Highlights of 1QFY16 edition
More than two-third of BSE-200
saw
an increase in DII stake; Automobiles,
Technology and Capital Goods attract
DIIs
FIIs’ share in India drops 50bps to
49.5%; Healthcare, Technology and
Telecom attract FIIs
Domestic MFs invested USD3.7b in
1QFY16—the highest ever quarterly
flows
July 2015
 Motilal Oswal Financial Services
Summary
Domestic MFs record highest ever quarterly flows:
Domestic MFs were buyers for the fifth
consecutive quarter and invested USD3.7b in 1QFY16— the highest ever quarterly flows. DIIs
(ex-MFs) turned positive in 1QFY16 to USD1.3b after 11 consecutive quarters of outflows.
During 1QFY16, FII investment was muted at USD0.2b compared with investment of USD28.7b
in the last six quarters.
DII holding rises; FIIs’ share in India drops to 49.5%:
FII ownership as a proportion of free float
of BSE-200 dropped 50bps to 49.5%. FII holding in BSE-200 companies stood at 24.9%. DII
ownership as a proportion of free float rose to 22.7% whereas DII holding increased to 11.4%.
Sector-wise FII flows in BSE-200:
In 1QFY16, FII investment in BSE-200 was USD163m. Sectors
recording the highest inflows were Healthcare (USD819m), Technology (USD658m) and
Telecom (USD548m). Highest outflows were recorded in Private Banks (USD778m), Consumer
(USD468m) and Automobiles (USD421m).
About the product
Flowmeter
is a handbook on
holdings and institutional
flows in Indian equities. This
quarterly report will cover:
Sector-wise DII flows in BSE-200:
Sectors recording the highest inflows in 1QFY16 were
Automobiles (USD1.1b), Technology (USD930m) and Capital Goods (USD879m). Unlike FIIs, DIIs
Overall market flows &
were sellers in Telecom in 1QFY16.
holdings
Sector-wise FII ownership:
FIIs are significantly underweight in Consumer, Capital Goods and
Sector & companies’
PSU Banks. During 1QFY16, incremental investments were seen in Healthcare, Telecom and Oil
institutional flows and
& Gas. FII holdings showed a decline in Private Banks, Automobiles and Metals. Private
holdings
Banking is the most preferred sector, with USD66b investment value.
Overall holdings in BSE-
Sector-wise DII ownership:
DIIs are significantly underweight in Private Bank, NBFC and
200 & Sensex
Technology. Consumer is the most preferred sector, with USD20b investment value. Unlike FIIs,
Sector weight comparison
DIIs are significantly overweight on Capital Goods, Oil & Gas and PSU Banks. Capital Goods,
Metals, Healthcare and Media saw the highest increase in DII holdings on a QoQ basis.
Deven Mistry (Deven@MotilalOswal.com); + 9122 3982 5440
Flowmeter: India Holdings & Flows | July 2015
2
 Motilal Oswal Financial Services
Contents
Overall flows: Domestic MFs recorded the highest ever quarterly flows
BSE-200: DII holdings rise; FII share drops
Sector-wise FII flows: Healthcare, Technology and Telecom attract FIIs
Sector-wise DII flows: Auto, Technology and Capital Goods attract DIIs
Company-wise flows: Of the top 10 FII outflows, four were recorded in Financials
Overall holdings: More than two-thirds of BSE-200 saw an increase in DII stake
Sector-wise holdings: FIIs record highest QoQ change in Healthcare and Telecom
FII sector holdings: Underweight in Consumer, Capital Goods and PSU Banks
DII sector holdings: Underweight in Private Banks, NBFC and Technology
Sensex holdings: Sun Pharma, Infosys and Lupin saw the highest FII increase QoQ
Sector weights: Healthcare, Oil and Capital Goods record big DII increase
Sector trends: Overview, institutional flows and holdings
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 include FPI and others.
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 | July 2015
 Motilal Oswal Financial Services
Overall Flows:
Domestic MFs record highest ever quarterly inflows
Quarterly domestic mutual fund flows
Quarterly DII ex-MF flows
Domestic MFs were buyers for the fifth consecutive quarter and
invested USD3.7b in 1QFY16—the highest ever quarterly flows.
Domestic MFs flows in markets (USD b)
3.7
2.7 2.4
0.4 0.2 0.5 0.2
-0.5
-0.1
-1.0
-3.2
-1.1
-1.2 -1.4 -1.4
-0.6
-0.8
-1.0
1.5
0.1
DIIs (ex-MFs) turned positive in 1QFY16 to USD1.3b after 11
consecutive quarters of outflows.
DII ex MFs flows in markets (USD b)
1.4
2.0
0.6
-1.2
-1.9
-2.2 -2.1
-3.3
-4.9
-3.9
1.6
0.4
0.6
-0.3
-0.2
-0.9
-2.8 -3.0
-2.0 -2.4
1.3
-1.3
Quarterly FII flows
Yearly FII and DII flows
During 1QFY16, FII investment was muted at USD0.2b compared
with USD28.7b in the last six quarters.
FII flows in markets (USD b)
10.1
9.1
6.9
2.3
10.4
8.4
3.2
0.1 0.8
-1.0 -0.4
0.1
-0.1
6.6
4.1
6.2
3.5
2.3
0.2
6.0
FIIs invested USD7.4b in CY15YTD against USD16.2b in CY14.
Domestic MFs recorded inflows of USD5.5b for CY15 YTD
compared with USD3.9b in CY14.
FII (USDb)
3.4
1.7
17.8
8.1
3.7
5.4
3.3
DII (USDb)
-1.2
12.6
Domestic MFs (USDb)
-3.9
-3.7
-6.1
1.3
29.3
24.5
5.9
-0.5
-10.9
20.0
3.9
5.5
16.9
17.6
5.3
-4.7
-12.2
16.2
7.4
3.7
-4.9
-13.0
Flowmeter: India Holdings & Flows | July 2015
4
 Motilal Oswal Financial Services
BSE-200: DII holdings rise; FIIs’ share in India drops to 49.5%
FII share in India drops, DIIs show gain
Trend in FII and DII holding
FIIs’ ownership as a proportion of free float of BSE-200 dropped 50bps
to 49.5%. DII ownership as a proportion of free float rose to 22.7%.
51.0
48.0
26.7
45.0
42.0
39.4
39.0
41.9
41.2
22.7
23.2
FII Proportion of Free Float (%)
DII Proportion of Free Float (%) - RHS
FIIs’ holdings in BSE-200 companies is at 24.9%. DIIs’ holdings
increased during the quarter to 11.4%.
BSE200 FII Holding (%)
26.2
23.9
21.6
19.3
17.0
18.3
19.3
11.5
11.0
12.9
12.3
22.8
23.5
BSE200 DII Holding (%) - RHS
13.0
24.9
12.5
11.9
11.4
11.4
10.8
27.8
26.3
46.1
48.4
29.0
49.5
27.0
25.0
22.7
23.0
21.0
Trend in BSE-200 FII-DII ratio
Sectoral FII-DII ratio change in the last one year
FII-DII ratio has increased from 1.4x to 2.2x in the last five years,
indicating higher FII share.
BSE200 FII:DII Ratio
1.9
1.6 1.6 1.6
1.6 1.6
1.5 1.5
1.5
1.7 1.8
2.0 2.0
2.1 2.1 2.1
2.2 2.2
2.3
2.2
In the last one year, the highest increase in this ratio was recorded in
Telecom, NBFC and Consumer.
Chg
1.6
4.3
0.3
0.2
0.1
-
-
-
5.2
4.9
2.2
1.4
1.2
2.1
3.6
3.6
1.4
1.3
0.6 0.6
0.7 0.7
3.9
4.0
1.2
1.5
Jun 15
3.6
3.9
Jun 14
1.4
2.7
2.2 2.2
2.7 2.7
0.7
1.1
Flowmeter: India Holdings & Flows | July 2015
5
 Motilal Oswal Financial Services
Sector-wise FII Flows: Healthcare, Technology and Telecom attract FIIs
Sector-wise FII flows (BSE-200)
Yearly FII flows (BSE-200)
Healthcare (USD0.8b), Technology (USD0.7b) and Telecom (USD0.5b)
recorded the highest FII inflows in 1QFY16.
Banks saw outflows of USD0.8b (Private) and USD0.4b (PSU) during
1QFY16.
Automobiles and Capital Goods saw outflows during 1QFY16 versus
inflows in 4QFY15.
(USD b)
Healthcare
Technology
Telecom
Infra
Oil & Gas
Utilities
NBFC
Real Estate
Media
Cement
Cap Goods
Banks-PSU
Metals
Auto
Consumer
0.0
0.0
-0.1
-0.2
-0.4
-0.4
-0.4
-0.5
1QFY16
Healthcare
0.8
Technology
0.7
Telecom
0.5
Infra
0.4
Oil & Gas
0.2
Utilities
0.1
0.0
NBFC
Real Estate
Media
Cement
Cap Goods
Banks-PSU
Metals
Auto
Consumer
Banks-Pvt
-0.1
-0.7
-0.2
-0.1
0.4
-0.1
0.0
0.4
0.5
0.1
0.1
0.0
1.3
4QFY15
0.7
0.6
0.5
In the last five years, BSE-200 has accounted for 74% of FII inflows.
NBFCs, Utilities and Technology attracted the highest inflows in the
last five years.
Consumer recorded the second consecutive year of FII outflows.
Healthcare recorded inflows of USD1.4b after muted FY14.
