Highlights of this edition: Utilities, Healthcare and Telecom attract FIIs; FII holding in BSE-200 at life-time high of 25.6%
May 2015

Summary
Domestic MFs turn positive; FII inflows remain strong:
FIIs invested USD18.1b in FY15,
higher than USD13.7b in FY14. After five years of outflows, domestic MFs recorded an inflow
of USD6.6b. However, DIIs ex MFs withdrew USD10.3b in FY15. Domestic MFs have been
buyers for the last four consecutive quarters and invested USD1.5b in 4QFY15. DIIs ex-MFs
remained sellers of USD2.4b in 4QFY15; this was the 11th consecutive quarter of outflows.
FIIs’ share in India at all-time high of 51%:
As a proportion of free float, FII ownership in
BSE-200 remains high at 51.2% and DII ownership remains at 21.8%. FII holding in BSE-200
companies is at an all-time high of 25.6%. DII holding decreased during the quarter to
10.9%. FII-DII ratio has increased from 1.4x to 2.4x in the last five years, indicating higher FII
share. In the last one year, the highest increase in this ratio was in Telecom, NBFC,
Healthcare and Infrastructure.
Sector-wise FII flows in BSE-200:
In the March quarter, FII inflows into BSE-200 were
USD3.5b. Sectors recording the highest inflows were Utilities (USD1.3b, primarily due to
Coal India OFS), Healthcare (USD702m), Telecom (USD544m) and Technology (USD495m).
Sector-wise DII flows in BSE-200:
In 4QFY15, sectors recording the highest inflows were
Utilities (USD2.2b), Private Banks (USD584m), Automobile (USD441m) and Oil & Gas
(USD336m). Unlike FIIs, DIIs were sellers in Healthcare and Technology in 4QFY15.
Sector-wise ownership:
Private Banks is the most preferred sector, with USD67b investment
value. During the quarter, incremental investments were seen in Utilities, Telecom, NBFC
and Real Estate. FIIs are significantly overweight on Private Banks, Technology and NBFCs.
Unlike FIIs, DIIs are significantly overweight on Capital Goods, Oil & Gas and PSU Banks.
Utilities, Media, Auto and Infrastructure saw the highest increase in DII holding on a QoQ
basis. Consumer is the most preferred sector, with USD20.3b investment value.
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 BSE-
200 & Sensex
Sector weight comparison
Deven Mistry (Deven@MotilalOswal.com); + 9122 3982 5440
Flowmeter: India Holdings & Flows | May 2015
2

Contents
Overall flows: Domestic MFs turns positive; FII inflows remain strong
BSE-200: FII share in India at all-time high of 51%
Sector-wise FII flows: Utilities, Healthcare and Telecom attract FIIs
Sector-wise DII flows: Utilities, Private Banks and Auto attract DIIs
Company-wise flows: 5 of top 10 FII outflows in Financials
Overall holdings: 53% of BSE-200 saw an increase in FII stake
Sector-wise holdings: Real Estate and NBFC recorded highest QoQ change by FIIs
FII sector holdings: Overweight in Private Banks, Technology and NBFCs
DII sector holdings: Overweight in Capital Goods, Oil & Gas and PSU Banks
Sensex holdings: Coal India, Cipla, Hero Moto saw an increase by FIIs QoQ
Sector weights: Healthcare recorded biggest increase by FIIs
Sector trends: Overview, institutional flows and holding
Notes:
The attached report is built
around the constituents of
BSE-200 and Sensex.
Institutional flow analysis
excludes ADR/GDR. Average
prices for the quarter have
been used.
Holdings analysis includes
ADR/GDR for companies and
sectors.
FIIs also include FPI.
Based
on the current
constituents of indices,
adjusted for stock splits and
bonus for flow analysis.
Green arrow represents
positive flows.
Red arrow represents
negative flows.
AUTO
BANKS / FINANCIALS
CAPITAL GOODS
CEMENT
CONSUMER
HEALTHCARE
INFRASTRUCTURE
MEDIA
METALS
OIL & GAS
REAL ESTATE
TECHNOLOGY
TELECOM
UTILITIES
3
o/w
Overweight vis-à-vis BSE200
u/w
Underweight vis-à-vis BSE200
Flowmeter: India Holdings & Flows | May 2015

Overall Flows:
Domestic MFs turn positive; FII inflows remain strong
Yearly FII and DII flows
Quarterly Domestic Mutual Fund flows
FIIs invested another USD18.1b in FY15, higher than USD13.7b in
FY14. After five years of outflows, domestic MFs recorded an inflow
of USD6.6b.
FII (USDb)
2.0
4.1
17.7
13.1
5.8
6.4
Domestic MFs were buyers for the fourth consecutive quarter and
invested another USD1.5b in 4QFY15.
Domestic MFs flows in markets (USD b)
DII (USDb)
1.5
-2.3
23.4
13.1
5.1
Domestic MFs (USDb)
-4.4
25.0
8.5
-0.9
-12.7
-8.9
-0.2
-4.2
25.8
-3.6
6.6
18.1
-0.5
-1.3
2.7
2.4
1.5
13.7
0.4 0.2 0.5
0.2
-0.1
-1.0
-1.1
-1.2
-1.4 -1.4
-1.0-0.6 -0.8
0.1
-1.3
-4.1
-10.4
-3.7
-3.2
Quarterly FII flows
Quarterly DII ex-MFs flows
During 4QFY15, FII inflow was at USD6b. FIIs invested USD28.7b in
the last six quarters.
FII flows in markets (USD b)
12.6
10.1
DIIs ex-MFs remained net sellers of USD2.4b in 4QFY15. This was
the 11th consecutive quarter of outflows.
DII ex MFs flows in markets (USD b)
3.1
1.4
2.0
0.6
1.6
0.4
0.6
-0.3 -0.2
-1.9 -1.2
-3.3
-4.9
-2.2 -2.1
-3.9
-0.9
-2.8 -3.0
9.1
6.9
8.4
10.4
6.6
3.2
0.1
4.1
6.2
3.5
2.3
6.0
4.4
2.3
0.1 0.8
-1.0
-0.4
-2.0
-2.4
-0.1
Flowmeter: India Holdings & Flows | May 2015
4

BSE-200: FII share in India at all-time high of 51%
FII share in India at all-time high, DIIs show minor gain
Trend in FII and DII holding
FII ownership as a proportion of free float of BSE-200 remained high
at 51.2%. DII ownership as a proportion of free float was at 21.8%.
55.0
51.0
47.0
43.0
40.0
39.0
26.1
42.6
25.9
41.9
46.4
23.7
48.3
22.6
FII Proportion of Free Float (%)
DII Proportion of Free Float (%) - RHS
FII holding in BSE-200 companies is at an all-time high of 25.6%. DII
holding decreased during the quarter to 10.9%.
BSE200 FII Holding (%)
27.0
24.5
12.6
22.0
19.5
17.0
18.1
12.0
19.5
23.8
22.5
BSE200 DII Holding (%) - RHS
25.6
12.8
12.3
11.8
11.5
11.2
11.3
10.9
10.8
27.7
29.0
27.0
25.0
51.2
23.0
21.8
21.0
Trend in BSE-200 FII-DII ratio
Sectoral FII-DII ratio change in a year
FII-DII ratio has increased from 1.4x to 2.4x in the last five years,
indicating higher FII share.
BSE200 FII:DII Ratio
2.0
2.0 2.0
1.7
1.6 1.6 1.6
1.6 1.5 1.6 1.6
1.5
1.8
2.1 2.1 2.1
2.2 2.2
2.4
In the last one year, the highest increase in this ratio was recorded in
Telecom, NBFC, Healthcare and Infrastructure.
Chg
1.1
3.6
0.8
0.7
0.6
0.2
0.2
0.1
0.1
0.1
-
-
-
5.5
4.3
4.8
4.0
3.2
2.5
3.7
1.5
1.2
2.4
2.1
0.7
0.6
1.3
1.3
4.2
4.1
4.0
4.0
Mar 15
Mar 14
2.4
1.3 0.9
0.7
0.7 1.3
1.0
1.4 1.4
2.5
2.6 2.8
Flowmeter: India Holdings & Flows | May 2015
5

Sector-wise FII flows: Utilities, Healthcare and Telecom attract FIIs
Sector-wise FII flows into BSE-200
Yearly FIIs flows in BSE-200
Utilities (USD1.3b, primarily due to Coal India OFS), Healthcare
(USD0.7b), Telecom (USD0.5b) and Technology (USD0.5b) recorded
the highest FII inflows in 4QFY15.
Banks saw outflows of USD0.5b (Private) and USD0.2b (PSU) during
4QFY15.
In FY15, Telecom (USD2.6b; led by QIPs) and Utilities (USD2.2; led by
Coal India OFS) attracted the highest FII inflows.
(USD b)
Utilities
Healthcare
Telecom
Technology
Automobiles
NBFC
Capital Goods
Real Estate
Oil & Gas
Infrastructure
Cement
Consumer
Media
Metals
Banks - PSU
Banks - Pvt
0.0
-0.1
-0.1
-0.2
-0.5
4QFY15
Utilities
1.3
Healthcare
0.7
Telecom
0.5
Technology
0.5
Automobiles
0.4
0.3
NBFC
Capital Goods
0.3
Real Estate
0.1
Oil
0.1
& Gas
Infrastructure
0.1
Cement
0.0
Consumer
Media
Metals
Banks - PSU
Banks - Pvt
-0.2
-0.2
0.1
0.1
0.7
1.0
0.3
0.0
0.1
1.2
1.4
1.4
1.6
FY15
2.2
1.5
2.6
In the last five years, 77% of FII flows have been into BSE-200.
NBFCs, Utilities and Technology attracted the highest inflows in the
last 5 years.
Consumer recorded the second consecutive year of FII outflows.
Healthcare recorded inflows of USD1.5b after muted flows in FY14.
Sector
NBFC
Utilities
Technology
Banks - Pvt
Automobiles
Oil & Gas
Healthcare
Telecom
Consumer
Cement
Media
Infrastructure
Capital Goods
Banks - PSU
Real Estate
Chemicals & Fertilizers
Metals
FII Flows in BSE-200
FII Flows in Markets
BSE200 flows % to total
FY11
2.4
4.9
0.0
2.0
0.8
0.7
0.1
0.0
1.2
0.7
0.4
0.1
0.0
1.3
0.4
0.2
-0.1
17.2
25.0
69
BSE 200 FII flows (USD B)
FY12 FY13 FY14
FY15
1.7
3.5
0.8
1.6
0.0
1.7
1.3
2.2
1.9
2.6
2.2
1.4
0.0
3.7
1.2
1.0
1.2
1.3
0.6
1.4
-0.1
2.1
1.2
1.2
0.7
1.9
0.1
1.5
0.2
0.8
0.6
2.6
2.5
2.2
-1.7
-0.2
0.4
0.6
0.1
-0.2
0.2
0.3
0.3
0.1
0.0
0.2
0.5
0.3
0.0
0.5
0.7
0.0
-1.7
0.8
-0.3
0.7
-0.1
0.1
0.2
0.1
0.1
0.1
0.2
0.0
-0.9
0.5
0.5
0.1
6.7 23.4
9.2
13.8
8.5 25.8 13.7
18.1
78
91
67
76
Cummulative
(FY11-FY15)
10.0
10.0
8.0
7.9
5.3
5.1
4.3
4.2
3.9
1.6
1.4
1.2
1.2
0.9
0.7
0.6
0.1
70.2
91.1
77
Flowmeter: India Holdings & Flows | May 2015
6

