Summary
FIIs maintain their faith; DIIs remain elusive:
FIIs pumped USD4b in 4QFY14, taking the
cumulative inflows of FY14 to USD13.7b. FIIs have been consistent net buyers in Indian
equities for the entire decade (except during the global meltdown of FY09). However, DIIs
pulled out USD2.2b in 4QFY14 alone and continued to be net sellers in Indian equities for
the fourth consecutive year, with USD8.9b outflows in FY14.
FII ownership in BSE-200 at all-time high:
FIIs currently hold 23.8% in BSE-200, up from
22.4% in March 2013. As a proportion of free float, FII ownership of BSE-200 remains high at
About the product
48.1%. DIIs hold 11.2% of BSE-200, marginally down from 11.5% in March 2013. As a
Flowmeter
is a handbook on
proportion of free float, DII ownership of BSE-200 remains low at 22.6%.
holdings and institutional
Sector-wise FII flows in BSE-200:
In the March quarter, FII flows into the BSE-200 were flows in Indian equities. This
USD1.9b. Sectors recording the highest inflows were Financials (USD1,338m – Private Banks: quarterly report will cover:
USD648m; NBFCs: USD416m, State-owned Banks: USD274m), Oil & Gas (USD341m) and
Technology (USD319m). Sectors recording the highest outflows were Healthcare
Overall market flows &
holdings
(USD624m), Consumer (USD300m) and Utilities (USD121m).
Sector-wise DII flows in BSE-200:
During the quarter, DII flows into the BSE-200 were
institutional flows and
USD439m. Sectors recording the highest inflows were State-owned (PSU) Banks (USD890m),
holdings
Consumer (USD404m) and Capital Goods (USD342m). Sectors recording the highest
outflows were Technology (USD598m), Telecom (USD273m) and Healthcare (USD197m).
Overall holdings in BSE200
& Sensex
Sector-wise ownership:
FIIs are significantly over weight in Private Bank, Technology and
NBFCs. Private Banks is the most preferred sector, with USD44.8b investment value. Private
Sector weight comparison
Banks recorded the highest increase since March 2009 (USD34.3b). DII are over weight on
Consumer, Oil & Gas, Capital Goods, PSU Banks and Metals.
Sector & companies
Deven Mistry (Deven@MotilalOswal.com); + 9122 3982 5440
Flowmeter: India Holdings & Flows | May 2014
2

Contents
Overall market: FIIs maintain their faith; DIIs remain elusive
BSE-200: FIIs share in India at high; DIIs at six year’s low
Sector-wise flows: Financials attract FII and DII flows
Company-wise flows: 4 of top 5 FII flows in Financials
Overall holdings: 57% of BSE-200 saw an increase in FIIs stake
Sector-wise holdings: NBFCs and Pvt Banks recorded highest QoQ chg
FIIs sector holdings: Overweight in Pvt Bank, Technology and NBFCs
DIIs sector holdings: Overweight in Consumer, Oil & Gas and Cap Goods
Sensex holdings: 19 of 30 companies saw increase in FII holdings
Sector weights: Private Banks overtakes Technology
Sector trends: Overview, institutional flows and holding
Notes:
The attached report is built
around the constituents of
BSE-200 and Sensex.
Institutional flows analysis
excludes ADR/GDR. Average
prices for the quarter have
been used.
Holdings analysis includes
ADR/GDR for companies and
sectors.
Based
AUTO
BANKS / FINANCIALS
CAPITAL GOODS
CEMENT
CONSUMER
HEALTHCARE
INFRASTRUCTURE
MEDIA
METALS
OIL & GAS
REAL ESTATE
TECHNOLOGY
TELECOM
UTILITIES
3
on the current
constituents of the indices,
adjusted for stock splits and
bonus for flow analysis.
Green up arrow
represents positive flows.
Red down arrow
represents negative flows.
Flowmeter: India Holdings & Flows | May 2014

Overall markets: FIIs maintain their faith; DIIs remain elusive
Yearly FII and DII flows
Indian market holding (BSE listed companies)
FIIs have pumped USD96b in the last five years.
DIIs remained net sellers for the fourth consecutive year.
FII (USDb)
10.9
FIIs and DIIs increased their stake by 23bp and 17bp, respectively
on QoQ basis. Promoter stake was down 61bp.
Value USDB
1,180
16.5
10.3
20.4
1,138
16.5
9.9
21.5
1,201
16.7
10.1
21.7
DII (USDb)
17.7
13.1
13.1
23.4
25.0
25.8
13.7
Public
DIIs
1.3
9.5
0.3
9.2
0.1
6.4
3.2
5.8
5.1
8.5
FIIs
-10.4
-4.1
-0.9
-12.7
-8.9
-1.4
Promoter
52.8
52.1
51.5
Mar 13
Dec 13
Mar 14
Quarterly DII flows
Quarterly FIIs flows v/s markets
DIIs pulled out USD2.2b in 4QFY14 alone and continued to be net
sellers in Indian equities for the seventh consecutive quarter.
DII flows in markets (USDb)
Inflow of USD4b from FIIs in 4QFY14 was driven by expectations of
a stable, pro-market government.
FII flows in markets (USDb)
12.6
10.1
6.4 7.4
9.1
6.9
4.4
2.3
0.1 0.8
-0.4
-1.0
0.1
-0.1
10.4
6.6
3.2
4.1
2.1
0.4
2.4
0.5
1.8
2.4
0.8
0.8
2.1
0.6
0.5
-0.7
-2.2
-4.7
-6.3
-1.3
5.2
8.4
-2.2
-5.2
-4.4
-3.4 -3.5
-1.3
Flowmeter: India Holdings & Flows | May 2014
4

BSE-200: FIIs share in India at high; DII at six year’s low
Trend in FIIs and DIIs holdings
Yearly FIIs flows in BSE-200
26.0
23.0
20.0
17.0
14.0
FII holding in BSE-200 companies is at an all-time high of 23.8%.
DII holding is at 11.2%.
BSE200 FII Holding (%)
BSE200 DII Holding (%) - RHS
12.2
11.8
In the last five years, 76% of FIIs flows have been into BSE-200.
NBFCs, Private Banks and Technology attracted highest inflows.
FIIs withdrew USD1.7b from the Consumer sector, ending four years
of inflows into the sector.
NBFCs and Private Banks have consistently recorded positive flows for
the last five years.
BSE 200 FII flows (USD B)
Sector
NBFC
Banks - Pvt
Technology
Utilities
Automobiles
Consumer
Oil & Gas
Misc
Real Estate
Health Care
Metals
Cement
Media
Infrastructure
Chemicals & Fertilizers
Capital Goods
Banks - PSU
Telecom
FII Flows in BSE-200
FII Flows in Markets
BSE200 flows % to total
FY10
1.4
2.0
1.3
0.1
1.6
1.4
0.7
-0.1
3.1
1.0
3.0
0.4
0.0
0.6
0.1
0.1
1.0
-0.7
17.0
23.4
73
FY11
2.0
2.0
-0.1
4.9
0.8
1.2
0.7
2.0
0.4
0.1
0.0
0.7
0.5
0.0
0.1
0.0
1.3
0.0
16.7
25.0
67
FY12
1.7
0.0
1.9
0.0
1.3
2.6
-0.1
0.5
-0.1
0.8
-0.9
0.4
0.3
0.0
0.1
0.0
-1.7
0.2
6.8
8.5
80
FY13
3.3
3.9
2.5
1.7
1.3
2.2
2.1
0.4
0.1
1.9
0.5
0.6
0.3
0.2
0.1
0.5
0.8
0.8
23.2
25.8
90
FY14
0.8
1.3
2.2
1.3
0.5
-1.7
1.2
0.7
0.2
0.1
0.5
0.1
0.4
0.5
0.2
0.7
-0.3
0.6
9.4
13.7
69
Cumulative
(FY10-FY14)
9.3
9.2
7.9
7.9
5.5
5.7
4.6
3.6
3.6
3.9
3.2
2.3
1.4
1.2
0.6
1.2
1.2
0.9
73.1
96.4
76
23.8
12.8
12.3
11.8
18.5
15.9
11.2
11.3
10.8
FIIs share in India at high; DII at six year’s low
FII ownership as a proportion of free float of BSE200 remained high
at 48.1%. DII ownership as a proportion to free float at 22.6%
FII Proportion of Free Float (%)
DII Proportion of Free Float (%) - RHS
49.0
46.0
43.0
40.0
37.0
27.7
26.1
26.2
29.0
27.0
25.0
46.1
48.1
41.2
37.2
39.3
23.7
22.6
23.0
21.0
Flowmeter: India Holdings & Flows | May 2014
5