Banks-Pvt
-0.8
Sector
NBFC
Utilities
Technology
Banks - Pvt
Automobiles
Oil & Gas
Telecom
Health Care
Consumer
Media
Cement
Capital Goods
Infrastructure
Banks - PSU
Real Estate
Metals
FII Flows in BSE-200
FII Flows in Markets
BSE200 flows % to total
FY11
2.5
4.8
-0.1
1.7
0.8
0.7
0.0
0.1
1.2
0.4
0.7
0.0
0.1
1.3
0.4
-0.1
15.4
25.0
62
BSE 200 FII flows (USD B)
FY12 FY13 FY14
FY15
1.7
3.5
0.8
1.8
0.0
1.6
1.3
2.2
1.9
2.5
2.2
1.5
-0.2
3.5
1.2
0.4
1.2
1.3
0.6
1.4
-0.1
2.1
1.2
1.1
0.2
0.8
0.6
2.6
0.7
1.8
0.1
1.4
2.5
2.2
-1.7
-0.3
0.2
0.3
0.3
0.1
0.4
0.6
0.1
-0.2
0.0
0.5
0.7
0.2
0.1
0.2
0.5
0.3
-1.7
0.8
-0.3
0.7
-0.1
0.1
0.2
0.1
-0.9
0.5
0.5
0.1
6.5 22.8
9.2
13.6
8.5 25.8 13.7
18.1
77
88
67
75
Cummulative
(FY11-FY15)
10.3
9.8
8.0
6.7
5.3
5.1
4.2
4.2
4.0
1.4
1.6
1.3
1.2
0.9
0.7
0.1
67.6
91.1
74
Flowmeter: India Holdings & Flows | July 2015
6
 Motilal Oswal Financial Services
Sector-wise DII Flows: Auto, Technology and Capital Goods attract DIIs
Sector-wise DII flows (BSE-200)
Yearly DII flows in BSE-200
DII inflows were highest in Auto (USD1.1b), followed by Technology
(USD0.9b) and Capital Goods (USD0.9b).
Unlike FIIs, DIIs were sellers in Telecom (USD0.3b)—the only sector to
witness outflows from DIIs.
Banks (both Private and PSU) saw inflows from DIIs in 1QFY16.
Utilities and PSU Banks accounted for the highest cumulative DII
inflows in the last five years.
After four years of outflows, Automobiles received DII inflows in
FY15—was the second best sector during the year.
Consumer, NBFC and Healthcare have witnessed the highest
cumulative DII outflows in the last five years; these sectors also saw
outflows in each of the last five years.
FY11
0.4
-0.2
-0.1
0.8
1.2
-0.1
0.2
-0.1
0.1
-0.2
-0.3
-0.5
-0.5
-0.4
-1.0
-0.8
-1.9
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
1.5
0.0
-0.1
-0.2
-3.4
3.9
-0.4
0.0
2.1
-1.0
-2.0
0.3
1.0
-1.4
0.4
0.5
0.2
0.0
-0.2
0.0
0.0
0.0
0.0
0.0
-0.2
0.2
-0.4
0.1
-0.5 -0.4
0.2
0.3
0.0
-0.2
-0.2
-0.1
-0.9 -0.2
0.4
0.2
-0.5 -1.2
-0.4
0.9
-0.5 -1.3
-0.4
-0.8
-1.2 -1.7
-0.3
0.0
-1.0 -1.5
-0.4
-0.6
-1.2 -4.7
-2.1
3.1
Cummulative
(FY11-FY15)
3.8
2.5
1.1
0.9
0.7
0.4
0.2
-0.1
-0.2
-0.7
-0.8
-1.0
-1.6
-3.4
-4.2
-4.3
-6.8
(USD b)
Auto
Technology
Cap Goods
Healthcare
Banks-Pvt
Consumer
NBFC
Banks-PSU
Metals
Utilities
Cement
Media
Infra
Oil & Gas
Real Estate
Telecom
-0.3
1QFY16
Auto
1.1
Technology
0.9
Cap Goods
0.9
Healthcare
0.8
Banks-Pvt
0.7
Consumer
0.6
0.5
NBFC
Banks-PSU
0.4
0.4
Metals
0.3
Utilities
0.2
Cement
0.1
0.1
Media
Infra
-0.1
-0.3
-0.2
-0.1
-0.5
4QFY15
0.4
0.6
0.1
0.1
2.2
0.0
0.1
0.0
0.3
0.0
0.0
0.0
Oil & Gas
0.0
Real Estate
Telecom
Sector
Utilities
Banks - PSU
Oil & Gas
Metals
Technology
Banks - Pvt
Infrastructure
Real Estate
Telecom
Cement
Media
Capital Goods
Automobiles
Health Care
Consumer
NBFC
DII Flows in BSE-200
Flowmeter: India Holdings & Flows | July 2015
7
 Motilal Oswal Financial Services
Company-wise Flows: Of the top 10 FII outflows, four were in financials
In 1QFY16, Infosys, Sun Pharma, Adani Ports, Eicher Motors and Bharti Airtel witnessed the highest FII inflows. Axis Bank, Tata Motors, HDFC, ICICI
Bank and Hero Motocorp witnessed the highest outflows.
DIIs’ top buying list included Sun Pharma, L&T, Tata Motors, Infosys and HDFC Bank. DII outflows were the highest in Bharti Airtel, Lupin, Eicher
Motors, Concor and Coal India.
FII Inflows (USD m)
Infosys
Sun Pharma
Adani Ports
Eicher Mot.
Bharti Airtel
Lupin
Bharti Infra.
Adani Power
Bajaj Fin.
Concor
Reliance Ind.
Just Dial
Glenmark
Shree Cem.
Dish TV
BP C L
UPL
Bajaj Auto
Coal India
Max India
623
441
402
347
267
236
211
209
184
130
127
98
95
87
87
87
63
62
50
1,114
-423
-351
-235
-186
-183
-177
-168
-149
-136
-135
-128
-126
-123
-113
-112
-106
-101
-100
-98
-97
FII Outflows (USD m)
Axis Bank
Tata Motors
HDFC
ICICI Bank
Hero Moto
TCS
BOB
L&T
HCL Tech.
HUL
Asian Paints
Power Grid
Hindalco
Zee Entert.
Cipla
Bharat Forge
Amara Raja
Dr Reddy's
Vedanta
Wipro
Sun Pharma
L&T
Tata Motors
Infosys
HDFC Bank
Adani Power
Canara Bank
HDFC
TCS
Hero Moto
REC
HCL Tech.
BOB
ICICI Bank
Axis Bank
Marico
Amara Raja
Bharat Forge
Asian Paints
ITC
372
320
247
238
227
201
200
197
167
165
151
133
130
123
122
120
112
726
DII Inflows (USD m)
917
849
-269
-234
-107
-100
-78
-76
-52
-46
-41
-36
-34
-33
-31
-28
-23
-22
-20
-16
-16
-14
DII Outflows (USD m)
Bharti Airtel
Lupin
Eicher Motors
Concor
Coal India
L&T Fin.Hold
BPCL
SBI
Shriram Trans.
Bharti Infra.
HPCL
UPL
Shree Cem.
Bajaj Auto
Jindal Steel
Suzlon Energy
Maruti
Cadila Health.
Siemens
M&M
Flowmeter: India Holdings & Flows | July 2015
8
 Motilal Oswal Financial Services
Overall holdings:
More than two-thirds of BSE-200 saw an increase in DII stake
FII
holdings (BSE-200) down 8bp QoQ and up 145bp YoY to 24.9% in 1QFY16.
–
–
FIIs increased stake QoQ in 38% of BSE-200 and 30% of Sensex companies.
DIIs increased stake QoQ in 68% of BSE-200 and 73% of Sensex companies.
DII
holdings (BSE-200) up 52bp QoQ and 39bp YoY to 11.4% in 1QFY16.
Promoter
holding in BSE-200 decreased 35bp QoQ and 184bp YoY to 49.6% in 1QFY16.
BSE-200 holding pattern (%)
Value
USDB 1,027
14.8
12.8
18.4
Promoter
1,201
14.4
12.3
19.3
1,002
15.1
12.1
19.5
990
14.7
11.5
22.4
FIIs
1,030
14.6
11.2
23.8
DIIs
1,266
14.0
11.0
23.5
Public
1,292 1,317
14.0
10.9
24.3
13.9
11.1
24.7
1,355 1,331
14.1
10.9
25.0
14.1
11.4
24.9
Sensex holding pattern (%)
Value
USDB
Promoter
558
16.1
14.2
22.6
693
15.0
13.4
22.7
575
15.1
13.8
23.0
575
15.1
13.0
25.8
FIIs
601
14.8
13.1
26.9
DIIs
718
13.9
12.7
26.7
Public
743
13.9
12.4
27.4
734
13.8
12.8
28.4
742
14.0
12.7
29.1
735
13.8
13.2
28.7
54.0
54.1
53.2
51.4
50.5
51.4
50.8
50.3
49.9
49.6
47.1
48.8
48.2
46.1
45.2
46.6
46.2
45.1
44.2
44.3
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15
QoQ change in stake (number of companies)
Increase in stake
Decrease in stake
Unchanged
Total
FIIs
BSE200
Sensex
75
9
123
21
2
0
200
30
DIIs
BSE200
Sensex
135
22
63
7
2
1
200
30
Flowmeter: India Holdings & Flows | July 2015
9
 Motilal Oswal Financial Services
Sector-wise Holdings:
FIIs record highest QoQ change in Healthcare, Telecom
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 (51%), followed by NBFCs (47%) and
Media (34%).
DIIs have the highest ownership in Capital
Goods (23%), followed by PSU Banks (18%)
and Metals (17%).
FII Holding (%)
Banks-Pvt
NBFC
Media
Auto
Technology
Healthcare
BSE200
Real Estate
Cement
Telecom
Consumer
Oil & Gas
Cap. Goods
Metals
Utilities
Banks-PSU
5
1
10
7
7
11
3
12
9
27
27
26
25
24
22
21
18
FIIs’ stake increased 143bp in Healthcare,
102bp in Telecom and 80bp in Oil & Gas.
Private Banks, Metals and Auto saw big
reduction in stake by FIIs.
DIIs increased stake in Capital Goods,
Metals and Media on a QoQ basis.
FII QoQ Change (bp)
DII QoQ Change (bp)
89
102
1
-8
-13
-18
-18
-33
-43
-53
-69
-75
-100
-118
44
15
6
34
25
152
43
102
56
41
72
140
80
34
52
143
FII holdings increased YoY in Telecom, NBFC
and Utilities. FII holdings declined YoY in
Metals, Private Banks and Capital Goods.
DIIs increased stake in Metals by 305bp,
Utilities by 264bp and Auto by 152bp on a
YoY basis.