Sector-wise DII flows: Utilities, Private Banks and Auto attract DIIs
Sector-wise DII flows into BSE-200
Yearly DII flows in BSE-200
Unlike FIIs, DIIs were sellers in Healthcare (USD0.5b) and Technology
(USD0.2b) in 4QFY15.
Utilities received top inflows from DIIs (USD2.2b) on account of Coal
India OFS.
Banks (both Private and PSU) saw inflows from DIIs in 4QFY15.
Utilities and PSU Banks have received the highest cumulative flows by
DIIs in the last five years.
Automobiles was the second best sector to receive DII flows in FY15
after four years of outflows.
Cumulatively, in the last five years, Consumer, NBFC and Healthcare
saw the highest DII outflows. Also, these sectors saw outflows in
each of the last five years.
FY11
0.4
-0.2
0.8
-0.1
1.2
0.0
0.2
-0.1
-0.1
0.1
-0.2
-0.3
-0.5
-0.5
-0.4
-0.8
-1.0
-1.7
BSE 200 DII flows (USD B)
FY12 FY13 FY14
FY15
-0.3
0.8
0.8
2.1
2.1
-0.4
1.3
-0.3
-3.4
4.0
-0.3
0.0
1.5
-0.1
-0.1
-0.1
2.1
-1.0
-2.0
0.3
0.9
-1.5
0.4
0.6
0.2
0.0
-0.2
0.0
0.0
0.0
0.0
0.0
0.0
-0.1
-0.2
0.2
-0.2
0.2
-0.4
0.1
-0.5 -0.4
0.2
0.3
0.0
-0.2
-0.2
-0.1
-1.0 -0.2
0.3
0.1
-0.5 -1.2
-0.4
0.9
-0.5 -1.3
-0.4
-0.8
-1.0 -1.5
-0.4
-0.5
-1.2 -1.6
-0.3
0.0
-1.2 -4.5
-2.3
3.2
Cummulative
(FY11-FY15)
3.9
2.5
1.1
1.1
0.7
0.4
0.2
-0.1
-0.2
-0.2
-0.7
-0.8
-1.1
-1.7
-3.5
-4.2
-4.2
-6.6
(USD b)
Utilities
Banks - Pvt
Automobiles
Oil & Gas
Banks - PSU
Metals
Media
Telecom
Cement
Infrastructure
Real Estate
Consumer
Capital Goods
NBFC
Technology
Healthcare
-0.1
-0.1
-0.2
-0.2
-0.5
4QFY15
Utilities
2.2
Banks - Pvt
0.6
Automobiles
0.4
0.3
Oil & Gas
Banks - PSU
0.1
0.1
0.1
0.0
Metals
Media
-0.1
0.1
0.3
0.0
0.0
0.0
0.1
-0.5
0.3
-0.8
-0.1
-0.3
0.0
FY15
2.1
0.6
0.9
0.0
Telecom
Cement
Infrastructure
0.0
0.0
Real Estate
Consumer
Capital Goods
NBFC
Technology
Healthcare
Sector
Utilities
Banks - PSU
Metals
Oil & Gas
Technology
Banks - Pvt
Infrastructure
Real Estate
Chemicals & Fertilizers
Telecom
Cement
Media
Capital Goods
Automobiles
Healthcare
NBFC
Consumer
DII Flows in BSE-200
Flowmeter: India Holdings & Flows | May 2015
7

Company-wise flows: 5 of top 10 FII outflows in Financials
In 4QFY15, Coal India, Bharti Infra, HDFC, Lupin and Bosch witnessed the highest FII inflows. Top outflows were from Axis Bank, ICICI Bank, Bajaj Auto,
LIC Housing and M&M.
DIIs’ top buying list included Coal India, Hero Motocorp, Axis Bank, Reliance Industries and Bajaj Auto. DII outflows were the highest in HDFC, Lupin,
Bosch, Cipla and Asian Paints.
FII Inflows (USD m)
Coal India
Bharti Infra.
HDFC
Lupin
Bosch
Wipro
Kotak Mah.
Eicher Mot.
L&T
BPCL
Sun Pharma
Cipla
Hero Moto
HCL Tech
Indiabulls Hsg.
TCS
Asian Paints
Bharti Airtel
Wockhardt
Concor
421
417
353
295
271
268
179
173
166
149
131
127
127
119
111
106
95
82
59
1,305
-388
-225
-182
-174
-118
-107
-85
-84
-82
-71
-69
-67
-67
-65
-62
-61
-51
-46
-39
-39
FII Outflows (USD m)
Axis Bank
ICICI Bank
Bajaj Auto
LIC Hsg Fin.
M&M
Zee Ent.
Mah Finance
SBI
GAIL
Adani Enterp.
Apollo Tyres
Federal Bank
Yes Bank
Tata Steel
Tech Mah.
BOB
Hindalco
J&K Bank
Berger Paints
Reliance Inds.
Coal India
Hero Moto
Axis Bank
Reliance Ind.
Bajaj Auto
Central Bank
GAIL
M&M
Federal Bank
Eicher Mot.
ICICI Bank
ONGC
UCO Bank
Zee Ent.
BOI
Mah. Finance
NMDC
Reliance Cap.
Apollo Tyres
Hindalco Inds.
308
305
257
169
133
102
96
95
94
91
75
69
66
62
55
51
47
47
43
DII Inflows (USD m)
2,154
-339
-248
-152
-142
-133
-113
-110
-108
-105
-98
-85
-73
-53
-47
-47
-46
-43
-40
-36
-33
DII Outflows (USD m)
HDFC
Lupin
Bosch
Cipla
Asian Paints
SBI
BPCL
Tech Mah.
Bharat Elect.
Sun Pharma
Wipro
Infosys
Colgate
Bharat Forge
PFC
IDFC
REC
Concor
Ashok Ley.
Exide Ind.
Flowmeter: India Holdings & Flows | May 2015
8

Overall holdings: 53% of BSE-200 saw an increase in FII stake
FII
holding (BSE-200) was up 65bp QoQ and 174bp YoY to 25.6% in March 2015.
–
–
FIIs increased stake QoQ in 53% of BSE-200 and Sensex companies.
DIIs increased stake QoQ in 48% companies in BSE-200 and 40% companies in Sensex.
DII
holding (BSE-200) was down 20bp QoQ and 27bp YoY to 10.9% in March 2015.
Promoter
holding in BSE-200 decreased by 35bp QoQ and 54bp YoY to 50.1% in March 2015.
BSE-200 holding pattern (%)
Value
1,044
USDB
14.6
12.6
18.1
1,224
14.1
12.1
19.2
Promoter
997
1,015
14.9
12.0
19.5
14.5
11.5
22.5
FIIs
1,038
14.4
11.2
23.8
DIIs
Public
1,277
13.9
11.0
23.6
1,303
13.8
10.8
24.4
1,326
13.6
11.1
24.9
1,362
13.5
10.9
25.6
Sensex holding pattern (%)
Promoter
Value
USDB
562
16.1
14.3
22.7
698
15.0
13.5
22.8
577
15.1
13.9
23.0
575
15.1
13.1
25.9
FIIs
599
14.9
13.1
26.9
DIIs
Public
717
14.0
12.8
26.8
739
13.9
12.5
27.5
730
13.7
12.8
28.6
733
13.5
12.8
29.6
54.7
54.6
53.6
51.5
50.6
51.6
51.0
50.4
50.1
46.9
48.7
48.0
45.9
45.1
46.4
46.1
45.0
44.0
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Jun-14
Sep-14
Dec-14 Mar-15
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Jun-14
Sep-14
Dec-14 Mar-15
QoQ change in stake (number of companies)
FIIs
BSE200
Sensex
106
16
92
14
2
0
200
30
DIIs
BSE200
Sensex
96
12
101
18
3
0
200
30
Increase in stake
Decrease in stake
Unchanged
Total
Flowmeter: India Holdings & Flows | May 2015
9