Sector-wise flows: Financials attract both FII and DII flows
Sector-wise FII flows into BSE-200
Sector-wise DII flows into BSE-200
In 4QFY14, about 72% of FIIs inflows (USD1.3b) were in Financials.
Healthcare (USD0.6b), Consumer (USD0.3b) and Utilities (USD0.1b)
recorded the highest FII outflows in 4QFY14.
However, Utilities witnessed a net inflow of USD1.3b in FY14,
primarily driven by the Power Grid FPO.
PSU Banks remained the most preferred sector, with DIIs inflows of
USD0.9b in 4QFY14. However, DIIs pulled out heavily from Technology
in both 4QFY14 and FY14.
Unlike FIIs, DIIs were buyers in Consumer and Utilities.
In FY14, PSU Banks, Utilities, Private Banks and
witnessed inflows from DIIs.
(USD b)
Banks - PSU
Consumer
Capital Goods
4QFY14
Banks - PSU
0.9
Consumer
0.4
Capital
0.3
Goods
Utilities
0.2
Oil
0.1
& Gas
Cement
0.0
Banks - Pvt
0.0
0.0
Real Estate
0.0
Infrastructure
0.0
0.0
0.0
-0.1
-0.2
-0.2
-0.2
-0.3
Chemicals
Misc
Media
Metals
Automobiles
NBFC
Health Care
Telecom
Technology
-0.2
-0.2
-0.3
-0.2
-0.3
-0.4
-0.4
-0.5
-0.4
-2.0
-0.3
0.3
0.8
-0.1
0.2
0.5
0.0
Capital Goods
(USD b)
Banks - Pvt
NBFC
Oil & Gas
Technology
Banks - PSU
Telecom
Capital Goods
Misc
Automobiles
Metals
Media
Infrastructure
Cement
Chemicals
Real Estate
Utilities
Consumer
Health Care
-0.6
4QFY14
Banks - Pvt
0.6
NBFC
0.4
Oil
0.3
& Gas
Technology
0.3
Banks - PSU
0.3
Telecom
0.2
Capital
0.2
Goods
0.2
Misc
Automobiles
0.1
Metals
0.1
0.1
Media
Infrastructure
0.0
Cement
0.0
Chemicals
0.0
0.0
Real Estate
Utilities
-0.1
-0.3
0.6
0.7
0.7
0.5
0.5
0.4
0.5
0.1
0.2
FY14
1.3
0.8
1.2
2.2
FY14
1.3
Utilities
Oil & Gas
Cement
Banks - Pvt
Real Estate
Infrastructure
Chemicals
Misc
Media
Metals
Automobiles
NBFC
Health Care
Telecom
Technology
-0.6
0.2
1.3
-1.7
0.1
-0.3
Consumer
Health Care
Flowmeter: India Holdings & Flows | May 2014
6

Company-wise flows: 4 of top 5 FII flows in Financials
In 4QFY14, Axis Bank, Infosys, HDFC, SBI and ICICI Bank witnessed the highest FII inflows. Top outflows were from GSK Pharma, HDFC Bank, NTPC, TCS
and HUL.
DIIs’ top buying list included SBI, BHEL, ITC, HDFC Bank and HUL. DII outflows were the highest in Infosys, ICICI Bank, HDFC and Bharti Airtel.
FII Inflows (USD m)
Axis Bank
Infosys
HDFC
SBI
ICICI Bank
Reliance Inds.
Cairn India
L&T
Page Inds
Bharti
HCL Tech.
IndusInd
Maruti
Dr Reddy's
Power Grid
Bharti Infra.
Aurobindo
Divi's Lab.
Apollo Tyres
BPCL
158
148
103
99
94
90
80
76
70
65
61
58
56
56
54
316
310
297
531
486
-833
-205
-166
-157
-144
-114
-81
-56
-46
-41
-34
-33
-31
-30
-24
-24
-24
-22
-19
-18
FII Outflows (USD m)
GSK Pharma
HDFC Bank
NTPC
TCS
HUL
Asian Paints
Tata Motors
Jain Irrigation
United Spirits
Tata Steel
Dabur India
Coal India
Yes Bank
ONG C
Canara Bank
IGL
Cipla
REC
SAIL
Godrej Cons.
SBI
BHEL
ITC
HDFC Bank
HUL
NTPC
Coal India
ONGC
Asian Paints
GAIL
TCS
IOB
REC
Dabur India
Jain Irrigation
Oil India
Engineers India
Hindalco
Cipla
PFC
304
177
173
153
136
135
129
112
79
70
62
60
57
54
53
50
43
42
39
DII Inflows (USD m)
867
-565
DII Outflows (USD m)
Infosys
-286
-194
-165
-92
-92
-81
-68
-57
-52
-52
-50
-49
-45
-42
-40
-39
-38
-35
-34
ICICI Bank
HDFC
Bharti Airtel
Reliance Inds.
Dr Reddy's
HCL Tech.
Wipro
United Spirits
GSK Pharma
Cairn India
Nestle India
Page Industries
Idea Cellular
Bharat Forge
IDFC
Sun Pharma
BPCL
UPL
Tata Motors
Flowmeter: India Holdings & Flows | May 2014
7

Overall holdings: 57% of BSE-200 saw an increase in FIIs stake
FII
holding (BSE-200) was up 27bp QoQ and 142bp YoY to 23.8% in March 2014.
–
FIIs increased stake QoQ in 57% companies in BSE-200 and 63% companies in Sensex.
Promoter
holding in BSE-200 decreased 64bp QoQ and 97bp YoY to 50.6% in March 2014
DII
holding (BSE-200) was up 20bp QoQ , but down 30bp YoY to 11.2% in March 2014.
BSE-200 holding pattern (%)
Promoter
Value
USDB
494
15.0
11.8
15.9
1,050
14.7
12.6
18.0
1,230
14.2
12.1
19.1
1,021
15.0
12.0
19.4
FIIs
1,004
14.6
11.5
22.4
DIIs
Public
984
15.1
11.5
22.8
894
14.7
11.1
22.7
986
14.3
11.0
23.5
1,042
14.5
11.2
23.8
Sensex holding pattern (%)
Promoter
Value
USDB
296
16.1
12.8
19.5
563
16.1
14.4
22.6
699
15.0
13.5
22.8
578
15.1
13.9
23.1
FIIs
576
15.1
13.1
25.9
DIIs
Public
575
15.7
13.2
25.9
530
15.1
12.7
25.3
573
14.6
12.7
26.4
601
14.9
13.1
27.0
57.2
54.7
54.7
53.6
51.5
50.6
51.5
51.2
50.6
51.6
46.9
48.6
48.0
45.9
45.3
46.8
46.3
45.0
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
QoQ change in stake (number of companies)
FIIs
DIIs
BSE200
Sensex
BSE200
Sensex
Increase in stake
114
19
89
15
Decrease in stake
83
11
109
15
Unchanged
3
0
2
0
Total
200
30
200
30
Flowmeter: India Holdings & Flows | May 2014
8
FIIs holding in
Indian markets at
all-time high