FII YoY Change (bp)
Telecom
NBFC
BSE200
Utilities
Media
Oil & Gas
Technology
Healthcare
Real Estate
Consumer
Banks-PSU
Auto
Cement
Cap. Goods
Banks-Pvt
-206
-211
-215
-226
-13
305
-212
-60
-117
-9
39
DII Holding (%)
13
34
51
47
DII YoY Change (bp)
480
251
145
Healthcare
Telecom
Oil & Gas
Real Estate
BSE200
Consumer
Technology
Utilities
Cap. Goods
NBFC
Media
Banks-PSU
Cement
Auto
Metals
-63
141
264
133
110
99
43
95
76
89
22
47
3
18
26
152
107
43
13
16
11
14
12
12
10
11
23
17
18
Banks-Pvt
-283
Metals
-256
Flowmeter: India Holdings & Flows | July 2015
10
 Motilal Oswal Financial Services
FII Sector Holdings:
Underweight in Consumer, Capital Goods and PSU Banks
FIIs are significantly underweight in Consumer, Capital Goods and PSU Banks.
During 1QFY16, incremental investments were seen in Healthcare, Telecom and Oil & Gas.
FII holdings declined in Private Banks, Automobiles and Metals.
FIIs continue to be overweight on Private Banks, Technology and NBFCs.
Private Banks the most preferred sector, with USD66b investment value.
Private Banks recorded the highest increase since June 2010 (USD33.5b), followed by Technology (USD20.1b).
Sector FII holdings by value
Sector
Banks - Pvt
Technology
NBFC
Automobiles
Consumer
Health Care
Oil & Gas
Telecom
Utilities
Capital Goods
Cement
Banks - PSU
Metals
Infrastructure
Media
Real Estate
BSE200
YoY
FII Holding
Chg
Jun-15 (%)
(pp)
51.4
-2.3
26.9
1.0
46.8
2.5
27.3
-2.1
18.3
0.2
26.5
0.9
15.7
1.0
21.1
4.8
12.4
1.4
14.1
-2.1
22.3
-2.1
11.5
-0.6
12.4
-3.2
25.4
4.1
33.7
1.3
24.3
24.9
0.5
1.4
QoQ
Chg
(pp)
-1.6
-0.2
-0.4
-1.0
-0.1
1.4
0.8
1.0
-0.2
-0.3
-0.7
-0.7
-1.2
3.2
-0.5
0.3
-0.1
Chg Over
Jun-10
(pp)
1.4
1.1
12.6
4.2
2.9
6.6
3.2
8.0
7.0
0.6
2.8
-3.0
0.8
8.9
17.1
0.2
6.7
FII Value Chg Over Price CAGR
BSE200
FIIs vs BSE200 weight UW/OW (pp)
Jun-15
Jun-10 Over Jun-
Weight (%)
(USD B) (USD B)
10 (%)
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
65.7
33.5
23
16.3
3.5
||||||||||||||||||||||||||||||||||||||||||||||
46.6
20.1
19
11.7
2.3
|||||||||||||||||||||||||||||||||||||||||||||
37.2
18.9
13
8.9
2.3
31.2
18.3
23
9.4
0.0
|||||||||||||||||||||||||||||||||||||||||||||||||||||
28.7
17.1
24
11.4
-2.7
||||||
28.6
20.0
28
8.3
0.3
||||||||||||||||||||
23.0
-3.5
-1
8.0
-1.0
||||||||||||||
11.4
6.6
9
2.7
0.7
|||||||||
10.9
5.9
-7
3.8
-0.5
|||||||||||||||||||||||||||||||||||||||||||||||||||||
9.7
-0.9
4
6.0
-3.1
||
7.9
4.8
26
2.5
-0.1
|||||||||||||||||||||||||||||
6.3
-3.5
3
3.4
-1.5
||||||||||
5.6
-5.4
-8
2.2
-0.5
||||||
3.9
0.5
-2
0.8
0.3
|||||
3.4
2.0
10
0.7
0.3
1.1
332
-3.3
137
-19
9
0.3
100
0.1
|
Flowmeter: India Holdings & Flows | July 2015
11
 Motilal Oswal Financial Services
DII Sector Holdings: Underweight in Private Banks, NBFCs and Technology
DIIs are significantly underweight in Private Banks, NBFCs and Technology. Consumer is the most preferred sector, with USD20b investment value.
Unlike FIIs, DIIs are significantly overweight on Capital Goods, Oil & Gas and PSU Banks.
Private Banks overtook Oil & Gas and became DIIs’ second-most preferred sector, with an investment value of USD16.9b.
Capital Goods, Metals, Healthcare and Media saw the highest increase in DII holdings on a QoQ basis.
DII holdings highest in Capital Goods (23.5%), followed by PSU Banks (18.1%) and Metals (17.1%).
Telecom is the only sector to see 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
Health Care
Metals
NBFC
Cement
Telecom
Infrastructure
Media
Real Estate
BSE200
DII Holding
Jun-15 (%)
12.8
13.3
11.4
23.5
12.3
7.5
18.1
10.1
7.4
17.1
9.0
10.3
4.9
11.5
3.2
0.7
11.4
YoY
Chg
(pp)
-2.1
-0.1
0.4
0.4
1.5
0.8
0.3
2.6
0.2
3.0
-0.1
1.1
-1.2
6.5
1.1
0.0
0.4
QoQ
Chg
(pp)
0.1
0.4
0.0
1.5
0.7
0.3
0.6
0.2
0.9
1.4
0.4
0.4
-0.6
6.0
1.0
0.2
0.5
Chg Over
Jun-10
(pp)
-6.8
-0.7
1.0
1.8
-2.4
0.6
1.8
-0.2
-6.0
6.0
-9.4
-6.6
-4.0
3.3
-8.6
-0.7
-1.5
DII Value Chg Over Price CAGR
BSE200
DIIs vs BSE200 weight UW/OW (pp)
Jun-15
Jun-10 Over Jun-
Weight (%)
(USD B) (USD B)
10 (%)
20.0
16.9
16.7
16.2
14.1
12.9
10.0
8.8
8.0
7.7
7.1
3.6
2.7
1.8
0.3
0.0
152
5.3
8.0
-5.3
-0.9
5.8
5.9
-1.1
-0.6
2.2
-2.9
-2.7
1.0
-0.6
0.1
-0.7
-0.2
15
24
23
-1
4
23
19
3
-7
28
-8
13
26
9
-2
10
-19
9
11.4
16.3
8.0
6.0
9.4
11.7
3.4
3.8
8.3
2.2
8.9
2.5
2.7
0.8
0.7
0.3
100
1.8
-5.1
3.0
4.6
-0.1
-3.2
3.2
2.0
-3.0
2.9
-4.2
-0.1
-1.0
0.3
-0.5
-0.2
|||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||
|||||||||||||||||||
||||||
||||||||||
||||
Flowmeter: India Holdings & Flows | July 2015
12
 Motilal Oswal Financial Services
Sensex Holdings: FIIs raise holdings in Sun Pharma, Infosys and Lupin QoQ
Top changes in FII holdings on a QoQ basis were witnessed in Sun Pharma, Infosys, Lupin, Bharti Airtel and Bajaj Auto.
Top changes in DII holdings were seen in L&T, Sun Pharma, Tata Motors, Hindalco and Hero Motocorp.
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
Lupin
M&M
Maruti
NTPC
ONGC
Reliance Ind.
SBI
Sun Pharma
Tata Motors
Tata Steel
TCS
Vedanta
Wipro
Sensex
Jun-15
(%)
48.3
16.1
17.6
19.3
26.4
9.2
54.8
19.9
78.8
51.3
38.5
14.6
32.5
69.4
57.7
20.9
18.6
36.8
42.9
21.8
10.0
7.2
22.3
13.6
23.8
44.7
16.6
16.7
23.8
12.2
28.7
YoY Chg QoQ Chg
(pp)
(pp)
-3.6
0.2
-1.0
1.6
1.6
3.6
1.0
-0.4
1.5
0.4
4.1
0.0
-2.7
0.1
0.0
1.4
-3.4
5.0
-1.4
-0.3
-0.7
0.3
-0.9
0.4
0.8
-4.0
-4.2
0.2
-1.7
0.9
1.9
-2.0
0.1
0.6
1.4
-1.2
0.2
-1.0
-0.3
-0.8
-0.2
-2.3
-0.4
-3.0
-0.7
3.6
-0.1
-0.5
2.1
-0.1
0.0
-0.4
0.1
0.3
-0.3
3.8
-2.8
-1.5
-0.2
-1.0
-0.5
-0.4
DII Holding
Weight
Weight
DIIs vs Sensex UW/OW (pp)
-1.0
0.8
-0.4
-0.7
-0.5
1.5
-1.3
1.0
-5.2
-4.0
-0.1
-1.3
0.0
-0.9
-1.9
7.1
4.6
-0.9
0.0
0.7
1.2
2.2
-0.1
2.6
-1.2
-0.6
0.4
-1.3
-0.2
-0.4
|||||||||||||||||||
|||||||||||||||
|||||||
|||||||||||||
|||||||||
||||||||||||||||||||||||||||||
|||||||||||||||||||||||||
|||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||
||
||||||||||||||||||||||||||
Jun-15 YoY Chg QoQ Chg 5 Year Price
Sensex
FIIs vs Sensex UW/OW (pp)
(%)
(pp)
(pp)
CAGR (%)
Weight (%)
13.4
17.3
8.4
6.5
10.2
8.6
5.9
21.8
9.5
10.5
13.4
4.2
16.3
22.2
16.1
35.0
39.5
6.8
18.3
14.6
12.7
10.4
12.6
18.3
7.8
13.6
26.5
5.0
6.8
4.9
13.2
2.3
0.7
1.3
-0.7
-1.9
5.8
0.5
0.5
-1.2
0.5
5.8
0.1
2.2
-1.0
2.0
0.0
2.9
-4.2
2.8
0.6
1.1
-0.2
1.7
-2.3
2.7
3.9
2.0
-0.1
0.2
0.9
0.5
0.6
0.0
-0.3
-1.1
0.5
-0.2
0.5
0.3
0.7
0.8
2.5
0.4
2.7
0.5
1.0
0.3
3.4
-1.9
-0.1
-0.1
0.4
0.0
0.1
-0.4
3.2
2.7
1.3
0.3
1.1
0.5
0.5
18
-13
15
10
13
NA
20
-3
17
23
4
28
-5
12
7
16
8
37
15
23
-7
-1
-2
3
37
23
-9
28
-13
7
9
3.9
0.9
1.4
2.4
1.3
2.2
1.9
0.8
8.4
8.6
1.2
2.7
0.6
7.3
7.8
7.2
6.0
1.8
2.4
2.2
1.2
2.3
6.8
3.3
3.9
3.3
0.8
5.3
0.8
1.5
100
0.9
-0.2
-0.4
0.0
-0.3
-0.4
0.6
0.0
3.7
1.7
0.2
-0.5
0.0
2.0
2.0
-3.3
-3.7
0.5
0.1
-0.2
-0.3
-0.8
-1.4
-1.3
-0.1
0.9
-0.5
0.9
0.1
-0.3
||||||||||||||||||
|||
||||||||
||||||
|||||||
||||||||||||
||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||
||||
||||||||||
|||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||
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||||
||||||
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Flowmeter: India Holdings & Flows | July 2015
13
 Motilal Oswal Financial Services
Sector-wise Weights:
Big increase by DIIs in Healthcare, Oil and Capital Goods
Oil & Gas saw the maximum increase in weight for BSE-200 (75bp), FIIs (86bp) and DIIs (35bp) on a QoQ basis. Private Banks was another sector to
see an increase in weight for BSE-200 (51bp) , FIIs (32bp) and DIIs (34bp) on a QoQ basis.