Sector-wise holdings:
Real Estate & NBFC recorded highest QoQ change by FIIs
FII and DII holdings in BSE-200
Change in FII/DII holdings (QoQ)
Change in FII/DII holdings (YoY)
FIIs have the highest ownership in Private
Banks (54%), followed by NBFCs (48%) and
Media (34%).
DIIs have the highest ownership in Capital
Goods (22%) followed by PSU Banks (18%)
and Metals (16%).
FII Holding (%)
Banks-Pvt
NBFC
Media
Auto
Technology
Healthcare
BSE200
Real Estate
Cement
Infra
Telecom
Consumer
Cap. Goods
Oil & Gas
Metals
Utilities
Banks-PSU
5
6
1
10
7
7
11
2
12
9
29
28
26
26
25
23
22
20
19
13
34
FIIs’ stake in Real Estate increased by
248bp, NBFC by 242bp and Utilities by
159bp. Media and Private Banks saw big
reduction in stake by FIIs.
DIIs increased stake in Utilities, Media and
Auto on a QoQ basis.
FII QoQ Change (bp)
DII QoQ Change (bp)
-5
-20
-8
-6
-20
159
114
90
65
59
27
46
24
12
1
20
49
23
248
242
244
FII holdings increased YoY in Telecom, Real
Estate and Utilities. FII holdings declined
YoY in Metals, Cement and Auto.
DIIs increased stake in Utilities by 213bp,
Metals by 112bp and Auto by 92bp on a
YoY basis.
FII YoY Change (bp)
Telecom
Real Estate
Utilities
Media
NBFC
Technology
BSE200
Infra
Healthcare
Banks-PSU
Oil & Gas
Banks-Pvt
Consumer
-306
Cap. Goods
Auto
Cement
Metals
-27
-32
-111
-70
-2
-19
-59
-84
-68
-109
-124
-256
-84
-94
-61
5
DII Holding (%)
54
48
DII YoY Change (bp)
479
283
236
213
224
204
42
178
174
161
116
95
67
6
Real Estate
NBFC
Utilities
Telecom
Technology
BSE200
Infra
Healthcare
Cap. Goods
Cement
Oil & Gas
Consumer
Auto
Metals
Banks-PSU
Banks-Pvt
Media
-283
-167
-64
-16
-4
-17
-19
-52
-71
-17
-78
-11
13
16
22
15
11
14
16
13
10
12
18
92
59
112
65
Flowmeter: India Holdings & Flows | May 2015
10

FII sector holdings:
Overweight in Private Banks, Technology and NBFCs
Private Banks is the most preferred sector, with USD67b investment value.
FIIs are significantly overweight on Private Banks, Technology and NBFCs.
FIIs continue to be underweight in Consumer, Capital Goods and PSU Banks.
Private Banks recorded the highest increase since March 2010 (USD34.9b), followed by Technology (USD27.2b).
During the quarter, incremental investments were seen in Utilities, Telecom, NBFC and Real Estate.
Healthcare (+30%), Consumer (+27%), Automobiles (+26%) are the top sectors to give positive returns since March 2010.
Sector FII holdings by value
Sector
Banks - Pvt
Technology
NBFC
Automobiles
Consumer
Health Care
Oil & Gas
Utilities
Telecom
Capital Goods
Cement
Banks - PSU
Metals
Media
Infrastructure
Real Estate
BSE200
YoY
FII Holding
Chg
Mar-15 (%)
(pp)
53.8
0.1
28.3
1.8
48.3
2.0
28.8
-1.1
18.7
-0.6
26.4
1.2
15.0
0.7
12.6
2.4
20.1
4.8
15.9
-0.8
23.3
-1.2
12.2
1.0
13.7
-1.2
34.3
2.2
21.7
1.6
25.0
2.8
25.6
1.7
QoQ
Chg
(pp)
-0.8
0.9
2.4
-0.2
-0.2
0.5
0.0
1.6
1.1
0.2
0.1
-0.7
-0.5
-2.6
0.6
2.5
0.6
Chg Over
Mar-10
(pp)
3.8
3.4
14.2
5.9
3.4
6.9
1.6
7.4
5.6
2.6
2.7
-1.8
2.1
18.2
6.4
1.1
7.4
FII Value Chg Over Price CAGR
BSE200
FIIs vs BSE200 weight UW/OW (pp)
Mar-15 Mar-10 Over Mar-
Weight (%)
(USD B) (USD B)
10 (%)
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
67.0
34.9
21
15.8
3.5
|||||||||||||||||||||||||||||||||||||||||||||||||
53.1
27.2
20
12.8
2.5
||||||||||||||||||||||||||||||||||||||||||||
39.1
23.1
16
9.0
2.2
|||||||
34.7
22.8
26
9.6
0.4
|||||||||||||||||||||||||||||||||||||||||||||||||||||
29.4
19.6
27
11.3
-2.9
|||||||||
28.9
21.1
30
7.8
0.5
||||||||||||||||||||||||
20.9
-4.3
0
7.2
-1.2
||||||||||||
11.1
6.3
-5
3.8
-0.6
||||||||
10.4
4.7
6
2.6
0.4
|||||||||||||||||||||||||||||||||||||||||||||||||||||
10.4
0.8
4
5.7
-2.7
||
8.5
4.5
21
2.5
-0.1
||||||||||||||||||||||||||||
7.1
-1.5
5
3.5
-1.4
|||||||||
6.9
-7.3
-11
2.5
-0.5
||||||
3.5
2.3
13
0.7
0.3
|||
3.4
0.3
-2
0.8
0.2
||
1.6
-2.9
-15
0.3
0.1
348
159
10
100
Flowmeter: India Holdings & Flows | May 2015
11

DII sector holdings: Overweight in Capital Goods, Oil & Gas and PSU Banks
Unlike FIIs, DIIs are significantly overweight on Capital Goods, Oil & Gas and PSU Banks.
Utilities, Media, Auto and Infrastructure saw the highest increase in DII holding on a QoQ basis.
Consumer is the most preferred sector, with USD20.3b investment value.
Private Banks overtook Oil & Gas, becoming the second-most preferred sector by DIIs, with an investment value of USD16b.
DII holding is the highest in Capital Goods (22.2%), followed by PSU Banks (17.6%) and Metals (15.6%).
Consumer and Healthcare saw the highest outflows by DIIs on a QoQ basis.
Sector DII holdings by value
Sector
Consumer
Banks - Pvt
Oil & Gas
Capital Goods
Automobiles
Technology
Banks - PSU
Utilities
Metals
Health Care
NBFC
Cement
Telecom
Infrastructure
Media
Real Estate
BSE200
DII Holding
Mar-15 (%)
12.9
12.8
11.3
22.2
11.6
7.1
17.6
9.8
15.6
6.7
8.7
9.9
5.6
5.1
2.1
0.5
10.9
YoY
Chg
(pp)
-3.1
-0.2
0.0
-0.7
0.9
0.4
-0.7
2.1
1.1
-1.1
-0.9
0.6
-0.6
-0.3
-0.8
0.1
-0.3
QoQ
Chg
(pp)
-1.7
-0.1
0.2
-0.2
0.5
-0.1
-0.2
2.4
0.2
-0.6
-0.2
0.0
-0.1
0.3
0.6
0.0
-0.2
Chg Over
Mar-10
(pp)
-7.2
-2.2
0.9
0.4
-3.2
0.9
1.1
-0.3
5.3
-6.8
-10.4
-6.9
-2.8
-1.5
-9.0
-0.9
-1.7
DII Value Chg Over Price CAGR
BSE200
DIIs vs BSE200 weight UW/OW (pp)
Mar-15 Mar-10 Over Mar-
Weight (%)
(USD B) (USD B)
10 (%)
20.3
16.0
15.8
14.5
14.0
13.3
10.3
8.6
7.9
7.3
7.1
3.6
2.9
0.8
0.2
0.0
148
7.3
6.3
-3.7
-1.2
6.3
6.9
0.1
-0.6
-4.8
1.9
-1.9
0.4
-0.5
-0.6
-0.6
-0.2
17
27
21
0
4
26
20
5
-5
-11
30
16
21
6
-2
13
-15
10
11.3
15.8
7.2
5.7
9.6
12.8
3.5
3.8
2.5
7.8
9.0
2.5
2.6
0.8
0.7
0.3
100
2.4
-5.0
3.4
4.1
-0.1
-3.8
3.4
2.0
2.9
-2.9
-4.3
-0.1
-0.6
-0.3
-0.6
-0.3
|||||||||||||||||||||||||||||||||||||||||||||||
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Flowmeter: India Holdings & Flows | May 2015
12