Sector-wise holdings: NBFCs and Private Banks recorded highest QoQ chg
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 (53%), followed by NBFCs (46%) and
Media (32%).
DIIs have the highest ownership in Capital
Goods (23%) followed by PSU Banks (18%)
and Consumer (16%).
FIIs stake in NBFCs increased by 107bp,
Private Banks by 100bp and Capital Goods
by 54bp. Cement and Healthcare saw QoQ
reduction in stake by FIIs.
DIIs increased stake in PSU Banks, Capital
Goods and Consumer on a QoQ basis.
FII holdings increased YoY in Media, Metals
and Infrastructure.
FII holdings declined YoY in Cement,
Consumer and PSU Banks.
BSE-200 saw an increase in FII holdings in
most sectors, but decline in DII holdings in
most sectors.
FII YoY Change (bp)
Media
-259
FII Holding (%)
Banks-Pvt
NBFC
Media
Auto
Technology
Healthcare
Cement
Real Estate
Misc
Chem.&Fert
Consumer
Infra
Cap. Goods
Telecom
Metals
Oil & Gas
Banks-PSU
Utilities
8
6
5
0
8
9
7
8
9
4
11
13
10
DII Holding (%)
53
46
32
30
26
25
25
22
21
20
19
16
19
17
15
15
14
14
11
11
18
10
23
FII QoQ Change (bp)
NBFC
Banks-Pvt
Cap. Goods
Media
Infra
Metals
Telecom
Banks-PSU
BSE200
Chem.&Fert
Technology
Utilities
Auto
Oil & Gas
Real Estate
Consumer
Healthcare
Cement
-88
-283
-51
-45
-71
-75
-52
DII QoQ Change (bp)
-14
6
54
45
37
34
31
26
27
20
9
8
-11
20
11
85
107
100
106
DII YoY Change (bp)
611
547
429
353
4
203
191
175
94
152
124
142
126
130
107
12
97
55
53
36
196
Chem.&Fert
-360
Infra
-280
Metals
Real Estate
Technology
Utilities
148
-148
-127
-28
Cap. Goods
BSE200
Auto
Healthcare
Oil & Gas
NBFC
Banks-Pvt
Telecom
Banks-PSU
Consumer
Cement
-94
-127
-140
-45
-256
-118
-30
-58
-48
-7
-31
-18
-34
-37
-7
-25
-1
55
Flowmeter: India Holdings & Flows | May 2014
9

FIIs sector holdings: Overweight in Private Bank, Technology and NBFCs
Private Banks is the most preferred sector, with USD44.8b investment value.
Private Banks recorded the highest increase since March 2009 (USD34.3b), followed by Technology (USD29.5b).
Incremental investments in Telecom, Real Estate and Chemicals & Fertilizers remained muted during 2009-14.
Utilities is the only sector to give negative returns since March 2009.
FIIs are significantly over weight in Private Bank, Technology and NBFCs.
Sector FII holdings by value
Sector
Banks - Pvt
Technology
NBFC
Consumer
Automobiles
Oil & Gas
Health Care
Metals
Utilities
Capital Goods
Cement
Misc
Telecom
Banks - PSU
Media
Infrastructure
Real Estate
Chemicals & Ferti
BSE200
YoY
FII Holding
Chg
Mar-14 (%)
(pp)
52.6
26.5
45.6
19.4
30.3
14.3
25.1
14.5
10.3
16.6
24.5
21.4
15.3
11.2
32.0
19.2
22.0
19.7
23.8
0.5
1.9
1.0
-1.4
1.3
1.1
1.3
3.5
1.7
1.5
-0.3
2.7
0.4
-1.3
6.1
4.3
2.0
5.5
1.4
QoQ
Chg
(pp)
1.0
0.1
1.1
-0.4
-0.1
-0.2
-0.9
0.3
-0.1
0.5
-0.6
0.9
0.3
0.3
0.5
0.4
-0.3
0.1
0.3
Chg Over
Mar-09
(pp)
6.2
-0.9
14.0
6.1
11.2
1.1
8.6
8.4
5.1
2.6
5.5
1.8
-1.2
-0.9
17.3
7.5
12.8
3.6
7.9
FII Value Chg Over Price CAGR
BSE200
FIIs vs BSE200 weight UW/OW (pp)
Mar-14 Mar-09 Over Mar-
Weight (%)
(USD B) (USD B)
09 (%)
44.8
39.7
24.9
24.1
23.4
19.7
16.2
8.0
7.5
7.4
6.7
6.3
6.1
5.2
2.9
2.0
1.4
1.2
248
34.3
29.5
18.6
18.9
19.8
5.0
13.0
5.5
4.9
3.1
4.9
4.6
0.0
2.0
2.4
0.9
0.7
0.8
169
36
38
25
32
38
8
33
11
-2
13
29
30
2
17
29
8
1
27
19
13.8
13.4
7.7
13.0
8.5
10.3
6.5
4.0
3.6
5.3
2.6
2.6
2.3
3.9
0.8
0.7
0.5
0.6
100
4.3
2.6
2.4
-3.2
1.0
-2.4
0.1
-0.8
-0.6
-2.3
0.1
0.0
0.1
-1.8
0.3
0.1
0.1
-0.1
||
|||||||||||||||||||||||||||||||||||
||||||
||
||
||
|||||||||||||||
||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||
||
|||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||
Flowmeter: India Holdings & Flows | May 2014
10

DIIs sector holdings: Overweight in Consumer, Oil & Gas, Cap Goods, PSU Banks and Metals
Consumer has been the most preferred sector by DIIs during 2009-14, with incremental investment value of USD11b.
DII holding in Consumer is the third highest at 15.9% after Capital Goods (23.3% ) and PSU Banks (18.3%).
Incremental investment in Real Estate, Infrastructure and Media remained muted during 2009-14.
DIIs are over weight in Consumer, Oil & Gas, Capital Goods, PSU Banks and Metals.
Unlike FII s, DIIs are significantly underweight in Technology, Private Banks and NBFCs.
Sector DII holdings by value
DII
Holding
Sector
Mar-14
(%)
Consumer
15.9
Oil & Gas
11.4
Banks - Pvt
13.1
Capital Goods
23.3
Technology
6.7
Banks - PSU
18.3
Automobiles
10.7
Metals
14.2
Utilities
7.8
NBFC
9.9
Health Care
7.7
Cement
9.3
Telecom
6.2
Misc
8.0
Chemicals & Fert
9.4
Infrastructure
4.8
Media
3.9
Real Estate
0.5
BSE200
11.2
YoY
Chg
(pp)
-0.5
0.1
0.5
1.2
-1.5
2.0
-0.6
-1.3
0.9
-1.2
-0.5
0.5
-0.9
-2.2
-3.6
-2.8
-2.6
0.0
-0.3
QoQ
Chg
(pp)
0.8
0.1
0.1
1.1
-0.5
1.5
-0.3
-0.3
0.2
-0.1
-0.3
0.0
-0.7
-0.5
-0.5
-0.5
-0.8
-0.1
0.2
Chg Over
Mar-09
(pp)
-6.5
2.1
-2.4
3.9
0.4
1.8
-5.7
5.4
1.2
-7.9
-6.0
-8.7
-2.0
-2.1
-10.1
-2.5
-5.4
-0.2
-0.7
Price
DII Value Chg Over
CAGR Over BSE200
DIIs vs BSE200 weight UW/OW (pp)
Mar-14 Mar-09
Mar-09 Weight (%)
(USD B) (USD B)
(%)
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19.7
11.0
32
13.0
4.0
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15.7
5.3
8
10.3
3.1
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11.1
7.7
36
13.8
-4.2
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.4
4.5
13
5.3
3.6
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10.1
7.7
38
13.4
-4.8
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8.6
4.2
17
3.9
3.5
|||||||||||||||||||||||||||
8.3
5.1
38
8.5
-1.4
|||||||||||||||||||||||||||||||||||||||||||||||||||||
7.8
4.3
11
4.0
2.7
||||||||||||||||||||||||
5.7
2.3
-2
3.6
1.2
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5.4
1.8
25
7.7
-3.0
|||||||||||||||||||||||||||||||||||||||||||
5.0
2.3
33
6.5
-2.2
|||||||
2.5
0.8
29
2.6
-0.4
||||
2.5
-0.6
2
2.3
-0.2
|||||||||||
2.4
1.4
30
2.6
-0.6
||
0.6
0.1
27
0.6
-0.1
||||
0.5
-0.1
8
0.7
-0.2
||||||||||
0.4
0.1
29
0.8
-0.5
||||||||
0.0
0.0
1
0.5
-0.4
116
58
19
100
Flowmeter: India Holdings & Flows | May 2014
11