During the quarter, DIIs increased their weight in Healthcare, Oil & Gas, Capital Goods and Private Banks.
During the quarter, FIIs decreased their weight in Technology, Automobiles, Metals, PSU Banks and NBFC on a QoQ basis.
BSE-200 weight comparison QoQ (%)
Jun-15
Banks - Pvt
Technology
Consumer
Automobiles
NBFC
Health Care
Oil & Gas
Capital Goods
Utilities
Mar-15
15.8
16.3
Chg bps
51
FIIs’ weight comparison QoQ (%)
Jun-15
Banks - Pvt
Technology
Mar-15
19.5
19.8
Chg bps
32
DIIs’ weight comparison QoQ (%)
Jun-15
Consumer
Banks - Pvt
Oil & Gas
Capital Goods
Automobiles
Mar-15
13.7
10.8
10.6
10.3
9.2
9.0
7.0
5.8
4.8
Chg bps
13.2
11.1
10.9
10.6
9.3
8.5
6.6
5.8
5.2
42
34
35
35
3
12.8
11.7
11.3
9.6
9.0
7.8
7.2
11.4
9.4
8.9
8.3
8.0
45
75
32
6
15.0
14.0
11.4
11.2
9.8
9.4
8.7
8.6
8.1
8.6
6.1
6.9
3.1
3.4
3.3
3.3
3.0
2.9
49
86
37
2
NBFC
Automobiles
Consumer
Health Care
Oil & Gas
Telecom
Utilities
Capital Goods
Technology
Banks - PSU
Utilities
Health Care
Metals
NBFC
Cement
Telecom
5.7
6.0
3.8
3.8
3.4
2.7
Banks - PSU 3.5
Telecom2.6
5.3
5.1
4.7
4.7
2.4
2.4
2.0
1.8
0.6
1.2
0.1
0.2
53
6
15
Cement 2.5
2.4
Banks - PSU
Metals
2.1
1.9
2.0
1.7
1.1
1.2
1.0
1.0
7
Cement 2.5
2.5
Metals
Infrastructure
Media
2.5
2.2
0.8
0.8
0.7
0.7
1
4
Infrastructure
Media
Infrastructure
Media
Flowmeter: India Holdings & Flows | July 2015
14
 Motilal Oswal Financial Services
Auto: Maximum inflows from DIIs in 1QFY16; FIIs sell
Automobiles was the best sector in terms of DII inflows (USD1.1b). However, FIIs sold USD421m in Automobiles during 1QFY16.
FLOWS WEIGHT
FII
O/W
DII
U/W
The top-3 companies receiving inflows from DIIs were Tata Motors (USD726m), Hero Moto (USD200m) and Amara Raja (USD123m). Top outflows
were seen in Eicher Motors (USD107m) and Bajaj Auto (USD28m).
The top-3 companies that witnessed FII outflows were Tata Motors (USD351m), Hero Moto (USD183m) and Bharat Forge (USD106m).
FII Flows (USD M)
DII Flows (USD M)
31
29
26
24
21
23.1
14.7
FII Holding (%)
DII Holding (%) - RHS
29.4
16
15
27.3
13
12.3
12
10.8
10
FII Holding
Company
Amara Raja Batt.
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
Jun-15 (%)
13.6
29.2
32.6
17.6
15.3
8.8
27.5
16.9
38.5
42.9
21.8
18.6
9.0
44.7
13.5
27.3
YoY Chg
(pp)
-3.2
-7.6
2.4
-1.0
1.6
1.4
7.6
2.0
4.1
-1.4
-0.3
3.2
1.1
-4.0
4.8
-2.1
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
5.4
1.9
0.3
-0.3
2.8
0.2
-1.5
-0.3
2.5
-0.1
-0.1
0.0
0.4
2.7
1.4
0.7
-1.4
-1.2
-7.1
2.3
-1.1
-4.2
-5.9
-2.2
7.5
-6.7
-2.4
-5.0
-2.4
-4.7
0.3
-2.4
FII
323
398
1,059
2,039
595
954
2,302
335
3,053
5,382
4,163
1,337
205
8,835
247
31,225
Value (USD M)
DII
341
175
401
967
654
1,159
386
312
1,067
2,299
2,790
373
217
2,693
247
14,081
Total Inst.
665
573
1,460
3,006
1,249
2,112
2,687
647
4,120
7,680
6,953
1,709
422
11,528
494
45,306
Weight (%)
Total
Inst.
0.1
0.1
0.3
0.6
0.3
0.4
0.6
0.1
0.9
1.6
1.4
0.4
0.1
2.4
0.1
9.4
BSE200
0.2
0.1
0.3
0.9
0.3
0.5
0.5
0.2
0.8
1.5
1.4
0.4
0.2
2.1
0.1
9.4
5 Year Price
CAGR (%)
57.1
21.2
17.9
15.4
29.7
32.5
84.6
2.4
4.3
15.4
23.1
51.6
34.6
23.1
32.5
23.2
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-4.4
-1.5
-0.2
0.6
-2.4
-0.5
5.4
-0.6
-2.3
-0.1
0.0
0.3
-0.5
-2.8
-0.7
-1.0
11.1
0.5
5.5
-1.0
1.1
3.7
16.5
2.9
7.3
14.7
1.7
10.4
7.0
10.3
6.4
4.2
14.4
12.9
12.4
8.4
16.8
10.7
4.6
15.7
13.4
18.3
14.6
5.2
9.5
13.6
13.6
12.3
4.9
6.5
-0.3
1.3
-0.1
-0.8
-0.3
-3.9
5.8
2.8
0.6
-2.0
-0.2
3.9
-0.9
1.5
Flowmeter: India Holdings & Flows | July 2015
15
 Motilal Oswal Financial Services
Banks—Private: FIIs biggest seller for the second consecutive qtr
The top-3 companies that recorded inflows from DIIs were HDFC Bank (USD320m), ICICI Bank (USD151m) and Axis Bank (USD133m).
FII holdings is at 51.4%, down 157bp on a QoQ basis. DII holdings in the sector was up at 13.3%.
FLOWS WEIGHT
FII
O/W
DII
U/W
Private Banks recorded the highest FII outflows for the second consecutive quarter (USD778m). However, DIIs invested USD736m in Private Banks in
1QFY16.
The top-3 companies that recorded outflows from FIIs were Axis Bank (USD423m), ICICI Bank (USD186m) and IndusInd Bank (USD71m).
FII Flows (USD M)
DII Flows (USD M)
55
53
51
14.0
13.4
FII Holding (%)
DII Holding (%) - RHS
53.6
16
15
51.4
14
13.3
49
50.0
47
13
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
Jun-15 (%)
48.3
36.3
51.3
69.4
50.8
24.3
22.3
35.4
28.2
44.4
51.4
YoY Chg
(pp)
-3.6
-4.7
0.4
0.1
-5.1
-5.0
-0.1
0.1
-12.3
-0.6
-2.3
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.6
0.8
0.8
0.5
0.4
0.7
0.7
1.8
-0.5
0.6
0.4
6.9
10.7
-0.7
-1.5
3.0
5.3
2.2
-2.7
1.6
11.3
-0.7
FII
10,101
724
21,652
19,531
3,703
187
96
7,057
142
2,466
65,660
Value (USD M)
DII
2,790
678
4,438
6,259
687
65
39
736
65
1,182
16,939
Total Inst.
12,891
1,403
26,090
25,790
4,390
252
135
7,793
207
3,648
82,599
Weight (%)
Total
Inst.
2.7
0.3
5.4
5.3
0.9
0.1
0.0
1.6
0.0
0.8
17.1
BSE200
2.4
0.3
5.3
4.5
1.0
0.1
0.1
1.8
0.1
0.7
16.3
5 Year Price
CAGR (%)
17.6
18.4
22.8
12.3
33.6
4.0
-2.4
29.2
7.4
25.7
22.6
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-2.0
-1.1
-0.2
-0.7
-1.2
-0.2
0.1
-1.6
0.3
-0.6
-1.6
4.3
-1.9
6.1
2.6
6.4
-5.6
-5.4
9.4
-12.1
-6.9
1.4
13.4
34.0
10.5
22.2
9.4
8.4
9.2
3.7
12.9
21.3
13.3
2.3
8.4
0.5
-1.0
0.8
5.3
1.1
1.9
0.7
0.9
-0.1
Flowmeter: India Holdings & Flows | July 2015
16
 Motilal Oswal Financial Services
Banks—PSU: DIIs continue to buy; FIIs continue to sell
FLOWS WEIGHT
FII
U/W
DII
O/W
PSU Banks attracted inflows of USD441m from DIIs in 1QFY16. However, FIIs withdrew USD379m from PSU Banks during the quarter. FII holdings
dropped during the quarter by 0.7pp to 11.5%.
Canara Bank (USD238m), BOB (USD165m) and PNB (USD50m) received the maximum inflows from DIIs; FIIs were sellers in the same stocks.