Sensex holdings: Coal India, Cipla, Hero Moto saw an increase by FIIs QoQ
Top changes in FII holding on a QoQ basis were Coal India, Cipla, Hero Motocorp, HDFC and Wipro.
Top changes in DII holding were seen in Coal India, Hero Motocorp, Bajaj Auto, Axis Bank and GAIL.
FII Holding
Company
Axis Bank
BHEL
Bajaj Auto
Bharti
Cipla
Coal India
Dr Reddy's
GAIL
HDFC
HDFC Bank
Hero Moto
HUL
Hindalco
ICICI Bank
Infosys
ITC
L&T
M&M
Maruti
NTPC
ONGC
Reliance Ind.
Sesa Sterlite
SBI
Sun Pharma
Tata Motors
Tata Power
Tata Steel
TCS
Wipro
Sensex
Mar-15 YoY Chg QoQ Chg
(%)
(pp)
(pp)
50.4
16.1
17.0
17.9
27.6
9.0
55.8
20.2
79.7
51.4
40.8
15.0
35.5
70.2
59.3
21.0
21.5
43.0
21.8
10.3
7.2
22.0
24.9
13.9
23.6
47.5
28.9
18.1
17.0
12.7
29.6
-1.7
-0.1
-1.7
1.5
3.2
3.7
3.4
1.5
3.9
0.4
10.0
0.9
0.8
1.1
1.1
1.5
0.4
1.1
-0.6
1.0
0.5
0.0
-1.5
2.1
1.1
-1.3
2.7
-0.4
0.8
0.6
2.7
-2.0
0.1
-1.8
0.4
2.0
3.5
-0.2
-1.2
1.2
0.8
1.4
0.0
-1.2
-0.8
0.6
-0.1
0.7
-1.0
-0.2
-0.1
0.0
-0.2
0.3
-0.2
0.5
0.2
0.2
-1.0
0.1
1.1
1.0
DII Holding
Mar- YoY Chg QoQ Chg
15 (%) (pp)
(pp)
12.7
17.3
8.7
7.5
9.8
8.8
5.4
21.4
8.7
9.7
10.9
3.8
13.6
21.7
15.1
34.8
36.1
18.4
14.7
12.3
10.4
12.6
5.7
18.7
4.6
11.0
22.3
25.2
4.7
4.4
12.8
2.8
0.8
1.6
-0.3
-1.7
5.9
-0.9
-1.3
-3.2
-0.2
2.9
-0.3
-0.8
-1.4
1.4
0.1
-0.5
2.6
1.1
-0.7
-0.4
1.3
-1.8
-2.1
-1.0
1.6
0.1
-0.2
-0.7
0.9
-0.3
1.4
0.0
1.7
0.1
-1.6
5.7
-0.2
1.2
-1.1
-0.3
3.5
-0.1
0.9
0.3
-0.2
0.0
0.0
0.8
-0.1
0.2
0.2
0.6
-0.2
-0.3
-0.3
0.0
-0.3
-0.3
0.0
-0.4
0.0
5 Year
Price
CAGR (%)
19
-13
15
5
16
NA
22
-1
19
21
6
30
-7
11
11
20
10
17
21
-7
2
-5
-17
5
42
29
-10
-13
27
8
10
Sensex
Weight
(%)
3.9
0.9
1.1
2.3
1.5
1.9
1.9
0.8
8.6
8.4
1.3
2.6
0.7
7.7
9.0
7.6
5.9
2.3
2.1
1.3
2.3
5.7
0.9
3.4
3.2
4.1
0.6
0.9
5.4
1.8
100
Weight
FIIs vs Sensex UW/OW (pp)
1.0
-0.2
-0.4
-0.2
-0.3
-0.4
0.6
0.0
3.5
1.4
0.3
-0.5
0.0
1.8
2.2
-3.6
-3.3
0.1
-0.3
-0.3
-0.9
-1.3
0.2
-1.4
0.5
1.8
-0.1
-0.5
0.8
-0.3
||||||||||||||||||||
||||
|||||||
||||
||||||
|||||||
|||||||||||
Weight
DIIs vs Sensex UW/OW (pp)
-1.1
0.8
-0.3
-0.3
-0.6
1.5
-1.3
1.0
-5.6
-4.1
-0.3
-1.4
-0.1
-0.9
-2.4
7.8
3.9
0.0
0.7
1.3
2.4
0.0
-0.3
2.9
-1.5
-1.0
0.2
0.4
-1.4
-0.6
|||||||||||||||||||||
||||||||||||||||
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||||||||||||||||||||||||||
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Flowmeter: India Holdings & Flows | May 2015
13

Sector-wise weights:
Healthcare recorded biggest increase by FIIs
Healthcare saw the maximum increase in weight for BSE-200 (70bp), FIIs (103bp) and DIIs (32bp) on a QoQ basis. NBFCs was another sector to see
increase in weight for BSE-200 (55bp) , FIIs (51bp) and DIIs (8bp) on QoQ basis.
During the quarter, FIIs decreased their weight in Private Banks, PSU Banks, Oil & Gas and Metals on QoQ basis.
During the quarter, DIIs decreased their weight in PSU Banks, Consumer, Oil & Gas and Metals.
BSE-200 weight comparison QoQ (%)
Mar-15
Banks - Pvt
Technology
Consumer
Automobiles
NBFC
Health Care
Oil & Gas
Capital Goods
Utilities
Dec-14
16.3
15.8
12.2
11.6
9.6
8.5
7.1
7.9
12.8
11.3
9.6
9.0
7.8
7.2
34
44
55
70
53
FIIs weight comparison QoQ (%)
Mar-15
Banks - Pvt
Technology
NBFC
Automobiles
Consumer
Health Care
Oil & Gas
Utilities
Telecom
Capital Goods
Dec-14
20.0
19.2
14.7
15.2
10.7
11.2
10.1
10.0
8.5
8.5
7.3
8.3
6.7
6.0
3.0
3.2
2.7
3.0
2.8
3.0
19
30
14
8
103
57
51
DIIs weight comparison QoQ (%)
Mar-15
Consumer
Banks - Pvt
Oil & Gas
Capital Goods
Automobiles
Technology
Banks - PSU
Utilities
Metals
Dec-14
14.8
10.7
11.2
9.1
8.7
8.6
8.7
13.7
10.8
10.6
9.8
9.5
9.0
6.9
132
64
74
74
37
11
Chg bps
Chg bps
Chg bps
5.4
5.7
3.4
3.8
4.5
5.8
6.0
5.3
4.9
Banks - PSU 4.5
3.5
Telecom2.4
2.6
15
11
Health Care 4.6
NBFC
Cement
Telecom
Infrastructure
Media
32
8
16
14
3
4
Cement 2.3
2.4
Banks - PSU
Metals
Media
Infrastructure
2.8
2.0
2.5
2.0
1.2
1.0
1.0
1.0
4.7
4.8
2.3
2.4
1.8
2.0
0.5
0.5
0.1
0.1
Cement 2.4
2.5
Metals
Infrastructure
Media
3.0
2.5
0.8
0.8
0.8
0.7
Flowmeter: India Holdings & Flows | May 2015
14

Auto: DII and FII flows in same direction for 3 quarters
FLOWS WEIGHT
FII
O/W
DII
U/W
After Utilities and Private Banks, Automobiles was the third-best sector in terms of DII flows. Automobiles witnessed inflows of USD441m from DIIs.
FII inflows for 4QFY15 were also high at USD362m. Top-3 companies receiving FII inflows were Bosch (USD295m), Eicher Motors (USD179m) and
Hero Moto (USD127m).
The top-3 companies receiving inflows from DIIs were Hero Moto (USD308m), Bajaj Auto (USD169m) and M&M (USD96m). Top outflows were seen
in Bosch (USD152m) and Bharat Forge (USD47m).
DII Flows (USD M)
33
30
27
24
21
22.8
10.7
11.6
14.8
29.8
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
16
28.8
15
13
12
10
FII Holding
Company
Amara Raja Batt.
Amtek Auto
Apollo Tyres
Ashok Leyland
Bajaj Auto
Bharat Forge
Bosch
Eicher Motors
Exide Inds.
Hero Motocorp
M&M
Maruti Suzuki
Motherson Sumi
MRF
Tata Motors
TVS Motor Co.
Automobiles
DII Holding
FII
Value (USD M)
DII
206
75
150
405
811
669
1,347
420
387
924
2,184
2,638
378
242
2,930
244
14,010
Total
Inst.
617
207
573
1,555
2,406
1,512
2,533
1,947
812
4,380
7,278
6,549
1,709
491
15,638
530
48,737
Weight (%)
Total
BSE200
Inst.
0.1
0.0
0.1
0.3
0.5
0.3
0.5
0.4
0.2
0.9
1.5
1.3
0.3
0.1
3.1
0.1
9.8
0.2
0.0
0.1
0.3
0.7
0.4
0.6
0.4
0.2
0.8
1.4
1.3
0.4
0.2
2.5
0.1
9.6
5 Year Price
CAGR (%)
59.0
-5.6
18.9
21.4
14.9
38.2
39.5
89.7
7.4
6.3
16.8
21.2
56.3
41.6
29.5
45.0
25.6
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
18.0
25.7
30.7
34.2
17.0
17.7
9.3
22.1
17.5
40.8
43.0
21.8
18.3
9.5
47.5
14.2
28.8
3.0
-3.9
-3.8
8.3
-1.7
1.7
2.0
2.5
0.3
10.0
1.1
-0.6
1.4
2.5
-1.3
8.9
-1.1
-0.2
-1.0
-4.3
1.2
-1.8
1.0
2.4
2.6
0.6
1.4
-1.0
-0.2
0.1
0.7
0.2
1.1
-0.2
13.9
-10.9
5.2
8.2
-0.9
5.6
4.1
10.5
4.5
10.8
14.5
0.7
9.7
3.7
17.5
8.7
5.9
9.0
14.5
10.9
12.1
8.7
14.0
10.5
6.1
16.0
10.9
18.4
14.7
5.2
9.1
11.0
12.1
11.6
-2.6
2.3
3.1
-1.3
1.6
-0.4
-1.2
0.8
-1.2
2.9
2.6
1.1
-2.2
-1.2
1.6
-4.7
0.9
0.3
4.7
2.9
-1.2
1.7
-1.1
-1.2
1.4
-1.3
3.5
0.8
-0.1
0.1
-0.2
0.0
0.0
0.5
-4.9
2.1
-6.5
-7.9
2.1
-3.3
-4.4
-3.6
-2.3
4.2
-6.5
-2.0
-2.5
2.1
-7.0
-0.6
-3.2
411
132
422
1,150
1,595
843
1,187
1,527
425
3,456
5,095
3,911
1,331
250
12,707
286
34,727
Flowmeter: India Holdings & Flows | May 2015
15

Banks – Private:
Largest outflows by FIIs for quarter
Top 3 companies recording inflows from DIIs were Axis Bank (USD305m), Federal Bank (USD95m) and ICICI Bank (USD91m).
FII holding is at 53.8%, down 78bp on QoQ basis. DII holding in the sector was at 12.8%.
DII Flows (USD M)
55
53
51
49
50.0
47
15.1
FLOWS WEIGHT
FII
O/W
DII
U/W
Private Banks recorded the highest FII outflows (USD545m) during 4QFY15. However unlike FIIs, DIIs invested USD584m in Private Banks in 4QFY15.
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
53.7
16
53.8
15
14
13.0
13
12.8
12
FII Holding
Company
Axis Bank
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
J & K Bank
Karnataka Bank
Kotak Mah. Bank
South Ind.Bank
Yes Bank
Banks - Pvt
DII Holding
FII
Value (USD M)
DII
2,718
602
4,007
6,376
675
57
32
303
74
1,132
15,976
Total
Inst.
13,468
1,280
25,188
26,979
4,825
239
116
7,018
291
3,600
83,003
Weight (%)
Total
BSE200
Inst.
2.7
0.3
5.1
5.4
1.0
0.0
0.0
1.4
0.1
0.7
16.7
2.4
0.3
5.1
4.7
1.0
0.1
0.1
1.4
0.1
0.7
15.8
5 Year Price
CAGR (%)
19.1
19.8
21.5
10.6
38.9
7.0
2.4
28.5
7.2
26.2
21.3
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
50.4
37.3
51.4
70.2
55.3
24.5
22.2
41.2
39.7
45.1
53.8
-1.7
-6.1
0.4
1.1
-0.3
-3.5
1.2
5.1
-2.1
7.1
0.1
-2.0
-3.5
0.8
-0.8
-0.1
-4.7
1.1
1.6
-3.4
-1.3
-0.8
8.9
0.1
7.1
4.7
11.7
-4.8
-4.3
12.7
2.9
-12.5
3.8
12.7
33.1
9.7
21.7
9.0
7.7
8.5
1.9
13.4
20.7
12.8
2.8
9.9
-0.2
-1.4
1.5
2.9
0.8
0.0
1.4
-0.3
-0.2
1.4
4.9
-0.3
0.3
0.0
3.4
-1.5
-0.2
3.6
0.6
-0.1
5.7
7.5
-2.3
-3.3
2.2
4.7
0.1
-3.1
-2.6
16.6
-2.2
10,749
678
21,182
20,603
4,149
182
84
6,715
217
2,468
67,028
Flowmeter: India Holdings & Flows | May 2015
16