Sensex holdings: 19 of 30 companies saw increase in FIIs holdings
FII Holding
Company
Axis Bank
BHEL
Bajaj Auto
Bharti Airtel
Cipla
Coal India
Dr Reddy's Labs
GAIL (India)
HDFC
HDFC Bank
Hero Motocorp
Hind. Unilever
Hindalco Inds.
ICICI Bank
Infosys
ITC
Larsen & Toubro
M&M
Maruti Suzuki
NTPC
O NGC
Reliance Inds.
Sesa Sterlite
St Bk of India
Sun Pharma.Inds.
Tata Motors
Tata Power Co.
Tata Steel
TCS
Wipro
Sensex
Mar-14 YoY Chg QoQ Chg
(%)
(pp)
(pp)
52.0
16.1
18.7
16.4
24.4
5.3
52.3
18.8
75.7
51.1
30.8
14.1
34.8
69.0
58.2
19.5
21.2
41.9
22.4
9.3
6.7
22.1
26.4
11.8
22.5
48.4
26.2
18.4
16.1
12.1
27.0
2.9
1.4
0.5
-0.8
-0.3
-0.1
5.8
1.9
2.0
-0.1
0.2
-8.0
2.0
1.9
5.3
-0.5
1.0
1.5
0.0
0.0
0.4
0.8
-0.9
-1.4
-0.1
1.9
-1.6
2.3
0.0
3.0
1.1
4.9
0.5
0.0
0.5
-0.5
-0.1
1.9
0.3
1.5
-0.9
0.2
-0.7
0.0
1.5
1.9
0.0
0.4
0.2
0.9
-1.0
-0.1
0.3
0.7
0.6
0.0
0.3
-3.0
-0.7
-0.2
0.0
0.5
DII Holding
Weight
Weight
DIIs vs Sensex UW/OW (pp)
||||||||||||||||||||||
|
||||||||
||
|||||
Mar- YoY Chg QoQ Chg 5 Year Price
Sensex
FIIs vs Sensex UW/OW (pp)
14 (%) (pp)
(pp)
CAGR (%) Weight (%)
10.1
16.5
7.0
7.8
11.4
2.9
6.3
22.7
11.9
9.9
8.0
4.1
14.4
23.2
13.7
34.7
36.6
15.9
13.6
12.9
10.9
11.3
7.5
20.9
5.6
9.8
22.3
25.5
5.4
3.5
13.1
1.5
4.1
-0.3
-0.8
1.2
0.9
-4.7
-0.1
-1.3
1.3
-0.4
-3.9
-1.1
-0.9
-3.9
1.2
0.3
0.3
1.0
2.5
0.0
0.2
3.2
4.8
2.2
-1.0
-1.5
-1.8
-0.1
0.2
0.1
0.3
4.5
0.1
-0.8
0.8
0.5
-1.3
1.1
-0.9
0.6
-0.5
0.8
1.2
-1.4
-1.7
0.3
0.0
-0.2
-0.4
0.8
0.3
-0.2
-0.9
2.9
-0.2
-0.2
-0.3
0.1
0.1
-0.3
0.4
28.6
-8.1
46.4
0.4
11.8
NA
39.3
9.0
25.6
31.1
16.3
20.4
22.2
30.2
19.9
30.7
23.2
38.6
20.5
-7.8
10.3
4.1
13.3
12.5
38.8
61.7
2.8
13.8
51.1
29.8
18.2
2.5
0.9
1.5
2.0
1.0
0.9
1.7
1.0
7.0
7.3
1.5
2.3
1.0
7.4
8.2
10.0
5.4
2.3
1.4
1.3
3.5
8.4
1.3
3.3
2.4
3.8
0.8
1.4
6.4
2.1
100
1.1
-0.1
-0.4
0.1
-0.3
0.0
0.6
-0.1
3.4
1.8
-0.1
-0.5
0.0
2.6
2.8
-4.6
-2.9
0.2
0.0
-0.3
-1.7
-1.8
0.2
-1.6
0.2
2.4
-0.2
-0.7
0.3
-0.4
||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||
||
|||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||
||||
||||||
|||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||
|||
||||||||||||||||||||||||||||||||
||||
|||||||||||||||||||||||||||||||||||||||||||||||
||||
|||||||||||||
||||||
||||||||
-1.0
0.8
-0.7
0.1
-0.3
0.2
-1.1
1.2
-3.7
-3.7
-0.8
-1.2
-0.1
-0.5
-2.9
9.9
3.4
-0.3
0.3
1.4
2.6
-1.5
-0.4
2.8
-1.1
-1.3
0.2
0.6
-1.8
-1.1
||||||||||||||||||||
|||||||||||||||
|||||||||||||
|
||||||
|||
||||||||||||||||||||||
||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||
||||||||||||||||||||||||
||
||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||
|||||
|||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||
||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||
|||||||||||||||||||||||||
||||
||||||||||||
||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||
Flowmeter: India Holdings & Flows | May 2014
12