DII holdings climbed to 18.1% after a reaching a four-quarter low in 4QFY15.
FII Flows (USD M)
DII Flows (USD M)
16
15
13
12
10
17.9
14.5
16.3
12.1
11.5
FII Holding (%)
DII Holding (%) - RHS
18.1
19
18
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
Jun-15 (%)
7.0
7.0
13.6
6.7
8.2
0.3
1.4
2.9
9.2
15.0
13.6
7.6
3.1
7.9
11.5
YoY Chg
(pp)
-2.2
-3.8
-3.4
-3.1
-3.3
-0.5
-0.9
-0.8
-3.1
-2.4
0.4
-0.5
-1.8
-2.8
-0.6
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.4
0.1
2.9
1.1
7.4
-0.4
0.0
0.1
-0.6
1.1
-0.4
0.2
0.4
1.2
0.6
5.0
-3.2
3.2
6.4
10.4
5.3
0.4
-9.2
-5.6
1.4
1.1
-1.6
3.8
7.2
1.8
FII
54
45
681
120
184
9
10
45
73
609
4,256
78
28
116
6,309
Value (USD M)
DII
149
102
1,039
350
466
359
109
167
164
795
5,744
106
136
287
9,972
Total Inst.
203
147
1,719
470
650
368
119
212
237
1,404
10,000
185
164
403
16,281
Weight (%)
Total
Inst.
0.0
0.0
0.4
0.1
0.1
0.1
0.0
0.0
0.0
0.3
2.1
0.0
0.0
0.1
3.4
BSE200
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
3.4
5 Year Price
CAGR (%)
-11.8
-12.2
0.5
-13.2
-9.1
-3.1
-18.7
-12.6
-12.5
-7.8
2.7
1.3
-7.3
-13.9
2.5
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-0.4
-0.8
-3.0
-1.6
-2.4
0.0
-0.2
-0.4
-2.8
-1.3
-0.3
-0.9
-0.7
-0.7
-0.7
-6.9
-7.1
-3.7
-7.3
-2.9
-4.4
-4.6
-4.0
-6.6
-4.1
-1.2
3.6
-1.2
-10.6
-3.0
19.1
15.8
20.7
19.5
20.7
13.4
15.1
10.9
20.7
19.6
18.3
10.4
15.2
19.4
18.1
0.6
3.3
3.0
3.9
8.1
7.6
0.1
0.0
-1.6
0.1
-2.3
-2.0
6.4
3.9
0.3
Flowmeter: India Holdings & Flows | July 2015
17
 Motilal Oswal Financial Services
NBFCs: DIIs turn buyers after two quarters of sell-off
FLOWS WEIGHT
FII
O/W
DII
U/W
After two quarters of sell-off, NBFCs witnessed DII inflows of USD495m during 1QFY16. FII inflows were muted at USD31m during quarter.
The top-3 companies that recorded inflows from DIIs were HDFC (USD227m), REC (USD197m) and PFC (USD48m).
The top-3 companies that recorded inflows from FIIs were Bajaj Finance (USD209m), REC (USD37m) and Shriram Transport Finance (USD29m).
FII Flows (USD M)
DII Flows (USD M)
50
45
40
35
30
34.2
9.1
18.4
FII Holding (%)
DII Holding (%) - RHS
44.3
46.8
21
18
14
9.0
11
7
FII Holding
Company
Bajaj Fin.
Bajaj Finserv
Bajaj Holdings
Dewan Hsg. Fin.
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.
Shri.City Union.
Shriram Trans.
SKS Microfinance
NBFC
Jun-15 (%)
18.1
7.8
18.0
26.7
12.3
78.8
47.4
10.3
39.4
3.6
37.4
38.1
11.1
12.9
15.9
21.7
14.0
52.1
46.3
46.8
YoY Chg
(pp)
6.0
-2.2
1.2
1.2
-4.2
1.5
-4.4
2.3
-1.3
-1.8
-1.2
-3.2
-3.1
1.3
-5.3
2.4
-9.6
-1.1
1.7
2.5
QoQ Chg
(pp)
4.6
-0.5
-0.1
0.8
-0.4
-0.8
0.0
-0.2
0.7
0.5
0.7
0.0
0.0
-0.2
-1.5
0.8
0.0
0.9
-0.8
-0.4
Chg Over Jun-10
(pp)
1.6
-0.9
8.0
-6.5
1.8
21.0
1.9
-5.4
39.4
3.6
5.3
10.2
11.1
9.1
-5.6
2.3
-0.8
16.7
46.3
12.6
Jun-15 (%)
5.8
7.8
8.3
3.8
3.1
9.5
29.8
13.2
2.7
1.5
7.3
5.2
5.2
9.7
13.0
11.6
2.7
2.9
14.8
9.0
YoY Chg
(pp)
-1.3
2.1
-1.7
-1.8
2.3
-1.2
0.1
0.6
-0.7
0.9
0.3
3.9
2.0
-0.7
6.3
2.3
-0.2
0.9
2.0
-0.1
DII Holding
QoQ Chg (pp)
0.2
0.4
0.1
1.4
0.5
0.7
-0.2
0.3
-0.2
-4.5
1.1
1.2
0.1
0.8
0.9
4.2
0.5
-1.3
0.4
0.4
Chg Over Jun-10
(pp)
-2.8
0.0
-8.5
-7.2
-0.5
-20.4
-11.4
-18.2
2.7
1.5
-11.1
-1.4
5.2
6.7
8.4
5.7
2.5
-1.8
14.8
-9.4
FII
836
298
460
258
184
25,365
1,755
69
1,373
64
1,341
957
140
685
229
926
252
1,587
431
37,213
Value (USD M)
DII
266
299
211
36
46
3,048
1,102
89
94
28
261
131
66
516
187
495
49
88
138
7,147
Total Inst.
1,103
597
671
295
230
28,413
2,857
159
1,467
92
1,602
1,088
206
1,201
416
1,421
301
1,675
569
44,361
Weight (%)
Total
Inst.
0.2
0.1
0.1
0.1
0.0
5.9
0.6
0.0
0.3
0.0
0.3
0.2
0.0
0.2
0.1
0.3
0.1
0.3
0.1
9.2
BSE200
0.2
0.2
0.2
0.1
0.1
5.2
0.5
0.0
0.4
0.1
0.3
0.2
0.1
0.2
0.1
0.2
0.2
0.4
0.1
8.9
5 Year Price
CAGR (%)
63.9
28.9
15.7
12.5
52.4
17.1
-3.8
-14.6
NA
NA
17.8
25.7
NA
-3.1
-13.8
-2.0
30.3
8.1
NA
13.3
Flowmeter: India Holdings & Flows | July 2015
18
 Motilal Oswal Financial Services
Capital Goods: DIIs turn buyers; FIIs sell in 1QFY16
Recorded FII outflows of USD187m during 1QFY16 against an inflow of USD377m in 4QFY15.
FLOWS WEIGHT
FII
U/W
DII
O/W
Capital Goods recorded DII inflows of USD879m during 1QFY16. DII holdings climbed to 23.5% after reaching a five-quarter low in March 2015.
The top-3 companies that recorded inflows from DIIs were L&T (USD849m), Cummins (USD34m) and Engineers India (USD16m); however, all these
companies recorded FII outflows.
FII Flows (USD M)
DII Flows (USD M)
18
16
15
13
11
21.7
13.6
16.3
23.0
23.5
FII Holding (%)
DII Holding (%) - RHS
25
24
14.1
22
21
19
FII Holding
Company
ABB
AIA Engg.
Alstom T&D India
BHEL
Bharat Electron
Crompton Greaves
Cummins India
Engineers India
Havells India
Larsen & Toubro
Siemens
Suzlon Energy
Thermax
Capital Goods
Jun-15 (%)
4.8
21.0
1.8
16.1
3.9
15.9
16.9
7.3
25.6
18.6
4.9
12.5
15.8
14.1
YoY Chg
(pp)
0.0
-5.5
0.6
0.2
1.7
-4.3
-1.1
-1.2
-4.6
-3.4
0.4
6.1
0.4
-2.1
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.0
-0.1
0.0
0.0
0.1
0.2
0.9
1.5
0.5
3.4
-0.2
-6.2
-0.2
1.5
-11.2
-6.6
2.8
6.1
0.9
7.3
-2.8
8.2
0.2
1.1
-14.2
10.3
-7.9
1.8
FII
211
312
39
1,539
165
255
661
88
712
4,851
369
224
310
9,735
Value (USD M)
DII
547
94
316
1,657
655
500
711
150
86
10,318
692
279
147
16,151
Total Inst.
758
406
355
3,196
820
755
1,371
239
798
15,169
1,061
503
457
25,887
Weight (%)
Total
Inst.
0.2
0.1
0.1
0.7
0.2
0.2
0.3
0.0
0.2
3.1
0.2
0.1
0.1
5.3
BSE200
0.2
0.1
0.1
0.6
0.2
0.1
0.3
0.1
0.2
3.7
0.3
0.1
0.1
6.0
5 Year Price
CAGR (%)
8.9
21.2
13.1
-12.8
14.1
-8.9
16.0
-6.2
35.1
8.2
12.9
-17.4
6.7
4.0
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
0.1
-3.3
0.3
0.1
0.5
0.3
-1.1
-1.2
-0.3
-0.5
0.3
-2.4
0.1
-0.3
-5.3
2.3
1.2
1.2
-0.8
-1.9
5.3
6.5
7.9
0.5
1.2
1.9
6.8
0.6
12.4
6.3
14.6
17.3
15.5
31.2
18.2
12.5
3.1
39.5
9.1
15.6
7.5
23.5
0.3
0.2
-0.7
0.7
-2.3
9.0
0.1
-0.5
2.8
2.9
0.3
-7.8
-0.1
0.4
Flowmeter: India Holdings & Flows | July 2015
19
 Motilal Oswal Financial Services
Cement: DIIs continue to buy; FIIs sell in 1QFY16
FLOWS WEIGHT
FII
U/W
DII
U/W
DIIs remained buyers for the fourth consecutive quarter at USD200m. However, FIIs showed outflows of USD117m after recording inflows in
4QFY15.
Shree Cements was the only stock to see a decrease in DII stake during 1QFY16. However, It was also the only stock to see an increase in FII stake.