Banks – PSU: DII inflows after 3 quarters
FLOWS WEIGHT
FII
U/W
DII
O/W
PSU Banks attracted inflows of USD146m from DIIs in 4QFY15 after three quarters of outflows. However, FIIs withdrew USD228m from PSU Banks
during the quarter. FII holding dropped during the quarter by 0.7pp to 12.2%.
Central Bank (USD133m), UCO Bank (USD69m) and BOI (USD62m) were the top banks receiving inflows from DIIs. SBI saw outflows by FIIs (USD84m)
during 4QFY15.
DII Flows (USD M)
16
15
13
12
10
11.2
13.9
16.5
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
18.3
17.6
19
18
12.2
17
15
14
FII Holding
Company
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Canara Bank
Central Bank
IOB
IDBI Bank
Oriental Bank
Punjab Natl.Bank
St Bk of India
Syndicate Bank
UCO Bank
Union Bank (I)
Banks - PSU
DII Holding
FII
Value (USD M)
DII
172
118
1,000
372
360
393
127
198
210
774
5,997
104
154
292
10,269
Total
Inst.
240
176
1,930
540
649
402
141
259
328
1,455
10,437
190
193
430
17,371
Weight (%)
Total
BSE200
Inst.
0.0
0.0
0.4
0.1
0.1
0.1
0.0
0.1
0.1
0.3
2.1
0.0
0.0
0.1
3.5
0.1
0.0
0.4
0.1
0.1
0.0
0.0
0.1
0.1
0.3
2.1
0.1
0.0
0.1
3.5
5 Year Price
CAGR (%)
-6.8
-6.1
5.0
-10.5
-2.2
-3.1
-14.4
-9.2
-8.6
-6.6
5.1
3.3
2.5
-11.8
5.1
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
7.4
7.8
16.5
8.3
10.6
0.3
1.7
3.3
12.0
16.2
13.9
8.5
3.8
8.6
12.2
-0.6
-3.7
0.9
-1.8
1.6
-0.6
-0.2
0.5
2.1
-1.0
2.1
1.9
-0.5
0.1
1.0
-0.9
0.2
-1.4
-0.6
-0.6
-0.4
-0.7
0.4
0.5
-1.1
-0.2
-0.4
-0.3
-1.5
-0.7
-5.7
-5.1
0.0
-6.7
-1.0
-4.8
-6.8
-3.4
-3.0
-2.9
0.2
4.4
1.1
-8.8
-1.8
18.7
15.7
17.8
18.4
13.2
13.9
15.1
10.8
21.3
18.4
18.7
10.2
14.8
18.3
17.6
0.7
4.8
-0.8
2.9
0.1
7.9
-0.2
-0.4
-2.7
-0.2
-2.1
-3.0
5.8
1.7
-0.7
-1.0
-0.6
-0.2
1.7
0.1
3.4
0.2
0.0
-1.9
-1.0
-0.3
-1.0
4.9
1.0
-0.2
3.2
-3.0
-0.4
6.1
3.6
4.8
1.6
-9.2
-4.9
0.2
1.3
-1.7
4.0
5.6
1.1
68
59
931
168
288
9
14
61
118
681
4,441
87
39
137
7,101
Flowmeter: India Holdings & Flows | May 2015
17

NBFCs: FIIs continue to Buy, DIIs Sell
FII inflows during the quarter were at USD286m. DIIs continue selling – USD229m during 4QFY15.
The top 3 companies receiving inflows from FIIs were HDFC (USD417m), Indiabulls Housing (USD119m) and PFC (USD51m).
Top 3 companies recording outflows from DIIs were HDFC (USD339m), PFC (USD47m) and IDFC (USD46m).
Indiabulls Housing, Shriram City Union and HDFC remained the favored stocks and saw an increase in FII holding during the quarter.
DII Flows (USD M)
50
19.1
45
40
35
34.2
30
FII Holding (%)
FLOWS WEIGHT
FII
O/W
DII
U/W
FII Flows (USD M)
DII Holding (%) - RHS
46.3
48.3
21
18
14
9.7
8.7
11
7
FII Holding
Company
Bajaj Fin.
Bajaj Finserv
Bajaj Holdings
GRUH Finance
HDFC
IDFC
IFCI
Indiabulls Hous.
L&T Fin.Holdings
LIC Housing Fin.
Mahindra Finance
Muthoot Finance
Power Fin.Corpn.
Reliance Capital
Rural Elec.Corp.
SKS Microfinance
Shri.City Union.
Shriram Trans.
NBFC
DII Holding
FII
Value (USD M)
DII
186
262
190
36
2,899
1,281
115
91
158
219
92
68
512
208
388
134
45
168
7,052
Total
Inst.
633
558
612
216
29,314
3,303
208
1,681
158
1,517
977
263
1,270
508
1,489
570
628
2,249
46,152
Weight (%)
Total
BSE200
Inst.
0.1
0.1
0.1
0.0
5.9
0.7
0.0
0.3
0.0
0.3
0.2
0.1
0.3
0.1
0.3
0.1
0.1
0.5
9.3
0.2
0.2
0.2
0.1
5.2
0.6
0.1
0.4
0.1
0.3
0.2
0.1
0.2
0.1
0.3
0.1
0.2
0.5
9.0
5 Year Price
CAGR (%)
67.6
33.4
16.5
62.0
19.3
0.7
-7.7
NA
NA
20.2
27.8
NA
1.1
-10.9
5.9
NA
34.5
16.3
16.4
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(%)
(pp)
(pp)
Mar-10 (pp)
(pp)
(pp)
Mar-10 (pp)
13.6
8.3
18.2
12.7
79.7
47.4
10.5
49.9
0.0
36.6
38.2
14.6
13.1
17.4
20.9
47.1
28.0
51.2
48.3
1.9
-2.7
1.9
-4.8
3.9
-5.2
5.0
10.7
-4.4
-1.3
-3.2
4.2
1.9
-3.2
2.2
8.3
2.7
-2.7
2.0
0.5
0.1
-0.1
-1.9
1.2
-0.3
0.9
3.7
-5.4
-4.8
-3.5
-0.7
0.8
-0.2
0.8
-1.1
1.8
0.2
2.4
-4.4
3.2
9.7
2.0
21.9
3.0
-2.6
49.9
0.0
2.8
11.4
14.6
9.3
-3.9
3.0
47.1
13.5
18.6
14.2
5.6
7.4
8.2
2.5
8.7
30.0
12.9
2.9
9.1
6.2
4.0
5.1
8.9
12.1
7.4
14.4
2.2
4.2
8.7
-2.0
3.0
-2.0
1.8
-3.2
0.6
0.2
-0.6
8.3
-0.8
2.7
4.0
-2.2
6.7
-2.5
9.7
-0.8
3.1
-0.9
-0.7
-0.1
-0.1
0.6
-1.1
-1.1
0.0
-0.3
8.5
0.3
2.3
1.3
-0.8
2.3
-0.8
-0.6
0.0
-0.1
-0.2
-2.2
-4.8
-9.0
-1.0
-21.2
-13.1
-19.3
2.9
9.1
-11.2
-3.9
5.1
5.7
7.3
0.5
14.4
1.9
-0.2
-10.4
447
295
422
180
26,415
2,022
93
1,590
0
1,298
884
194
758
299
1,101
437
582
2,080
39,100
Flowmeter: India Holdings & Flows | May 2015
18

Capital Goods: FIIs turn buyers after two quarters of sell-off
Capital Goods recorded FII inflows (USD283m) during 4QFY15. FII holding climbed up to 15.9% after a reaching 5-quarter low.
DIIs recorded outflows of USD144m during 4QFY15 against an huge inflow of USD306m in 3QFY15.
FLOWS WEIGHT
FII
U/W
DII
O/W
Top 3 companies recording inflows from FIIs are L&T (USD173m), Bharat Electronics (USD49m) and AIA Engineering (USD20m). However, all these
companies recorded outflows by DIIs.
DII Flows (USD M)
18
16
15
13
11
21.8
13.4
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
16.8
22.9
22.2
24
15.9
23
22
21
20
FII Holding
Company
ABB
AIA Engg.
BHEL
Bharat Electron
Crompton Greaves
Cummins India
Engineers India
Havells India
Larsen & Toubro
Siemens
Thermax
Capital Goods
DII Holding
FII
Value (USD M)
DII
530
121
1,599
662
518
676
116
79
9,262
745
156
14,463
Total
Inst.
730
615
3,082
809
778
1,380
205
874
14,780
1,113
475
24,842
Weight (%)
Total
BSE200
Inst.
0.1
0.1
0.6
0.2
0.2
0.3
0.0
0.2
3.0
0.2
0.1
5.0
0.2
0.1
0.5
0.2
0.2
0.3
0.1
0.2
3.6
0.3
0.1
5.7
5 Year Price
CAGR (%)
8.7
25.6
-13.2
8.9
-8.7
19.1
-11.9
38.5
9.7
13.5
9.3
4.2
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
4.7
26.2
16.1
3.4
15.6
18.0
8.5
26.0
21.5
4.6
15.7
15.9
0.3
-1.4
-0.1
-0.3
-3.9
-0.4
0.0
-4.7
0.4
0.4
-1.0
-0.8
-0.1
1.2
0.1
1.1
0.6
-0.2
0.1
0.6
0.7
0.1
0.4
0.2
-5.4
8.3
0.8
-1.9
-0.4
7.2
7.5
7.8
4.4
1.0
6.8
2.6
12.4
6.4
17.3
15.4
31.0
17.3
11.0
2.6
36.1
9.3
7.7
22.2
0.2
1.3
0.8
-1.5
7.8
0.1
-1.5
2.2
-0.5
0.5
0.9
-0.7
0.2
-0.6
0.0
-2.4
0.1
-0.7
-0.3
-0.3
0.0
0.2
-0.3
-0.2
-11.1
-7.1
6.3
1.2
6.5
-5.0
6.6
0.2
-2.5
-13.9
-7.6
0.4
200
494
1,483
148
261
704
89
795
5,518
368
319
10,378
Flowmeter: India Holdings & Flows | May 2015
19