Sector-wise weights: Private Banks overtakes Technology
During the quarter Private Banks (increase of 75 bps) overtakes Technology (decrease of 135 bps) in terms of top weight position in BSE 200.
FIIs are significantly overweight in Private Banks and Technology relative to the respective sector weights in BSE-200. In contrast, DIIs are significantly
underweight in these sectors.
Consumer displayed contrasting trends, with 53bp increase in DII weight v/s 32bp decrease in FII weight.
During the quarter, DIIs substantially increased weight in Capital Goods and PSU Banks, and reduced weight in Technology, Telecom, Metals and
Healthcare.
BSE-200 weight comparison QoQ (%)
Mar-14
Banks - Pvt
Technology
Consumer
Oil & Gas
Automobiles
NBFC
Health Care
Capital Goods
Metals
Dec-13
13.1
13.8
Chg bps
75
FIIs weight comparison QoQ (%)
Mar-14
Banks - Pvt
Technology
NBFC
9.8
10.1
9.2
7.9
Dec-13
16.8
Chg bps
18.1
126
DIIs weight comparison QoQ (%)
Mar-14
Consumer
Oil & Gas
Dec-13
17.0
13.0
9.5
8.1
10.5
6.7
7.3
Chg bps
17.6
13.3
9.9
9.3
9.0
7.7
7.3
53
33
44
119
14.8
13.4
13.0
10.2
8.2
7.5
6.8
13.0
10.3
8.5
7.7
6.5
55
9
24
18
17.4
16.1
10.2
9.7
9.5
8.0
31
10
39
Banks - Pvt
Capital Goods
Technology
Banks - PSU
Automobiles
Utilities
Metals
Consumer
Automobiles
Oil & Gas
Health Care
Metals
Utilities
92
7.1
6.6
3.4
3.2
3.3
3.0
38
4.7
5.3
4.3
4.0
5.4
5.1
5.1
4.6
Banks - PSU 3.5
3.9
Utilities 3.9
3.6
Cement 2.3
2.6
Telecom
Media
Infrastructure
2.4
2.3
0.8
0.9
0.7
0.7
43
Capital Goods 2.6
3.0
Telecom
2.7
2.5
2.5
2.5
2.0
2.1
1.2
1.2
0.7
0.8
Health Care
NBFC
Cement
4.9
4.5
4.2
4.1
2.0
2.2
2.7
2.2
0.5
0.4
0.4
0.3
20
23
Cement
Banks - PSU
Media
16
Telecom
Infrastructure
1
Infrastructure
4
Media
Flowmeter: India Holdings & Flows | May 2014
13

Auto: FII holding at new high; DIIs continue to sell
Tata Motors, M&M and Maruti are top holdings by both FIIs and DIIs, accounting 67% of the sector’s institutional holding.
FLOWS WEIGHT
FII
O/W
DII
U/W
FIIs recorded inflows of USD131m during 4QFY14. The top-3 companies receiving inflows from FIIs were Maruti (USD76m), Apollo Tyres (USD56m)
and Bharat Forge (USD33m).
FIIs and DIIs are overweight on Tata Motors but underweight on Bajaj Auto. Apollo Tyres was the top stock, with 5.6pp QoQ change in FII holding.
DII Flows (USD M)
FII Flows (USD M)
FII Holding (%)
33
29
25
21
17
19.1
16.4
DII Holding (%) - RHS
29.1
30.3
19
17
14
12
11.3
10.7
9
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
Automobiles
DII Holding
FII
Value (USD M)
DII
126
102
136
682
230
644
138
286
589
1,552
1,311
271
154
2,032
8,254
Total
Inst.
289
550
401
2,502
484
1,044
649
573
2,852
5,649
3,466
889
259
12,065
31,672
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.1
0.2
0.1
0.7
0.1
0.3
0.2
0.2
0.8
1.6
1.0
0.2
0.1
3.3
8.7
0.1
0.2
0.1
1.0
0.2
0.3
0.2
0.2
1.0
1.5
0.9
0.3
0.2
2.5
8.5
84.4
54.4
21.2
46.4
33.9
28.8
93.6
23.9
16.3
38.6
20.5
53.7
65.1
61.7
38.0
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(pp)
(pp)
(%)
(pp)
Mar-09 (pp)
(%)
Mar-09 (pp)
(pp)
15.0
34.5
26.0
18.7
16.0
7.2
19.6
17.3
30.8
41.9
22.4
16.9
7.0
48.4
30.3
4.9
5.9
-4.4
0.5
6.6
0.3
6.7
-0.4
0.2
1.5
0.0
1.7
2.7
1.9
1.3
1.7
5.6
-0.5
0.0
2.4
0.0
-0.3
0.0
0.2
0.2
0.9
-0.3
1.4
0.3
-0.1
12.2
30.5
2.7
4.8
7.3
2.1
19.6
9.5
3.8
11.2
3.0
10.7
6.0
28.1
11.2
11.6
7.9
13.3
7.0
14.5
11.7
5.3
17.2
8.0
15.9
13.6
7.4
10.4
9.8
10.7
-3.7
1.1
0.2
-0.3
-4.5
0.0
-6.5
3.6
-0.4
0.3
1.0
-2.1
-0.4
-1.0
-0.6
-1.2
-1.4
1.0
0.1
-3.0
0.0
0.2
1.1
-0.5
-0.2
-0.4
-0.4
-0.6
-0.2
-0.3
-1.4
-11.7
-5.7
-2.9
-0.7
-3.7
5.3
-3.9
-1.6
-9.6
-8.1
1.1
-1.9
-8.4
-5.7
163
448
265
1,819
254
400
511
287
2,263
4,097
2,155
618
104
10,033
23,418
Flowmeter: India Holdings & Flows | May 2014
14

Banks – Private: Second consecutive quarter of FII inflows
FIIs maintained their positive interest in Private Banks, which recorded an inflow of USD1,340m in the last two quarters.
FLOWS WEIGHT
FII
O/W
DII
U/W
In BSE-200, FII ownership is the highest in Private Banks (52.6%), with a value of USD45b in 4QFY14. DII ownership in Private Banks is at 13%.
IndusInd and Yes Bank were the top-performing stocks over a 5-year period, and both have also shown substantial increase in FII holding.
DII Flows (USD M)
FII Flows (USD M)
FII Holding (%)
54
52
49
15.5
47
44
46.5
DII Holding (%) - RHS
52.1
52.6
18
16
14
12.6
13.1
12
10
FII Holding
Company
DII Holding
FII
Value (USD M)
DII
Total
Inst.
6,893
881
17,728
21,472
2,687
832
396
103
3,268
260
1,423
55,943
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
1.9
0.2
4.9
5.9
0.7
0.2
0.1
0.0
0.9
0.1
0.4
15.4
1.6
0.3
4.7
4.7
0.7
0.2
0.1
0.1
1.0
0.1
0.4
13.8
28.6
28.2
31.1
30.2
73.0
37.1
37.7
14.3
40.6
34.1
52.6
36.2
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
52.0
43.4
51.1
69.0
55.6
28.7
28.0
21.0
31.8
41.7
38.0
52.6
2.9
-4.5
-0.1
1.9
2.7
1.2
3.5
-3.8
-0.5
-2.3
-11.0
0.5
4.9
-1.3
-0.9
1.5
2.1
-0.1
-0.2
1.9
-0.1
-2.3
-1.6
1.0
20.8
-0.3
6.3
6.4
18.6
8.4
-3.0
-12.0
3.5
5.8
11.5
6.2
10.1
23.2
9.9
23.2
7.5
14.8
4.8
7.8
1.9
12.0
21.0
13.1
1.5
1.3
1.3
-0.9
-1.1
2.3
-0.1
1.1
-0.3
-0.3
7.7
0.5
0.3
1.6
0.6
-1.4
0.2
0.4
0.3
-0.2
0.1
-0.1
1.7
0.1
-1.2
2.4
-3.9
0.6
6.5
-3.2
2.0
1.0
-1.9
0.0
-5.4
-2.4
Axis Bank
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
J & K Bank
Karnataka Bank
Kotak Mah. Bank
South Ind.Bank
Yes Bank
Banks - Pvt
5,775
574
14,844
16,066
2,369
549
338
75
3,088
202
917
44,797
1,118
307
2,884
5,406
318
283
58
28
179
58
506
11,146
Flowmeter: India Holdings & Flows | May 2014
15