Top DII inflows for 1QFY16 were in Ultratech (USD111m), Ambuja Cement (USD42m) and Grasim (USD32m).
Shree Cement was the only stock to record FII inflows in 1QFY16 (USD95m). Top FII outflows for the quarter were seen in Ultratech (USD97m), ACC
(USD54m) and Ambuja Cement (USD44m).
FII Flows (USD M)
DII Flows (USD M)
27
25
23
21
19
19.5
9.2
16.8
24.5
FII Holding (%)
DII Holding (%) - RHS
19
16
22.3
13
10.3
10
7
FII Holding
Company
ACC
Ambuja Cem.
Grasim Inds
Shree Cement
The Ramco Cement
UltraTech Cem.
Cement
Jun-15
(%)
14.4
31.7
36.9
13.5
15.5
20.3
22.3
YoY Chg
(pp)
-5.4
-1.0
-0.4
3.4
-4.8
-1.9
-2.1
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.5
0.7
0.6
-0.5
2.0
0.9
0.4
-3.5
-6.0
-3.4
-3.6
3.4
-4.5
-6.6
FII
612
1,775
1,835
839
196
2,621
7,878
Value (USD M)
DII
710
578
875
293
292
875
3,624
Total Inst.
1,321
2,354
2,710
1,132
489
3,496
11,502
Weight (%)
Total
Inst.
0.3
0.5
0.6
0.2
0.1
0.7
2.4
BSE200
0.3
0.5
0.6
0.3
0.1
0.8
2.5
5 Year Price
CAGR (%)
10.5
14.9
13.5
41.1
27.7
27.8
25.8
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-1.2
-0.8
-0.4
1.6
-1.4
-0.8
-0.7
1.6
5.3
4.6
8.5
7.2
9.2
2.8
16.7
10.3
17.6
4.7
23.0
6.8
10.3
3.9
1.2
1.6
-1.1
5.9
1.5
1.1
Flowmeter: India Holdings & Flows | July 2015
20
 Motilal Oswal Financial Services
Consumer: FII holdings fall for the fourth consecutive quarter
FIIs recorded outflows of USD468m and DIIs recorded inflows of USD581m in the sector during 1QFY16.
Top DII inflows for the quarter were seen in Marico (USD130m), Asian Paints (USD120m) and ITC (USD112m).
FII Flows (USD M)
DII Flows (USD M)
21
20
18
17
15
15.3
19.5
FLOWS WEIGHT
FII
U/W
DII
O/W
DII holdings were flat at 12.8% in the sector. However, FII holdings declined for the fourth successive quarter and now stand at 18.3%.
FII Holding (%)
DII Holding (%) - RHS
22
20
18.3
18.1
14.9
17
15
12
12.8
FII Holding
Company
Asian Paints
Bata India
Berger Paints
Britannia Inds.
Colgate-Palm.
Dabur India
Emami
Gillette India
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
Jun-15 (%)
17.0
13.8
9.2
20.0
20.7
21.1
16.3
6.6
10.4
28.7
14.6
20.9
41.5
25.8
12.7
2.6
14.6
21.2
17.9
24.5
18.3
YoY Chg
(pp)
-1.3
-7.4
-2.7
-0.5
0.0
1.4
-0.4
-2.1
-1.6
0.2
0.0
1.4
-4.7
-5.8
-1.9
0.2
-1.1
-4.5
-1.2
13.0
0.2
QoQ Chg (pp)
-1.1
-3.9
-0.6
0.9
-0.1
0.2
-0.3
-0.1
-0.2
-0.1
-0.4
-0.1
0.2
-2.0
0.2
0.3
-0.8
-2.7
-0.3
0.0
-0.1
Chg Over Jun-10
(pp)
1.5
2.8
3.0
11.4
4.6
6.3
2.6
5.8
0.1
9.8
-1.6
7.1
24.2
2.8
2.1
0.2
5.3
14.2
4.5
-23.9
2.9
Jun-15 (%)
9.9
14.2
2.4
9.0
5.1
4.6
1.3
2.0
2.4
2.0
4.2
35.0
4.5
7.8
4.4
10.7
5.2
16.7
1.9
4.3
12.8
YoY Chg
(pp)
0.6
4.9
-0.2
0.5
-1.6
-0.9
0.0
1.3
1.6
0.2
0.1
0.0
3.2
5.1
-0.6
-1.6
1.7
5.4
1.7
4.2
-2.1
DII Holding
QoQ Chg (pp)
1.0
2.6
0.3
-0.2
0.2
-0.1
0.0
0.1
0.1
0.0
0.4
0.3
-0.2
3.1
-0.1
-0.4
0.8
2.8
0.3
0.1
0.1
Chg Over Jun-10
(pp)
-2.5
-3.4
-2.3
-9.9
-2.6
-5.4
-3.3
1.1
-18.1
1.1
-9.3
-1.8
-6.3
1.6
-4.9
2.5
-3.4
-19.2
-0.3
-1.0
-6.8
FII
1,936
147
196
1,045
900
1,639
678
154
430
1,895
4,548
8,317
797
1,177
1,220
89
650
273
695
1,890
28,677
Value (USD M)
DII
1,123
151
52
469
222
358
55
48
101
129
1,306
13,933
86
358
425
371
230
215
75
331
20,036
Total Inst.
3,059
299
247
1,514
1,123
1,998
732
202
531
2,024
5,853
22,249
883
1,535
1,645
461
879
488
770
2,222
48,714
Weight (%)
Total
Inst.
0.6
0.1
0.1
0.3
0.2
0.4
0.2
0.0
0.1
0.4
1.2
4.6
0.2
0.3
0.3
0.1
0.2
0.1
0.2
0.5
10.1
BSE200
0.9
0.1
0.1
0.4
0.3
0.4
0.2
0.1
0.2
0.4
1.7
4.5
0.2
0.3
0.6
0.2
0.2
0.1
0.2
0.5
11.4
5 Year Price CAGR
(%)
26.7
31.2
38.5
49.4
19.4
21.7
34.8
21.4
28.1
29.0
28.0
15.6
43.6
28.4
17.0
27.6
33.4
1.7
33.2
20.8
23.6
Flowmeter: India Holdings & Flows | July 2015
21
 Motilal Oswal Financial Services
Healthcare: Highest FII inflows in 1QFY16
Healthcare attracted the highest FII inflows (USD819m) in 1QFY16. DIIs invested (USD849m) during the quarter.
However, Lupin also accounted for the highest DII outflow (USD234m) during the quarter.
FII Flows (USD M)
DII Flows (USD M)
29
27
24
22
19.9
19
13.4
FLOWS WEIGHT
FII
O/W
DII
U/W
The top-3 companies that recorded inflows from FIIs were Sun Pharma (USD623m), Lupin (USD267m) and Glenmark Pharma (USD98m).
FII Holding (%)
DII Holding (%) - RHS
15
25.6
26.5
13
10
7.2
7.4
8
5
FII Holding
Company
Ajanta Pharma
Apollo Hospitals
Aurobindo Pharma
Biocon
Cadila Health.
Cipla
Divi's Lab.
Dr Reddy's Labs
Glaxosmit Pharma
Glenmark Pharma.
Ipca Labs.
Lupin
Piramal Enterp.
SPARC
Strides Arcolab
Sun Pharma.Inds.
Torrent Pharma.
Wockhardt
Health Care
Jun-15 (%)
8.6
44.4
29.5
11.6
7.0
26.4
19.1
54.8
2.1
35.9
20.4
36.8
27.5
6.1
32.3
23.8
12.4
9.8
26.5
YoY Chg
(pp)
0.7
2.1
1.9
-2.4
1.1
1.6
0.1
1.0
-0.5
1.5
-4.9
5.0
1.0
1.4
-13.3
0.8
-0.3
4.1
0.9
QoQ Chg
(pp)
1.0
-0.1
-0.1
0.9
0.6
-1.2
-0.3
-1.0
0.1
1.2
0.2
2.1
0.1
0.3
-2.5
3.8
0.1
0.0
1.4
YoY Chg
Chg Over Jun-10
Jun-15 (%)
(pp)
(pp)
8.6
12.9
7.0
7.8
2.6
9.4
3.0
10.5
-13.2
8.2
13.9
18.2
3.6
1.5
23.6
4.2
9.3
7.4
6.6
1.4
2.3
6.3
8.3
8.0
10.2
14.8
5.9
9.4
6.8
14.0
6.8
3.4
1.2
13.6
7.8
6.7
2.2
7.4
0.5
-1.7
-1.5
2.3
-0.3
-1.9
3.0
0.5
0.5
0.0
3.0
-4.2
-0.5
-0.5
8.5
2.7
-0.3
-0.8
0.2
DII Holding
QoQ Chg
(pp)
-0.2
0.1
0.0
-0.1
-0.3
0.5
0.4
0.5
0.1
0.7
1.1
-1.9
-0.1
0.0
2.5
3.2
-0.1
0.3
0.9
Chg Over Jun-10
(pp)
-0.8
-1.4
-5.4
-4.9
-5.1
-7.2
1.4
-10.3
-7.4
-0.8
-15.0
-15.9
-3.1
-1.8
-16.1
1.8
-3.3
-6.6
-6.0
FII
187
1,281
1,966
168
407
2,056
748
5,226
95
1,583
287
4,913
693
89
337
7,872
428
241
28,579
Value (USD M)
DII
29
66
417
121
464
798
580
565
415
302
197
912
85
18
142
2,568
233
53
7,966
Total Inst.
217
1,347
2,383
289
871
2,854
1,328
5,790
510
1,885
485
5,825
778
107
479
10,440
661
294
36,545
Weight (%)
Total
Inst.
0.0
0.3
0.5
0.1
0.2
0.6
0.3
1.2
0.1
0.4
0.1
1.2
0.2
0.0
0.1
2.2
0.1
0.1
7.5
BSE200
0.1
0.3
0.5
0.1
0.2
0.8
0.3
1.2
0.2
0.4
0.1
1.1
0.2
0.1
0.1
2.4
0.2
0.1
8.3
5 Year Price
CAGR (%)
121.4
28.5
51.4
7.2
22.3
12.8
19.4
19.6
8.7
29.7
19.4
36.8
14.1
34.5
21.9
37.4
36.5
60.1
28.5
Flowmeter: India Holdings & Flows | July 2015
22
 Motilal Oswal Financial Services
Infrastructure: FIIs & DIIs buy in 1QFY16
Infrastructure received inflows of USD382m from FIIs in 1QFY16. DIIs invested to the tune of USD62m during the quarter.