Cement: DIIs continue to Buy, FIIs join
Ramco Cements and Ultratech are only two companies to see a decrease in FII stake during the quarter.
Top DII inflows for the quarter were in ACC (USD25m), Ramco Cement (USD23m) and Grasim (USD11m).
Top FII inflows for the quarter were in Shree Cement (USD38m), ACC (USD27m) and Ambuja Cement (USD22m).
DII Flows (USD M)
27
25
23
21
19
20.7
16.8
FLOWS WEIGHT
FII
U/W
DII
U/W
DIIs remained buyers for the third consecutive quarter at USD23m. FIIs also showed inflows of USD46m after two quarters of outflows.
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
19
24.6
23.3
9.3
9.9
16
13
10
7
FII Holding
Company
ACC
Ambuja Cem.
Grasim Inds
Shree Cement
The Ramco Cement
UltraTech Cem.
Cement
DII Holding
FII
Value (USD M)
DII
760
610
905
316
245
743
3,579
Total
Inst.
1,582
2,673
2,898
1,033
441
3,412
12,039
Weight (%)
Total
BSE200
Inst.
0.3
0.5
0.6
0.2
0.1
0.7
2.4
0.4
0.5
0.6
0.2
0.1
0.7
2.5
5 Year Price
CAGR (%)
10.4
16.4
5.2
36.2
20.1
20.0
21.0
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
17.5
32.5
37.3
11.9
16.9
21.1
23.3
-2.3
0.3
0.0
2.9
-1.8
-1.7
-1.2
0.6
0.4
0.3
0.6
-1.1
-0.2
0.1
4.9
6.5
3.1
7.0
8.9
10.0
2.7
16.2
9.6
16.9
5.3
21.0
5.9
9.9
3.0
0.3
0.8
-0.6
2.9
0.9
0.6
0.5
-0.2
0.2
-0.4
1.8
0.0
0.0
-3.9
-6.9
-2.9
-3.6
1.9
-5.8
-6.9
822
2,063
1,993
716
197
2,670
8,460
Flowmeter: India Holdings & Flows | May 2015
20

Consumer: DII and FII holdings fall
FIIs recorded outflows of USD10m and DIIs recorded outflows of USD140m in the sector during the quarter.
FII holding is at 18.7% and DII holding at 12.9% in the sector. Both FII and DII holdings in Consumer declined during the quarter.
Top DII outflows for the quarter were in Asian Paints (USD133m), Colgate (USD53m) and Nestle (USD22m).
DII Flows (USD M)
21
20
18
17
15
15.3
20.1
FLOWS WEIGHT
FII
U/W
DII
O/W
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
22
19.3
18.7
20
17
16.0
12.9
15
12
FII Holding
Company
Asian Paints
Bata India
Berger Paints
Britannia Inds.
Colgate-Palm.
Dabur India
Emami
GlaxoSmith C H L
Godrej Consumer
Hind. Unilever
ITC
Jubilant Food.
Marico
Nestle India
P & G Hygiene
Pidilite Inds.
Tata Global
United Breweries
United Spirits
Consumer
DII Holding
FII
Value (USD M)
DII
1,098
130
50
383
218
353
48
100
109
1,159
14,564
73
249
485
416
214
205
69
358
20,279
Total
Inst.
3,352
329
279
1,177
1,133
1,923
659
551
1,747
5,711
23,350
717
1,302
2,145
514
976
561
844
2,457
49,726
Weight (%)
Total
BSE200
Inst.
0.7
0.1
0.1
0.2
0.2
0.4
0.1
0.1
0.4
1.2
4.7
0.1
0.3
0.4
0.1
0.2
0.1
0.2
0.5
10.0
0.9
0.1
0.1
0.3
0.3
0.4
0.2
0.2
0.3
1.6
4.6
0.1
0.3
0.6
0.2
0.2
0.2
0.2
0.5
11.3
5 Year Price
CAGR (%)
31.7
36.7
48.1
46.5
24.4
27.3
37.2
33.3
31.8
29.6
19.9
36.4
29.0
21.0
29.1
39.4
8.8
39.2
22.6
27.1
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
18.1
17.7
9.8
19.1
20.8
21.0
16.7
10.6
28.8
15.0
21.0
41.4
26.3
15.4
2.6
15.4
24.1
18.2
24.6
18.7
0.1
-2.4
-1.9
-1.0
0.8
1.7
0.7
-1.1
0.4
0.9
1.5
-5.2
-1.3
1.7
0.2
-0.1
0.9
-1.1
-16.1
-0.6
0.8
-2.3
-1.6
-0.4
0.3
0.1
0.2
-0.9
-0.2
0.0
-0.1
-1.8
-0.7
0.3
0.4
-0.1
1.5
-0.3
0.1
-0.2
2.7
7.1
3.8
10.5
5.3
6.7
3.8
1.0
10.3
0.5
7.2
20.3
3.9
5.1
-0.7
6.3
16.0
5.3
-22.6
3.4
8.8
11.5
2.2
9.2
5.0
4.7
1.3
2.4
1.9
3.8
34.8
4.7
6.2
4.5
11.1
4.3
13.8
1.6
4.2
12.9
-0.6
1.7
-0.6
0.8
-2.0
-0.9
-0.5
1.5
0.2
-0.3
0.1
4.6
0.2
-0.8
-1.1
0.7
-0.3
1.4
0.2
-3.1
-1.1
1.7
0.0
-0.1
-1.3
-0.1
-0.2
0.8
0.1
-0.1
0.0
1.8
-0.3
-0.2
-0.5
0.2
0.0
0.4
0.0
-1.7
-3.7
-5.7
-2.5
-9.7
-2.4
-5.3
-3.8
-19.4
0.9
-10.3
-2.4
-4.1
-0.4
-5.1
3.4
-3.8
-21.9
-0.7
-2.6
-7.2
2,254
199
229
794
915
1,570
611
451
1,637
4,553
8,786
644
1,053
1,660
98
762
357
775
2,099
29,447
Flowmeter: India Holdings & Flows | May 2015
21

Healthcare: Second best sector in terms of FII inflows for 4QFY15
However, Healthcare saw the largest DII outflows (USD478m) during the quarter.
DII Flows (USD M)
29
27
24
22
19
19.5
13.5
FLOWS WEIGHT
FII
O/W
DII
U/W
After Utilities, Healthcare was the second best sector in terms of FII flows. Healthcare witnessed inflows of USD702m from FIIs. The top 3 companies
receiving inflows from FIIs were Lupin (USD353m), Sun Pharma (USD149m) and Cipla (USD131m).
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
15
25.2
26.4
13
10
7.8
8
6.7
5
FII Holding
Company
Apollo Hospitals
Aurobindo Pharma
Biocon
Cadila Health.
Cipla
Divi's Lab.
Dr Reddy's Labs
Glaxosmit Pharma
Glenmark Pharma.
Ipca Labs.
Lupin
Piramal Enterp.
Sanofi India
SPARC
Strides Arcolab
Sun Pharma.Inds.
Torrent Pharma.
Wockhardt
Health Care
DII Holding
FII
Value (USD M)
DII
68
357
126
474
894
549
519
429
210
167
1,256
83
181
23
126
1,547
214
62
7,286
Total
Inst.
1,427
2,050
288
842
3,427
1,288
5,840
525
1,399
448
6,283
744
358
134
519
9,566
600
426
36,163
Weight (%)
Total
BSE200
Inst.
0.3
0.4
0.1
0.2
0.7
0.3
1.2
0.1
0.3
0.1
1.3
0.1
0.1
0.0
0.1
1.9
0.1
0.1
7.3
0.3
0.4
0.1
0.2
0.9
0.3
1.1
0.2
0.3
0.1
1.2
0.2
0.1
0.1
0.1
1.9
0.1
0.1
7.8
5 Year Price
CAGR (%)
30.2
44.8
10.5
25.9
16.1
21.4
22.3
13.9
24.2
18.8
43.9
15.4
13.2
38.1
28.4
41.7
33.6
68.2
29.9
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
44.5
29.6
10.7
6.4
27.6
19.4
55.8
2.1
34.7
21.7
34.7
27.4
14.3
6.0
34.8
23.6
12.3
11.0
26.4
2.2
5.8
-2.8
0.6
3.2
1.2
3.4
-0.5
1.5
-3.6
2.8
0.8
0.2
1.3
-14.6
1.1
0.3
7.2
1.2
0.8
-0.1
0.1
-0.3
2.0
-0.3
-0.2
0.0
0.1
-2.1
2.9
0.7
-0.3
1.1
-3.0
0.5
-0.6
3.2
0.5
13.1
5.7
6.8
2.6
10.0
3.9
13.9
-12.9
7.9
16.9
17.4
1.4
5.7
1.2
26.3
3.4
10.6
8.6
6.9
2.2
6.2
8.4
8.3
9.8
14.4
5.4
9.3
6.1
12.9
8.7
3.5
14.6
1.2
11.2
4.6
6.8
1.9
6.7
-1.6
-3.6
2.3
0.1
-1.7
2.3
-0.9
0.4
-1.7
1.4
-2.6
-0.5
1.7
-0.5
8.6
-1.0
-0.9
-2.2
-1.1
-0.7
-0.3
0.8
0.3
-1.6
1.0
-0.2
-0.3
-0.3
1.0
-2.1
-0.4
0.1
-0.1
2.6
-0.3
0.2
-0.4
-0.6
-1.5
-4.0
-4.8
-5.2
-6.9
0.4
-12.6
-7.8
-1.8
-17.5
-15.5
-5.3
-4.3
-1.4
-17.9
-0.9
-0.4
-7.2
-6.8
1,359
1,693
162
368
2,532
739
5,321
97
1,189
281
5,026
661
177
112
393
8,019
387
364
28,878
Flowmeter: India Holdings & Flows | May 2015
22