Banks – PSU: Highest institutional flows during 4QFY14
FLOWS WEIGHT
FII
U/W
DII
O/W
After three consecutive quarters of FII outflows, PSU Banks remained the most active sector in 4QFY14, with FII inflows of USD274m and DII inflows
of USD890m. The sector was also one of the best performers during the quarter, with a change of 14% on QoQ basis.
SBI, OBC and Andhra Bank saw an increase in FII holding during the quarter. DIIs increased their stake in IOB and SBI.
DII holding reached a new high of 18.3% during 4QFY14.
DII Flows (USD M)
FII Flows (USD M)
FII Holding (%)
16
15
13
16.5
12
12.1
10
DII Holding (%) - RHS
20
18.3
16.3
12.5
11.2
19
17
16
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
144
67
937
369
258
65
156
190
260
813
4,833
129
107
233
8,561
Total
Inst.
208
137
1,726
610
435
75
175
239
367
1,563
7,570
193
158
351
13,807
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.1
0.0
0.5
0.2
0.1
0.0
0.0
0.1
0.1
0.4
2.1
0.1
0.0
0.1
3.8
0.1
0.0
0.5
0.2
0.1
0.0
0.0
0.1
0.1
0.4
2.1
0.1
0.1
0.1
3.9
18.5
7.3
25.2
0.8
9.8
11.6
2.3
7.6
15.2
12.6
12.5
15.0
24.9
-1.4
16.9
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
8.0
11.5
15.6
10.2
9.0
0.9
1.9
2.9
9.9
17.2
11.8
6.6
4.2
8.5
11.2
-1.8
-1.8
-1.1
-3.4
-3.2
-0.9
-0.6
-0.5
0.3
-0.8
-1.4
0.2
1.1
-2.1
-1.3
-0.8
0.3
0.1
-0.8
-1.4
-0.2
-0.1
0.1
0.3
-0.3
0.6
-0.1
-1.0
-0.3
0.3
-2.3
-3.1
2.1
-4.2
-2.3
-0.9
-6.0
-1.0
0.3
2.3
-0.4
3.1
2.7
-5.6
-0.9
18.0
10.9
18.6
15.5
13.1
5.9
15.3
11.2
24.0
18.7
20.9
13.3
8.9
16.6
18.3
-3.7
-3.7
0.8
-0.9
-0.3
-1.7
3.3
-2.6
-1.2
-0.3
4.8
-2.7
-4.1
-1.4
2.0
-0.5
-0.1
-1.0
0.1
0.2
0.0
5.9
-0.1
-0.9
0.2
2.9
-1.0
-3.4
-0.3
1.5
3.6
-5.6
-3.5
2.7
4.5
-1.0
0.0
-10.6
-6.9
-2.4
4.6
2.7
1.2
0.7
1.8
64
70
788
242
177
10
19
49
107
750
2,737
64
51
119
5,246
Flowmeter: India Holdings & Flows | May 2014
16

NBFCs: Second best sector in terms of FII flows during 4QFY14
FLOWS WEIGHT
FII
O/W
DII
U/W
After PSU Banks, NBFCs was the second best sector in terms of FII flows. NBFCs witnessed inflows of USD416m from FIIs. However, DIIs remained
sellers for the second consecutive quarter.
LIC Housing, HDFC and Bajaj Holding remained the favoured stocks and saw an increase in FII holding during the quarter.
DII and FII flows have been in opposite direction for 10 quarters.
DII Flows (USD M)
FII Flows (USD M)
FII Holding (%)
50
45
40
35
30
31.6
DII Holding (%) - RHS
21
44.6
45.6
17.8
18
14
11.0
11
9.9
7
FII Holding
Company
Bajaj Fin.
Bajaj Finserv
Bajaj Holdings
GRUH Finance
HDFC
IDFC
IFCI
Indiabulls Hous.
L&T Fin.Holdings
LIC Housing Fin.
M & M Financial
Muthoot Finance
Power Fin.Corpn.
Reliance Capital
Religare Enterp.
Rural Elec.Corp.
Shri.City Union.
Shriram Trans.
NBFC
DII Holding
FII
Value (USD M)
DII
110
90
185
6
2,665
882
91
44
16
134
31
11
455
74
29
361
32
168
5,384
Total
Inst.
280
315
482
155
19,565
2,460
129
545
107
863
991
117
917
356
110
1,044
299
1,540
30,275
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.1
0.1
0.1
0.0
5.4
0.7
0.0
0.1
0.0
0.2
0.3
0.0
0.3
0.1
0.0
0.3
0.1
0.4
8.3
0.1
0.2
0.2
0.1
4.5
0.5
0.1
0.2
0.1
0.2
0.2
0.0
0.2
0.1
0.1
0.3
0.1
0.4
7.7
93.1
36.8
27.8
73.7
25.6
17.7
6.6
NA
NA
39.3
43.1
NA
6.0
-0.4
0.2
18.9
27.6
33.0
25.5
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
11.7
11.0
16.3
17.5
75.7
52.6
5.4
39.2
4.4
37.9
41.4
10.3
11.2
20.6
10.6
18.7
25.3
48.9
45.6
4.8
0.0
2.5
2.1
2.0
-0.6
0.9
39.2
1.8
5.3
3.4
1.3
-1.3
0.7
9.0
-2.0
0.1
-0.5
1.0
0.7
0.0
1.5
0.5
1.5
1.2
0.3
-0.2
1.4
1.6
0.6
0.9
0.0
-0.5
0.0
-0.7
-0.4
-0.8
1.1
-9.5
-0.1
1.5
8.5
15.9
21.2
-0.6
39.2
4.4
16.3
17.1
10.3
7.2
-0.6
6.4
15.3
19.5
35.0
14.0
7.6
4.4
10.1
0.7
11.9
29.4
12.7
3.4
0.8
6.9
1.3
1.1
11.0
5.4
3.7
9.9
3.0
6.0
9.9
-3.6
0.1
-1.7
0.3
-1.3
-2.5
0.1
3.4
-0.1
-5.4
-3.4
-0.1
2.2
-0.3
2.6
3.7
-1.3
1.0
-1.2
-0.2
0.2
-1.1
0.1
-0.9
-1.6
0.2
0.0
-0.1
-1.2
-0.9
0.7
1.2
0.0
0.0
1.9
0.0
0.4
-0.1
4.7
-2.5
-4.0
-3.6
-15.3
-21.6
-23.6
3.4
0.8
-11.9
1.1
1.1
7.8
1.3
3.6
1.6
1.8
3.3
-7.9
170
224
297
149
16,900
1,578
39
501
90
729
960
106
462
283
82
683
267
1,371
24,891
Flowmeter: India Holdings & Flows | May 2014
17

