7.8
5
7
8
10
11
4
6
8
10
12
Mar
-09
Sep-
09
Mar
-10
Sep-
10
Mar
-11
Sep-
11
Mar
-12
Sep-
12
Mar
-13
Sep-
13
Mar
-14
FII Holding (%) DII Holding (%) - RHS
CompanyMar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)Mar-14
(%)YoY Chg
(pp)QoQ Chg
(pp)Chg Over
Mar-09 (pp)FII DII
Total Inst.
Total Inst.
BSE2005 Year Price
CAGR (%)
Adani Power 6.8 -1.9 0.3 6.8 0.6 -0.1 0.0 0.6 155 13 168 0.0 0.1 NACESC 23.0 4.9 -0.6 3.6 16.2 -1.4 0.1 -1.3 232 164 396 0.1 0.1 19.0Coal India 5.3 -0.1 -0.1 5.3 2.9 0.9 0.5 2.9 1,572 862 2,434 0.7 0.6 NAJP Power Ven. 7.0 -1.6 -0.1 6.4 7.4 -0.5 -0.6 5.5 47 50 97 0.0 0.0 -13.5JSW Energy 4.2 1.3 0.3 4.2 6.4 0.4 0.0 6.4 65 101 166 0.0 0.1 NANHPC Ltd 1.7 -0.5 -0.2 1.7 3.8 0.6 0.3 3.8 57 130 187 0.1 0.1 NANTPC 9.3 0.0 -1.0 5.7 12.9 2.5 0.8 9.5 1,494 2,071 3,565 1.0 0.8 -7.8Power Grid Corpn 26.2 12.1 0.8 23.6 8.5 0.7 -0.1 4.7 2,327 753 3,080 0.8 0.8 1.9Reliance Infra. 19.5 4.0 0.9 3.1 19.2 -1.0 -0.6 -8.3 362 356 717 0.2 0.2 -3.3Reliance Power 6.5 0.2 0.0 2.6 5.3 0.1 0.0 3.7 206 169 375 0.1 0.2 -7.3Tata Power Co. 26.2 -1.6 -3.0 7.5 22.3 -1.5 -0.3 -7.1 972 827 1,798 0.5 0.5 2.8Torrent Power 1.7 -0.4 0.1 1.5 22.8 -1.1 -1.1 -1.4 12 163 175 0.0 0.1 4.8Util ities 10.3 1.7 -0.1 5.1 7.8 0.9 0.2 1.2 7,501 5,658 13,159 3.6 3.6 -2.2
FII Holding DII Holding Value (USD M) Weight (%)
FLOWS WEIGHT FII U/W DII O/W
Flowmeter: India Holdings & Flows | May 2014
Disclosures
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Flowmeter: India Holdings & Flows | May 2014
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Flowmeter: India Holdings & Flows | May 2014
Motilal Oswal India Strategy Gallery
Flowmeter: India Holdings & Flows | May 2014