Infrastructure: FII holding continues to make new peaks
From FIIs, there were inflows of USD87m during 4QFY15.
GMR Infra is the only stock that saw a decrease in FII holding by 1.9%. However, DIIs increased their stake in the stock by 0.1%.
Adani Ports is only stock to have given positive returns on five-year basis.
Top FII inflows for the quarter were in IRB Infra (USD51m), Gujarat Pipavav (USD36m) and Adani Ports (USD16m).
DII Flows (USD M)
23
21
18
6.6
16
13
15.3
FLOWS WEIGHT
FII
O/W
DII
U/W
FII holding in the sector is at all-time high of 21.7%. DII holding also climbed up marginally to 5.1%, after continuous fall since December 2013.
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
21.7
20.1
10
9
7
5.1
6
5.4
4
FII Holding
Company
Adani Ports
GMR Infra.
Guj Pipavav Port
IRB Infra.Devl.
JP Associates
Infrastructure
DII Holding
FII
Value (USD M)
DII
269
124
228
111
70
803
Total
Inst.
2,177
295
923
484
371
4,250
Weight (%)
Total
BSE200
Inst.
0.4
0.1
0.2
0.1
0.1
0.9
0.4
0.1
0.2
0.1
0.1
0.8
5 Year Price
CAGR (%)
14.3
-23.0
NA
-0.9
-30.2
-1.7
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
18.6
12.1
37.1
26.9
31.0
21.7
1.2
0.9
4.4
1.3
2.1
1.6
0.1
-1.9
2.1
2.3
0.7
0.6
9.5
3.2
37.1
12.0
5.0
6.4
2.6
8.8
12.2
8.0
7.3
5.1
-0.6
1.3
-1.7
5.1
-1.3
-0.3
0.0
0.1
-1.3
1.5
0.1
0.3
0.4
0.6
12.2
2.4
-2.7
-1.5
1,908
171
695
373
301
3,447
Flowmeter: India Holdings & Flows | May 2015
23

Media: FII outflows and DII inflows after 10 quarters
DII holding in Media climbed up to 2.1% after a decline from 11.2% to 1.5% in the last five years.
FLOWS WEIGHT
FII
O/W
DII
U/W
After 10 quarters of FII inflows, Media witnessed FII outflows of USD82m in 4QFY15. However, DIIs became buyers in the sector after 10 quarters,
with inflows of USD63m.
During 4QFY15, DII flows were the highest in Zee (USD66m), followed by TV18 Broadcast (USD7m). FIIs recorded outflows in Zee (USD107m).
Sun TV is only stock that saw a decrease in DII holding. All other Media stocks saw increase in DII holding.
DII Flows (USD M)
38
31
24
17
10
16.1
3.0
11.2
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
32.0
15
34.3
11
7
2.1
3
-1
FII Holding
Company
Dish TV
Sun TV Network
TV18 Broadcast
Zee Entertainmen
Media
DII Holding
FII
Value (USD M)
DII
52
28
25
114
220
Total
Inst.
343
556
97
2,749
3,745
Weight (%)
Total
BSE200
Inst.
0.1
0.1
0.0
0.6
0.8
0.1
0.1
0.0
0.5
0.7
5 Year Price
CAGR (%)
17.4
0.6
-17.9
20.5
13.1
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
20.8
18.9
8.6
50.0
34.3
1.3
2.9
-2.4
2.0
2.2
-0.3
1.0
0.4
-1.9
-2.6
4.2
10.9
-1.0
21.3
18.2
3.7
1.0
3.1
2.2
2.1
-1.2
-1.0
1.7
-1.3
-0.8
0.3
-0.5
0.8
1.2
0.6
-2.1
-3.6
-9.3
-20.1
-9.0
291
528
71
2,634
3,525
Flowmeter: India Holdings & Flows | May 2015
24

Metals: FIIs sellers for second consecutive quarter
FIIs sold USD121m in 4QFY15. However, DIIs were buyers (USD83m) for the second consecutive quarter.
Top companies receiving inflows from DIIs were NMDC (USD51m), Hindalco (USD43m) and SAIL (USD9m).
Top companies to record outflows by FIIs were Tata Steel (USD65m), Hindalco (USD51m) and JSW Steel (USD34m).
Institutional investors are currently overweight on Metals relative to BSE-200.
DII Flows (USD M)
17
15
13
11
9
11.5
10.3
FLOWS WEIGHT
FII
U/W
DII
O/W
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
18
14.9
14.5
15.6
16
13.7
13
11
8
FII Holding
Company
Hind.Copper
Hind.Zinc
Hindalco Inds.
Jindal Steel
JSW Steel
Natl. Aluminium
NMDC
SAI L
Sesa Sterlite
Tata Steel
Metals
DII Holding
FII
Value (USD M)
DII
69
3,397
583
92
148
187
981
699
511
1,243
7,910
Total
Inst.
70
3,675
2,105
586
817
256
1,472
971
2,759
2,136
14,848
Weight (%)
Total
BSE200
Inst.
0.0
0.7
0.4
0.1
0.2
0.1
0.3
0.2
0.6
0.4
3.0
0.0
0.1
0.4
0.1
0.3
0.1
0.3
0.1
0.5
0.5
2.5
5 Year Price
CAGR (%)
-34.7
6.1
-6.6
-25.9
-6.0
-14.4
-15.1
-23.0
-16.7
-12.9
-11.0
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(%)
(pp)
(pp)
Mar-10 (pp)
(pp)
(pp)
Mar-10 (pp)
0.0
2.5
35.5
21.5
19.0
3.6
5.9
6.0
24.9
18.1
13.7
0.0
0.5
0.8
-0.8
-0.2
-0.2
-0.2
0.2
-1.5
-0.4
-1.2
0.0
0.3
-1.2
0.4
-0.9
-0.2
-0.4
-0.2
0.3
-1.0
-0.5
0.0
0.3
-2.0
-2.0
-12.9
-0.5
5.8
1.5
-1.6
-3.2
2.1
7.4
30.9
13.6
4.0
4.2
9.7
11.8
15.4
5.7
25.2
15.6
-0.2
-0.4
-0.8
-0.1
0.1
-0.5
1.2
4.5
-1.8
-0.2
1.1
0.0
0.0
0.9
0.3
0.2
0.2
0.6
0.2
-0.2
-0.3
0.2
7.4
0.0
-2.1
1.2
-1.6
4.3
3.2
8.0
2.2
1.2
5.3
0
278
1,522
494
669
69
492
273
2,248
893
6,938
Flowmeter: India Holdings & Flows | May 2015
25

Oil & Gas: FIIs and DIIs buy during the quarter
FIIs invested USD92m. Top companies to record inflows from FIIs are BPCL (USD166m), Cairn (USD42m) and Petronet LNG (USD36m).
Oil & Gas contributes 7.4% of total institutional investment value of BSE-200. Institutions are underweight on Reliance by 50bp.
DII holding increased for the third consecutive quarter to 11.3% in 4QFY15.
DII Flows (USD M)
16
15
14
12
11
10.4
13.4
FLOWS WEIGHT
FII
U/W
DII
O/W
DIIs showed inflows of USD336m during the quarter, on back of inflows recorded in Reliance (USD257m), GAIL (USD102m) and ONGC (USD75m).
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
12.0
14.3
11.3
15.0
11.3
11.5
11.0
10.5
10.0
FII Holding
Company
BPCL
Cairn India
Essar Oil
GAIL (India)
Guj Gas Company
Guj.St.Petronet
HPCL
IOCL
Indraprastha Gas
O NGC
Oil India
Petronet LNG
Reliance Inds.
Oil & Gas
DII Holding
FII
Value (USD M)
DII
1,190
666
39
1,698
76
379
581
659
206
4,393
392
90
5,387
15,756
Total
Inst.
2,806
1,692
1,820
3,298
238
495
1,235
1,034
379
7,420
800
557
14,834
36,607
Weight (%)
Total
BSE200
Inst.
0.6
0.3
0.4
0.7
0.0
0.1
0.2
0.2
0.1
1.5
0.2
0.1
3.0
7.4
0.5
0.3
0.0
0.5
0.1
0.1
0.3
0.2
0.1
1.4
0.2
0.1
3.5
7.2
5 Year Price
CAGR (%)
25.7
-6.9
-4.7
-1.0
17.3
7.2
15.3
4.4
14.0
2.2
-0.3
17.7
-5.2
0.1
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(pp)
(%)
Mar-10 (pp)
(%)
(pp)
Mar-10 (pp)
(pp)
(pp)
17.2
15.9
67.5
20.2
12.5
10.4
18.5
2.6
18.3
7.2
9.3
22.6
22.0
15.0
5.8
-1.9
0.3
1.5
-2.7
5.3
7.9
0.4
2.8
0.5
0.1
2.7
0.0
0.7
2.0
0.6
0.0
-1.2
-2.8
1.7
-0.3
0.0
2.7
0.0
-0.5
1.6
-0.2
0.0
9.2
5.7
-5.0
7.2
-2.2
-2.0
11.3
1.9
6.8
3.0
7.1
12.5
0.8
1.6
12.7
10.4
1.5
21.4
5.8
33.8
16.4
4.6
21.9
10.4
9.0
4.3
12.6
11.3
-4.1
0.5
0.0
-1.3
3.2
-0.1
-5.8
-0.2
-1.3
-0.4
0.9
0.0
1.3
0.0
-1.3
-0.4
0.0
1.2
2.8
-0.6
-0.2
0.2
-0.9
0.2
0.6
-1.3
0.6
0.2
-7.7
2.8
-0.7
-5.2
-3.1
7.7
-12.6
-0.8
-2.6
2.5
5.1
-0.2
1.9
0.9
1,616
1,025
1,781
1,600
162
116
653
375
172
3,027
408
468
9,446
20,850
Flowmeter: India Holdings & Flows | May 2015
26