Capital Goods: DII and FII holdings at new high
BHEL, the only stock to have given negative returns in five years, has also seen reduction in FII holding during the period.
Havells, which has given the highest return of 67% in five years, saw FIIs value increasing by 17x .
DII Flows (USD M)
FLOWS WEIGHT
FII
U/W
DII
O/W
Capital Goods recorded inflows of USD227m and USD342m from FIIs and DIIs, respectively. The holdings of both were at all-time highs.
FII Flows (USD M)
FII Holding (%)
18
16
15
13
11
14.0
DII Holding (%) - RHS
23.3
22.0
15.1
16.6
24
23
21
20
18
19.3
FII Holding
Company
ABB
BHEL
Bharat Electron
Crompton Greaves
Cummins India
Engineers India
Havells India
Larsen & Toubro
Siemens
Thermax
Capital Goods
DII Holding
FII
Value (USD M)
DII
356
1,284
251
376
461
154
7
6,988
392
98
10,367
Total
Inst.
484
2,542
305
694
953
258
584
11,026
579
337
17,762
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.1
0.7
0.1
0.2
0.3
0.1
0.2
3.0
0.2
0.1
4.9
0.1
0.6
0.1
0.2
0.3
0.1
0.2
3.5
0.2
0.1
5.3
14.7
-8.1
5.3
17.8
35.1
21.0
66.8
23.2
23.5
32.8
12.6
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
4.4
16.1
3.7
19.5
18.4
8.5
30.7
21.2
4.2
16.6
16.6
0.7
1.4
0.0
4.5
2.9
4.0
4.9
1.0
0.6
2.3
1.5
0.3
0.5
-0.8
0.8
1.5
2.9
-0.2
0.4
0.6
0.5
0.5
-8.2
-0.9
-1.6
9.8
7.8
6.8
13.0
6.3
1.8
10.8
2.6
12.2
16.5
16.9
23.2
17.2
12.5
0.4
36.6
8.8
6.8
23.3
-0.2
4.1
1.7
-1.1
-2.6
4.7
-0.6
0.3
0.8
-2.4
1.2
-0.1
4.5
1.6
-0.6
-1.0
5.6
-0.1
0.0
0.1
-0.4
1.1
-9.2
7.3
2.3
-5.0
-4.9
8.0
-2.3
-1.8
-13.3
-9.7
3.9
128
1,258
55
318
493
104
577
4,038
186
240
7,396
Flowmeter: India Holdings & Flows | May 2014
18

Cement: FII flows muted
The sector recorded an inflow of USD46m from DIIs during the quarter after an outflow in the December quarter.
Shree Cement and UltraTech were the top performers in the sector in terms of five-year returns.
FII Flows (USD M)
DII Flows (USD M)
FLOWS WEIGHT
FII
-
DII
-
The Cement sector witnessed a decrease in FII holding during the quarter. Also, the flows have dropped for the third consecutive quarter.
FII Holding (%)
27
25
23
21
19
DII Holding (%) - RHS
21
24.9
18.0
18
24.5
14
11
8.8
9.3
7
FII Holding
Company
ACC
Ambuja Cem.
Grasim Inds
Shree Cement
The Ramco Cement
UltraTech Cem.
Cement
DII Holding
FII
Value (USD M)
DII
556
471
690
200
150
477
2,544
Total
Inst.
1,389
2,090
2,289
474
305
2,686
9,234
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.4
0.6
0.6
0.1
0.1
0.7
2.5
0.4
0.5
0.6
0.2
0.1
0.8
2.6
19.3
23.1
12.9
51.4
24.7
31.8
29.0
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
19.7
32.2
37.3
8.6
18.7
22.7
24.5
-0.2
-0.3
-0.2
0.9
4.9
0.1
-0.3
-0.3
0.1
-0.2
0.5
0.3
-0.1
-0.6
9.1
8.0
3.4
5.3
16.4
20.3
5.5
13.2
9.4
16.1
6.3
18.2
4.9
9.3
2.6
0.8
0.7
0.6
0.3
0.3
0.5
0.2
0.0
0.1
0.4
0.2
0.3
0.0
-9.2
-7.7
-4.8
-3.8
-2.4
-4.0
-8.7
833
1,619
1,599
274
155
2,209
6,690
Flowmeter: India Holdings & Flows | May 2014
19

Consumer: FIIs big sellers; DIIs big buyers
On the other hand, DIIs poured USD404m into the sector, after 18 quarters of selling.
FII holding in the Consumer sector is at 19.4%, down from the peak of 20.8% in March 2013.
FII Flows (USD M)
DII Flows (USD M)
FLOWS WEIGHT
FII
U/W
DII
O/W
During 4QFY14, FIIs continued selling Consumer stocks, which saw an outflow of USD300m. For the full year, FIIs have sold to the tune of USD1.7b.
FII Holding (%)
24
21
18
15
13.3
12
22.3
DII Holding (%) - RHS
26
20.8
19.4
22
15.9
16.3
18
14
10
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
Mcleod Russel
Nestle India
P & G Hygiene
Pidilite Inds.
Tata Global
TTK Prestige
United Breweries
United Spirits
Consumer
DII Holding
FII
Value (USD M)
DII
794
117
35
138
211
286
28
24
83
871
15,756
1
132
36
412
204
91
212
12
19
247
19,708
Total
Inst.
2,319
355
186
467
815
1,261
284
367
1,416
3,850
24,624
527
734
222
1,483
245
485
561
131
687
2,773
43,792
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.6
0.1
0.1
0.1
0.2
0.3
0.1
0.1
0.4
1.1
6.8
0.1
0.2
0.1
0.4
0.1
0.1
0.2
0.0
0.2
0.8
12.0
0.9
0.1
0.1
0.2
0.3
0.4
0.1
0.2
0.4
1.5
6.4
0.1
0.2
0.1
0.6
0.1
0.2
0.2
0.0
0.2
0.8
13.0
47.4
61.5
45.8
24.5
23.9
29.5
44.9
43.7
45.0
20.4
30.7
NA
28.4
36.4
26.3
33.6
48.5
20.7
101.7
55.8
32.4
31.5
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
18.0
20.1
11.7
20.1
20.0
19.2
16.0
11.7
28.4
14.1
19.5
46.6
27.6
34.4
13.7
2.4
15.5
23.2
20.9
19.0
40.7
19.4
-1.5
-0.1
1.4
2.2
-1.6
-1.0
1.5
0.5
0.2
-8.0
-0.5
5.0
-0.4
-0.5
1.8
-0.1
1.9
4.5
7.3
0.3
-6.3
-1.4
-1.5
1.3
0.0
0.0
0.0
-0.7
-0.7
0.0
-0.4
-0.7
0.0
-0.8
0.0
-1.3
0.6
0.0
0.3
1.0
-1.2
0.0
-0.7
-0.4
4.7
8.9
5.8
12.5
9.9
10.7
15.5
8.9
11.0
-0.3
5.3
46.6
10.8
17.2
5.7
2.0
6.3
9.7
18.6
6.2
10.1
6.1
9.4
9.8
2.7
8.4
7.0
5.6
1.8
0.8
1.8
4.1
34.7
0.1
6.0
6.7
5.3
12.2
3.6
14.2
2.1
0.5
4.0
15.9
1.5
-0.4
-0.1
-2.9
1.8
1.4
-1.7
0.1
0.6
-3.9
1.2
-0.1
0.5
3.1
-1.4
0.7
-2.0
-4.3
-1.3
0.5
-2.0
-0.5
1.5
-1.0
0.0
-0.4
0.4
1.2
-0.2
0.2
0.4
0.8
0.3
0.0
0.3
1.0
-0.6
0.0
-0.2
-1.3
0.7
0.2
-1.0
0.8
-5.1
-4.2
-2.4
-14.1
-3.8
-8.2
0.8
-25.7
0.1
-11.0
-3.1
0.1
-5.0
-4.1
-6.6
4.5
-4.9
-15.5
-1.6
-1.2
-3.5
-6.5
1,525
238
151
329
604
975
255
342
1,333
2,979
8,868
527
603
186
1,071
41
393
349
119
668
2,527
24,083
Flowmeter: India Holdings & Flows | May 2014
20