FII holdings in the sector are at an all-time high of 25.4%. DII holdings also climbed to 11.5% due to a rise in holdings of Adani Ports.
Adani Ports was the only stock to have given positive returns on a five-year basis.
Top DII inflows for the quarter were in Adani Ports (USD45m), GMR Infra (USD19m) and IRB Infra (USD15m).
Top FII inflows for the quarter were in Adani Ports (USD441m), Gujarat Pipavav (USD22m) and GMR Infra (USD4m).
FII Flows (USD M)
DII Flows (USD M)
27
24
20
17
13
8.2
16.6
FLOWS WEIGHT
FII
O/W
DII
U/W
FII Holding (%)
DII Holding (%) - RHS
11.5
21.3
25.4
12
10
8
6
5.1
4
Company
Adani Ports
GMR Infra.
Guj Pipavav Port
IRB Infra.Devl.
JP Associates
NCC
Infrastructure
FII Holding
DII Holding
YoY Chg QoQ Chg Chg Over Jun-10
YoY Chg QoQ Chg Chg Over Jun-10
Jun-15 (%)
Jun-15 (%)
(pp)
(pp)
(pp)
(pp)
(pp)
(pp)
24.9
6.8
6.2
15.2
12.3
9.9
9.7
7.6
10.3
-1.3
-1.8
-3.4
8.8
1.3
0.0
0.4
38.4
4.6
1.3
38.4
11.4
-2.4
-0.7
11.4
26.5
1.7
-0.4
11.3
9.1
4.8
1.1
3.9
21.0
-10.0
-10.1
-2.8
7.1
-0.8
-0.2
-3.2
29.0
-7.9
-1.1
-5.5
12.1
4.6
-0.3
-10.7
25.4
4.1
3.2
8.9
11.5
6.5
6.0
3.3
Value (USD M)
FII
2,498
120
637
342
90
200
3,886
DII
1,238
102
190
118
30
83
1,762
Total Inst.
3,736
222
827
460
120
283
5,648
Weight (%)
Total
BSE200
Inst.
0.8
0.4
0.0
0.1
0.2
0.2
0.1
0.1
0.0
0.0
0.1
0.1
1.2
0.8
5 Year Price
CAGR (%)
15.9
-24.8
NA
-2.6
-38.7
-7.4
-1.6
Flowmeter: India Holdings & Flows | July 2015
23
 Motilal Oswal Financial Services
Media: FII outflows and DII inflows for the second consecutive qtr
After a decline from 11.7% to 1.5% in the last five years, DII holdings in Media climbed to 3.2% in 1QFY16.
During 1QFY16, DII inflows were the highest in Zee (USD77m), followed by Dish TV (USD4m); FIIs outflows in Zee stood at USD113m.
Sun TV is the only media stock that witnessed a decrease in DII holdings.
FII Flows (USD M)
DII Flows (USD M)
38
31
24
17
10
11.7
FLOWS WEIGHT
FII
O/W
DII
U/W
Media witnessed FII outflows of USD23m in 1QFY16. However, DIIs became buyers for the second consecutive quarter (inflows of USD72m).
FII Holding (%)
DII Holding (%) - RHS
32.4
15
33.7
11
7
3.2
16.7
2.1
3
-1
FII Holding
Company
Dish TV
Sun TV Network
TV18 Broadcast
Zee Entertainmen
Media
Jun-15 (%)
18.6
18.9
9.0
47.7
33.7
YoY Chg
(pp)
-0.5
2.1
-1.1
-2.1
1.3
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.3
-0.6
0.3
1.5
1.0
-2.8
-3.8
-8.9
-18.4
-8.6
FII
332
330
90
2,648
3,401
Value (USD M)
DII
71
8
33
205
318
Total Inst.
404
338
124
2,854
3,719
Weight (%)
Total
Inst.
0.1
0.1
0.0
0.6
0.8
BSE200
0.1
0.1
0.1
0.5
0.7
5 Year Price
CAGR (%)
17.5
-8.4
-15.7
19.4
10.2
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-2.2
-0.1
0.4
-2.3
-0.5
2.0
10.5
-0.4
20.2
17.1
4.0
0.5
3.4
3.7
3.2
1.7
-1.4
1.6
1.5
1.1
Flowmeter: India Holdings & Flows | July 2015
24
 Motilal Oswal Financial Services
Metals: FII holdings slip to eight-quarter low at 12.4%
FIIs sold USD392m in 1QFY16. However, DIIs were buyers (USD363m) for the third consecutive quarter.
FLOWS WEIGHT
FII
U/W
DII
O/W
Top companies that received inflows from DIIs were Hindalco (USD112m), Vedanta (USD103m) and Tata Steel (USD68m); however, all these
companies recorded FII outflows.
DII holdings were up 140bps QoQ to 17.1%.
Institutional investors are currently overweight on Metals relative to BSE-200.
DII Flows (USD M)
17
15
13
11.6
14.1
12.4
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
15.7
17.1
18
16
13
11
8
11
11.2
9
FII Holding
Company
Hind.Zinc
Hindalco Inds.
Jindal Steel
JSW Steel
Natl. Aluminium
NMDC
SAIL
Tata Steel
Vedanta
Metals
Jun-15 (%)
2.4
32.5
19.2
18.5
3.4
4.0
6.1
16.6
23.8
12.4
YoY Chg
(pp)
0.3
-2.7
-3.2
-2.9
0.1
-3.0
0.2
-4.2
-1.7
-3.2
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.1
2.7
-1.3
1.1
-0.1
0.7
-0.1
1.3
1.1
1.4
0.0
0.4
0.0
-1.5
4.2
4.0
7.9
1.2
3.4
6.0
FII
269
1,185
237
613
55
298
242
775
1,933
5,607
Value (USD M)
DII
3,451
593
34
176
156
929
611
1,234
551
7,734
Total Inst.
3,720
1,778
270
789
211
1,227
854
2,009
2,483
13,341
Weight (%)
Total
Inst.
0.8
0.4
0.1
0.2
0.0
0.3
0.2
0.4
0.5
2.8
BSE200
0.1
0.4
0.1
0.2
0.0
0.2
0.1
0.5
0.5
2.2
5 Year Price
CAGR (%)
11.4
-5.0
-32.8
-3.8
-17.8
-14.9
-20.5
-8.9
-13.2
-7.9
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-0.1
-3.0
0.5
-0.5
-0.2
-0.9
0.1
-1.5
-1.0
-1.2
0.5
-2.9
-3.5
-10.3
-1.0
3.6
1.8
-0.6
-3.4
0.8
31.1
16.3
2.7
5.3
9.6
12.5
15.3
26.5
6.8
17.1
0.0
2.2
-2.1
2.1
0.1
2.3
4.6
2.0
0.2
3.0
Flowmeter: India Holdings & Flows | July 2015
25
 Motilal Oswal Financial Services
Oil & Gas: FII holdings increase in 1QFY16; DIIs unchanged
Oil & Gas contributes 8.2% of the total institutional investment value of BSE-200; institutions are underweight on Reliance by 50bp.
FII holdings increased to 15.7% in 1QFY16; DII holdings unchanged at 11.4%.
FII Flows (USD M)
DII Flows (USD M)
16
15
14
12
11
10.4
12.6
FLOWS WEIGHT
FII
U/W
DII
O/W
FIIs invested USD170m in 1QFY16. The companies that recorded highest FII inflows: Reliance Ind (USD130m), BPCL (USD87m) and ONGC (USD19m).
DIIs inflows were muted at USD16m in 1QFY16. Highest inflows were recorded in GAIL (USD27m), Reliance Ind (USD23m) and IOCL (USD19m).
FII Holding (%)
DII Holding (%) - RHS
15.7
12.0
14.7
11.4
11.0
11.5
11.0
10.5
10.0
FII Holding
Company
BPCL
Cairn India
Essar Oil
GAIL (India)
Guj.St.Petronet
HPCL
IOCL
Indraprastha Gas
ONGC
Oil India
Petronet LNG
Reliance Inds.
Oil & Gas
Jun-15 (%)
18.1
13.5
67.3
19.9
11.3
18.9
2.4
18.5
7.2
9.2
22.8
22.3
15.7
YoY Chg
(pp)
5.9
-3.4
0.2
-0.4
4.6
6.4
0.0
3.6
0.3
-0.5
0.7
-0.9
1.0
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
-0.6
0.1
-0.1
0.3
-0.4
-1.0
0.1
0.9
0.0
0.3
0.3
0.1
0.0
-8.2
3.1
-0.4
-4.6
6.7
-13.9
-0.7
-2.8
2.4
5.4
-2.6
1.9
1.0
FII
1,811
724
2,235
1,559
119
733
359
171
3,017
388
504
11,388
23,008
Value (USD M)
DII
1,207
561
47
1,705
353
600
696
210
4,348
394
102
6,436
16,657
Total Inst.
3,018
1,285
2,282
3,265
472
1,333
1,055
380
7,365
782
605
17,824
39,665
Weight (%)
Total
Inst.
0.6
0.3
0.5
0.7
0.1
0.3
0.2
0.1
1.5
0.2
0.1
3.7
8.2
BSE200
0.6
0.3
0.0
0.5
0.1
0.3
0.2
0.1
1.4
0.2
0.1
4.2
8.0
5 Year Price
CAGR (%)
21.5
-9.8
-0.2
-3.4
3.1
9.2
-0.9
10.2
-1.3
-5.1
19.3
-1.6
-0.7
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
0.9
-0.8
-0.3
-0.3
0.9
0.4
-0.2
0.2
0.1
-0.1
0.2
0.3
0.8
10.8
2.9
-8.5
6.7
-1.2
12.3
1.8
7.5
3.0
7.3
14.3
1.4
3.2
12.1
10.5
1.4
21.8
33.5
15.5
4.7
22.8
10.4
9.3
4.6
12.6
11.4
-3.8
0.7
0.0
0.5
-0.3
-5.1
0.2
1.0
-0.2
1.4
1.4
1.7
0.4
Flowmeter: India Holdings & Flows | July 2015
26
 Motilal Oswal Financial Services
Real Estate: FIIs sell, DIIs buy in 1QFY16
Real Estate recorded FII outflows of USD23m; this contrasted with healthy inflows in 4QFY15. DII flows were USD12m I 1QFY16.
