Mutual funds invested in IT sector

As per SEBI data, domestic mutual funds are betting big on information technology stocks, as the equity scheme exposure to the defensive sector has jumped to a record high of about Rs 71,000 crore  in April.

According to mutual fund managers, fund houses are augmenting stake in the IT sector amid depreciating rupee and market volatility.

“Rupee is falling against the dollar which is good for IT companies and that is why we have been investing in software companies,” said a fund manager from a private fund house.

Since the start of 2018, Indian rupee has depreciated by 5.82 percent against the dollar and has been hovering around 68 per dollar.