Real Estate: FII holding rises sharply
Real Estate recorded healthy inflows from FIIs (USD134m) after two quarters of outflows. DII flows were muted during the quarter.
All companies in the sector received FII inflows. Top inflows were seen in HDIL (USD50m), IBREL (USD46m) and DLF (USD34m).
FII holding is at 25% for 4QFY15, which is close to its all-time high of 25.4% recorded in September 2010.
DII holding in the sector is 0.5%, down on QoQ basis.
FLOWS WEIGHT
FII
-
DII
-
The sector has given negative return of 14.6% in the last five years. All stocks in the sector posted negative returns for the same period.
DII Flows (USD M)
26
1.4
24
22
20
18
23.9
22.2
0.5
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
25.0
1.6
1.2
0.8
0.5
0.4
0.0
FII Holding
Company
DLF
HDIL
Indbull.RealEst.
Unitech
Real Estate
DII Holding
FII
Value (USD M)
DII
13
1
6
13
33
Total
Inst.
948
337
156
178
1,618
Weight (%)
Total
BSE200
Inst.
0.2
0.1
0.0
0.0
0.3
0.2
0.1
0.0
0.1
0.3
5 Year Price
CAGR (%)
-12.5
-18.7
-15.6
-26.1
-14.6
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
20.6
49.0
33.7
24.1
25.0
0.7
10.7
6.5
-3.7
2.8
0.8
7.5
9.1
0.7
2.5
5.9
21.1
-36.9
-8.2
1.1
0.3
0.2
1.3
2.0
0.5
-0.1
0.0
0.8
0.2
0.1
0.0
0.0
0.0
0.1
0.0
-0.4
-1.2
-0.6
-1.6
-0.9
935
336
150
164
1,585
Flowmeter: India Holdings & Flows | May 2015
27

Technology: FIIs continue to Buy; DIIs sell during the quarter
Top companies to get FII inflows were Wipro (USD271m), HCL Tech (USD127m) and TCS (USD111m).
Top companies to see DII outflows were Tech Mahindra (USD108m), Wipro (USD85m) and Infosys (USD73m).
FII holding saw a big decline in Tech Mahindra, Mphasis and Orcale Fin on QoQ basis.
DII Flows (USD M)
30
28
26
24.9
24
22
6.2
FLOWS WEIGHT
FII
O/W
DII
U/W
During the quarter, FII inflows in Technology were at USD495b. However, it was the second-worst in terms of DII flows – an outflow of USD243m.
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
28.3
26.5
7.1
6.7
11
10
8
7
5
FII Holding
Company
HCL Technologies
Hexaware Tech.
Infosys
Mindtree
MphasiS
Oracle Fin.Serv.
TCS
Tech Mahindra
Vakrangee
Wipro
Technology
DII Holding
FII
Value (USD M)
DII
823
65
6,174
139
64
162
3,758
1,011
64
1,085
13,346
Total
Inst.
7,367
273
30,424
873
399
764
17,340
4,652
92
4,240
66,424
Weight (%)
Total
BSE200
Inst.
1.5
0.1
6.1
0.2
0.1
0.2
3.5
0.9
0.0
0.9
13.4
1.3
0.1
5.4
0.2
0.1
0.2
3.3
1.0
0.1
1.1
12.8
5 Year Price
CAGR (%)
40.5
55.7
11.1
34.7
-9.2
7.2
26.7
24.2
82.0
8.2
19.6
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
29.6
13.8
59.3
41.9
26.0
13.6
17.0
37.5
3.3
12.7
28.3
1.0
-9.4
1.1
5.9
-0.1
-1.6
0.8
-1.6
1.6
0.6
1.8
0.6
-0.4
0.6
1.2
-0.5
-0.4
0.1
-0.6
0.2
1.1
0.9
9.7
-30.3
4.3
26.1
9.2
12.0
4.5
36.9
-8.9
3.8
3.4
3.7
4.3
15.1
7.9
5.0
3.7
4.7
10.4
7.7
4.4
7.1
0.0
1.8
1.4
-2.2
0.4
2.1
-0.7
0.7
1.9
0.9
0.4
0.0
1.4
-0.2
0.0
0.5
0.6
0.0
-1.0
0.4
-0.4
-0.1
-0.8
-2.2
7.2
-4.9
-2.1
-0.5
-3.2
1.7
7.7
2.7
0.9
6,545
208
24,250
734
335
601
13,582
3,641
28
3,154
53,079
Flowmeter: India Holdings & Flows | May 2015
28

Telecom: Third best sector in terms of FII inflows for 4QFY15
After FII outflows in 3QFY15, Telecom bounced back, with big FII inflows of USD544m. DII inflows were at USD32m.
The sector was also the third-best performer in 4QFY15, giving 11% positive return on QoQ basis.
FLOWS WEIGHT
FII
O/W
DII
U/W
Top FII inflows were recorded in Bharti Infra (USD421m), Bharti Airtel (USD95m) and Idea Cellular (USD27m). DIIs were also buyers in the same
stocks.
FII Flows (USD M)
DII Flows (USD M)
22
20
8.4
17
15
12
14.5
15.3
6.2
FII Holding (%)
DII Holding (%) - RHS
20.1
10
9
8
5.6
6
5
FII Holding
Company
Bharti Airtel
Bharti Infra.
Idea Cellular
Rel. Comm.
Tata Comm
Telecom
DII Holding
FII
Value (USD M)
DII
1,897
99
492
199
205
2,892
Total
Inst.
6,431
2,727
3,104
706
360
13,328
Weight (%)
Total
BSE200
Inst.
1.3
0.5
0.6
0.1
0.1
2.7
1.4
0.4
0.5
0.2
0.1
2.6
5 Year Price
CAGR (%)
4.8
NA
22.9
-19.1
8.5
6.4
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
17.9
22.5
24.6
21.4
8.0
20.1
1.5
11.6
5.1
9.2
1.0
4.8
0.4
3.8
0.3
-1.3
0.8
1.1
-0.1
22.5
17.2
13.1
-0.4
5.6
7.5
0.9
4.6
8.4
10.7
5.6
-0.3
-1.3
2.2
-0.5
-1.5
-0.6
0.1
0.0
0.3
-0.4
-0.6
-0.1
-0.4
0.9
-2.9
-1.4
-1.4
-2.8
4,534
2,628
2,612
507
155
10,436
Flowmeter: India Holdings & Flows | May 2015
29

Utilities: Highest FII and DII flows during 4QFY15
FII holding in the sector is at an all-time high of 12.6%. DII holding was also up by 244bp QoQ to 9.8%.
The top 3 companies receiving inflows from FIIs were Coal India (USD1.3b), JSW Energy (USD18m) and Adani Power (USD16m).
DII Flows (USD M)
14
12
9
7
4
5.2
10.1
FLOWS WEIGHT
FII
U/W
DII
O/W
Utilities attracted the highest inflows from both FIIs (USD1.3b) and DIIs (USD2.2b), led by Coal India OFS. The sector gave 2% return on QoQ basis.
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
12.6
9.8
10
11
10.2
8
7.7
7
5
FII Holding
Company
Adani Power
CESC
Coal India
JP Power Ven.
JSW Energy
NHPC Ltd
NTPC
Power Grid Corpn
Reliance Infra.
Reliance Power
Tata Power Co.
Torrent Power
Utilities
DII Holding
FII
Value (USD M)
DII
15
181
3,243
26
195
152
2,396
969
315
139
747
263
8,642
Total
Inst.
177
535
6,548
57
421
220
4,414
4,330
709
275
1,715
312
19,713
Weight (%)
Total
BSE200
Inst.
0.0
0.1
1.3
0.0
0.1
0.0
0.9
0.9
0.1
0.1
0.3
0.1
4.0
0.0
0.1
1.2
0.0
0.1
0.1
0.8
0.8
0.1
0.1
0.4
0.1
3.8
5 Year Price
CAGR (%)
-16.4
9.5
NA
-31.5
1.2
-8.2
-6.6
6.3
-15.4
-17.7
-10.3
-10.8
-5.4
Mar-15 YoY Chg QoQ Chg Chg Over
Mar-15 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-10 (pp)
(%)
(pp)
(pp)
Mar-10 (pp)
7.4
27.7
9.0
6.4
7.2
1.9
10.3
27.6
21.5
5.3
28.9
3.9
12.6
0.6
4.7
3.7
-0.7
3.1
0.3
1.0
1.4
2.0
-1.1
2.7
2.2
2.4
0.7
0.4
3.5
0.0
0.6
0.0
-0.1
0.0
0.3
-0.2
0.2
1.1
1.6
-0.7
9.0
9.0
5.7
2.4
0.4
7.8
26.0
6.8
1.7
7.1
2.3
7.4
0.7
14.1
8.8
5.4
6.2
4.3
12.3
7.9
17.3
5.5
22.3
21.3
9.8
0.1
-2.1
5.9
-2.0
-0.2
0.5
-0.7
-0.5
-1.9
0.2
0.1
-1.5
2.1
0.1
-1.2
5.7
0.1
-0.3
0.4
0.2
0.2
-0.6
0.1
-0.3
-0.8
2.4
-1.9
-3.8
8.8
2.2
-1.3
1.1
3.2
2.3
-9.2
3.8
-7.5
-2.5
-0.3
162
354
3,305
31
226
68
2,018
3,361
394
135
968
49
11,071
Flowmeter: India Holdings & Flows | May 2015
30

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Flowmeter: India Holdings & Flows | May 2015

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Flowmeter: India Holdings & Flows | May 2015

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