FLOWS WEIGHT
FII
U/W
DII
-
Except Unitech (inflow of USD4m), all companies in the sector recorded FII outflows. Highest outflows were seen in DLF (USD18m), HDIL (USD5m)
and IBREL (USD3m).
Top DII inflows were recorded in Unitech (USD7m), IBREL (USD4m) and DLF (USD2m).
DII holdings in the sector is 0.7%—up QoQ.
The sector has given negative return of 19% over the last five years; all stocks in the sector also posted negative returns during the period.
FII Flows (USD M)
DII Flows (USD M)
26
1.4
24
22
20
18
0.7
0.7
23.8
24.0
FII Holding (%)
DII Holding (%) - RHS
24.3
1.6
1.2
0.8
0.4
0.0
FII Holding
Company
DLF
HDIL
Indbull.RealEst.
Unitech
Real Estate
Jun-15 (%)
20.1
48.4
25.7
19.7
24.3
YoY Chg
(pp)
0.2
6.9
-4.8
-9.5
0.5
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.0
0.0
1.1
1.3
0.2
-0.2
-0.9
-1.0
0.0
-0.7
FII
661
294
98
64
1,117
Value (USD M)
DII
11
1
9
11
31
Total Inst.
671
295
107
75
1,148
Weight (%)
Total
Inst.
0.1
0.1
0.0
0.0
0.2
BSE200
0.1
0.1
0.0
0.0
0.3
5 Year Price
CAGR (%)
-16.5
-18.1
-18.4
-36.1
-18.9
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-0.5
-0.6
-0.9
0.7
0.3
5.1
20.2
-36.4
-12.9
0.2
0.3
0.2
2.3
3.3
0.7
-0.2
0.0
1.7
1.6
0.0
Flowmeter: India Holdings & Flows | July 2015
27
 Motilal Oswal Financial Services
Technology: Second best sector in terms of FII and DII inflows
Highest FII outflows were witnessed in TCS (USD177m), HCL Tech (USD136m) and Wipro (USD97m).
FII holdings declined sharply QoQ in Mphasis, HCL Tech and Tech Mahindra.
FII Flows (USD M)
DII Flows (USD M)
28
27
25.8
25
24
22
6.8
FLOWS WEIGHT
FII
O/W
DII
U/W
Technology was the second best sector in terms of FII and DII inflows in 1QFY16. The sector witnessed FII inflows of USD658m and DII inflows of
USD930m. Highest inflows were witnessed in Infosys (USD1.1b from FIIs) and (USD372m from DIIs).
FII Holding (%)
DII Holding (%) - RHS
26.9
25.9
11
10
7.5
8
6.7
7
5
FII Holding
Company
HCL Technologies
Hexaware Tech.
Infosys
Mindtree
MphasiS
Oracle Fin.Serv.
TCS
Tech Mahindra
Vakrangee
Wipro
Technology
Jun-15 (%)
28.9
14.1
57.7
37.9
22.9
10.6
16.7
37.0
5.3
12.2
26.9
YoY Chg
(pp)
0.1
-8.7
0.0
1.4
-3.4
-1.3
0.2
-2.1
2.9
0.9
1.0
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
0.8
0.0
1.0
-0.5
0.8
0.2
0.3
0.7
0.2
0.5
0.3
-0.7
-2.8
8.0
-2.2
-1.9
-0.7
-3.1
-4.5
8.0
2.3
0.6
FII
5,901
171
20,579
634
311
535
13,164
2,686
49
2,586
46,615
Value (USD M)
DII
922
52
5,743
124
78
197
3,897
809
73
1,029
12,923
Total Inst.
6,822
223
26,322
757
389
731
17,062
3,495
122
3,615
59,538
Weight (%)
Total
Inst.
1.4
0.0
5.4
0.2
0.1
0.2
3.5
0.7
0.0
0.7
12.3
BSE200
1.3
0.1
4.8
0.2
0.1
0.2
3.3
0.7
0.1
0.9
11.7
5 Year Price
CAGR (%)
38.2
46.6
7.2
35.7
-6.1
10.8
27.7
21.1
61.5
7.2
18.6
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
-0.7
0.3
3.6
0.1
-1.5
-0.2
-0.2
-0.5
2.0
-0.5
-0.2
7.7
-30.1
3.3
22.2
4.6
8.9
4.6
35.8
-6.7
4.6
1.1
4.5
4.3
16.1
7.4
5.8
3.9
5.0
11.1
8.0
4.9
7.5
0.8
2.1
2.0
-2.6
1.1
1.9
-0.1
0.4
2.1
0.9
0.8
Flowmeter: India Holdings & Flows | July 2015
28
 Motilal Oswal Financial Services
Telecom: The only sector to witness DII outflows in 1QFY16
The sector was also the third best performer in 1QFY16, giving 3% positive return QoQ.
FLOWS WEIGHT
FII
O/W
DII
U/W
Telecom was the only sector to witness DII outflows (USD284m) in 1QFY16. However, FIIs invested USD548m in Telecom—making it the third best
sector in terms of FII inflows for 1QFY16.
Highest FII inflows were recorded in Bharti Airtel (USD347m) and Bharti Infra (USD236m), which also recorded the highest DII selling.
FII Flows (USD M)
DII Flows (USD M)
22
20
17
15
12
13.1
16.3
6.1
4.9
9.0
FII Holding (%)
DII Holding (%) - RHS
21.1
10
9
7
6
4
FII Holding
Company
Bharti Airtel
Bharti Infra.
Idea Cellular
Rel. Comm.
Tata Comm
Telecom
Jun-15 (%)
19.3
24.3
24.4
21.1
7.6
21.1
YoY Chg
(pp)
1.6
12.7
2.8
8.7
-0.3
4.8
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
-1.1
-0.3
0.1
0.1
0.4
-0.6
-2.4
0.6
-3.0
-0.9
-0.8
-4.0
FII
5,100
3,240
2,432
513
152
11,436
Value (USD M)
DII
1,705
75
471
207
220
2,677
Total Inst.
6,805
3,315
2,903
719
371
14,113
Weight (%)
Total
Inst.
1.4
0.7
0.6
0.1
0.1
2.9
BSE200
1.5
0.5
0.5
0.2
0.1
2.7
5 Year Price
CAGR (%)
9.8
NA
24.3
-20.7
11.1
9.1
YoY Chg
QoQ Chg Chg Over Jun-10
Jun-15 (%)
(pp)
(pp)
(pp)
1.4
1.9
-0.2
-0.3
-0.4
1.0
2.6
24.3
18.4
12.5
-0.5
8.0
6.5
0.6
4.7
8.5
11.1
4.9
-0.7
-1.1
0.2
-0.4
-0.6
-1.2
Flowmeter: India Holdings & Flows | July 2015
29
 Motilal Oswal Financial Services
Utilities: FII, DII flows following same trajectory for the last 3 qtrs
Utilities received inflows from both FIIs (USD59m) and DIIs (USD309m). DII holdings increased 25bp QoQ to 10.1%.
The top-3 companies in terms of FII inflows were Coal India (USD62m), JSW Energy (USD35m) and Torrent Power (USD7m).
The top 3 companies in terms of FII outflows were Power Grid (USD126m), NTPC (USD65m) and Reliance Infra (USD22m).
DII Flows (USD M)
14
10.3
12
9
7
4
5.4
FLOWS WEIGHT
FII
U/W
DII
O/W
FII Flows (USD M)
FII Holding (%)
DII Holding (%) - RHS
11.0
12.4
10.1
10
11
8
7.4
7
5
FII Holding
Company
Adani Power
CESC
Coal India
JSW Energy
NHPC Ltd
NTPC
Power Grid Corpn
Reliance Infra.
Reliance Power
Tata Power Co.
Torrent Power
Utilities
Jun-15 (%)
19.0
26.6
9.2
8.5
2.1
10.0
26.5
20.5
4.6
28.3
4.3
12.4
YoY Chg
(pp)
11.4
3.7
3.6
3.3
0.3
-0.7
-0.4
-0.5
-2.3
-0.5
1.7
1.4
DII Holding
QoQ Chg Chg Over Jun-10
(pp)
(pp)
13.7
0.0
-0.2
-0.5
0.0
0.4
0.3
0.5
0.3
0.8
-0.6
0.2
11.9
-3.4
8.6
-1.2
1.4
3.6
2.5
-8.7
4.0
-6.5
-3.1
-0.2
FII
257
310
3,837
215
73
1,788
3,036
330
91
891
44
10,872
Value (USD M)
DII
194
164
3,607
146
149
2,276
946
286
114
728
216
8,827
Total Inst.
451
474
7,443
362
222
4,064
3,982
617
205
1,619
260
19,699
Weight (%)
Total
Inst.
0.1
0.1
1.5
0.1
0.0
0.8
0.8
0.1
0.0
0.3
0.1
4.1
BSE200
0.0
0.1
1.4
0.1
0.1
0.7
0.8
0.1
0.1
0.3
0.1
3.8
5 Year Price
CAGR (%)
-25.4
8.2
NA
-4.7
-8.9
-7.1
6.0
-20.2
-23.5
-10.1
-15.9
-7.0
QoQ Chg Chg Over Jun-10
YoY Chg
Jun-15 (%)
(pp)
(pp)
(pp)
11.5
-1.1
0.2
1.2
0.2
-0.4
-1.1
-1.0
-0.7
-0.7
0.6
-0.2
10.5
8.3
9.2
3.4
0.8
7.4
25.0
5.2
0.9
6.9
2.3
7.0
14.4
14.1
8.6
5.8
4.4
12.7
8.3
17.8
5.8
23.1
20.7
10.1
13.8
-2.2
5.8
-0.5
0.5
1.1
0.1
-0.2
0.6
0.1
-1.5
2.6
Flowmeter: India Holdings & Flows | July 2015
30
 Motilal Oswal Financial Services
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