Healthcare: Biggest outflows by FIIs during the quarter
During the quarter, Healthcare recorded the biggest FII outflows at USD624m. DIIs also sold during the quarter to tune of USD197m.
Institutional investors are currently underweight on Healthcare relative to BSE-200.
Aurobindo, Dr Reddys and Divis Labs showed the highest increase in FII holding during the quarter.
FII Flows (USD M)
DII Flows (USD M)
27
24
21
13.8
FLOWS WEIGHT
FII
-
DII
U/W
FII Holding (%)
DII Holding (%) - RHS
17
23.8
25.1
14
11
8.2
7.7
18
16.5
15
8
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.
Ranbaxy Labs.
Strides Arcolab
Sun Pharma.Inds.
Torrent Pharma.
Wockhardt
Health Care
DII Holding
FII
Value (USD M)
DII
79
237
83
278
570
355
443
313
194
198
768
60
208
10
1,067
109
33
5,006
Total
Inst.
951
810
269
475
1,788
891
4,131
404
1,019
634
2,932
465
540
194
5,393
281
65
21,242
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.3
0.2
0.1
0.1
0.5
0.2
1.1
0.1
0.3
0.2
0.8
0.1
0.1
0.1
1.5
0.1
0.0
5.8
0.2
0.2
0.1
0.2
0.7
0.3
1.1
0.4
0.3
0.2
0.8
0.2
0.2
0.1
1.6
0.1
0.0
6.5
35.0
68.2
24.0
41.4
11.8
23.5
39.3
18.8
29.1
66.6
46.7
22.9
17.1
36.5
38.8
50.9
39.8
32.5
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
42.3
23.7
13.5
5.8
24.4
18.2
52.3
2.6
33.2
25.3
31.9
26.6
13.3
49.3
22.5
12.0
3.9
25.1
0.0
6.9
5.5
0.5
-0.3
4.2
5.8
-20.3
0.8
4.5
3.1
1.6
0.6
3.8
-0.1
4.9
-5.4
1.3
-0.6
2.6
1.3
0.1
-0.5
1.9
1.9
-21.2
0.1
-0.1
-0.1
0.1
0.9
-0.1
0.0
1.4
-1.1
-0.9
10.9
10.6
7.6
3.6
10.0
2.1
14.4
-12.2
5.0
24.6
20.7
5.0
8.5
38.6
5.4
5.3
1.5
8.6
3.8
9.9
6.0
8.2
11.4
12.1
6.3
8.9
7.8
11.5
11.3
4.0
8.3
2.7
5.6
7.6
4.1
7.7
0.9
-5.2
-2.9
-3.0
1.2
-1.2
-4.7
-2.4
-0.3
-4.3
-3.0
-0.7
-1.7
-7.6
2.2
-2.1
0.9
-0.5
0.6
-0.5
-0.5
0.1
0.8
-1.1
-1.3
-1.3
0.3
-0.5
0.0
-0.3
-0.5
-0.2
-0.2
-0.5
0.7
-0.3
2.6
0.0
-5.0
-7.1
-7.0
-1.9
-13.9
-8.5
4.4
-24.0
-16.0
-6.7
-3.2
-35.0
-1.8
2.0
-5.1
-6.0
873
572
186
198
1,218
535
3,688
91
825
436
2,164
405
333
184
4,326
171
31
16,236
Flowmeter: India Holdings & Flows | May 2014
21

Infrastructure: FII holding at peak; DII holding at new low
DII holding in the sector is at a five-year low of 4.8%. However, FII holding is at a high of 19.2%. For FY14, FII inflows were USD497m.
FIIs increased their holding in JP Associates by 1.5% to 28.9% and in IRB Infra by 2.5% to 25.7% during 4QFY14.
Adani Ports and IRB Infra have given positive returns on five-year basis; JP Associates and GMR have given negative returns.
FII Flows (USD M)
DII Flows (USD M)
FLOWS WEIGHT
FII
-
DII
-
FII Holding (%)
22
19
7.3
16
13
10
11.8
DII Holding (%) - RHS
10
7.6
19.2
8
7
15.0
4.8
5
3
FII Holding
Company
Adani Ports
GMR Infra.
IRB Infra.Devl.
JP Associates
Infrastructure
DII Holding
FII
Value (USD M)
DII
203
103
16
165
487
Total
Inst.
1,301
258
159
722
2,440
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.4
0.1
0.0
0.2
0.7
0.3
0.1
0.0
0.2
0.7
23.7
-14.3
5.2
-0.9
7.9
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
17.5
11.2
25.7
28.9
19.2
6.6
-0.4
3.4
6.2
4.3
0.1
-0.6
2.5
1.5
0.4
11.0
2.0
16.5
5.1
7.5
3.2
7.5
3.0
8.5
4.8
-1.6
0.2
-1.1
-5.4
-2.8
0.2
0.0
-0.9
-1.4
-0.5
0.5
-1.1
-1.1
-3.3
-2.5
1,098
155
143
558
1,953
Flowmeter: India Holdings & Flows | May 2014
22

Media: FII holding increased by 2x in five years
FIIs continued to buy, with inflows of USD62m in 4QFY14. However, DIIs were net sellers, with outflows of USD49m.
FII holding in the Media sector has doubled in the last five years to 32%. DII holding has declined from 9.3% to 3.9%.
FIIs increased their stake in all media stocks, whereas DIIs decreased stake.
FII holding is the highest in Zee at 47.9%, followed by Hathway at 31.7%.
FII Flows (USD M)
DII Flows (USD M)
FLOWS WEIGHT
FII
-
DII
U/W
FII Holding (%)
38
31
24
17
14.7
10
9.3
DII Holding (%) - RHS
32.0
25.9
15
12
9
6.5
3.9
6
3
FII Holding
Company
Dish TV
Hathway Cable
Sun TV Network
TV18 Broadcast
Zee Entertainmen
Media
DII Holding
FII
Value (USD M)
DII
44
102
51
10
145
352
Total
Inst.
220
291
462
87
2,169
3,229
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.1
0.1
0.1
0.0
0.6
0.9
0.1
0.1
0.1
0.1
0.5
0.8
16.8
NA
19.3
-16.7
38.6
28.5
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
19.5
31.7
16.0
11.0
47.9
32.0
-1.8
8.3
1.9
4.3
6.3
6.1
0.4
2.1
0.5
0.4
0.7
0.5
14.1
31.7
7.0
3.9
18.4
17.3
4.9
17.0
2.0
1.4
3.4
3.9
0.5
-4.2
0.1
-2.2
-5.3
-2.6
-0.7
-2.1
-0.1
-0.2
-0.6
-0.8
1.4
17.0
-0.6
-11.1
-17.3
-5.4
175
189
410
77
2,024
2,877
Flowmeter: India Holdings & Flows | May 2014
23

Metals: DIIs sellers for third consecutive quarter
Sesa Sterlite and JSPL showed an increase in FII stake. DIIs decreased their stake these stocks.
NMDC has given negative returns over the last five years despite FIIs increasing stake by 6.2pp.
DII Flows (USD M)
FLOWS WEIGHT
FII
U/W
DII
O/W
DIIs sold to the tune of USD266m in the last three quarters and have decreased their holding to 14.2%. FII inflows in the sector slowed down to
USD66m, after a huge inflows of USD454m in the December quarter.
FII Flows (USD M)
FII Holding (%)
17
14
11
8
5
8.8
6.2
DII Holding (%) - RHS
15.4
14.5
14.2
11.0
17
14
11
8
5
FII Holding
Company
Bhushan Steel
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
66
78
2,746
683
181
168
169
952
522
672
1,577
7,814
Total
Inst.
96
79
2,927
2,329
1,157
944
232
1,503
802
3,050
2,714
15,832
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.0
0.0
0.8
0.6
0.3
0.3
0.1
0.4
0.2
0.8
0.7
4.3
0.1
0.0
0.2
0.6
0.4
0.4
0.1
0.4
0.2
0.8
0.9
4.0
42.0
-9.1
23.5
22.2
7.8
34.9
-5.9
-2.3
-5.8
13.3
13.8
11.1
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(pp)
(%)
(pp)
(%)
(pp)
Mar-09 (pp)
(pp)
Mar-09 (pp)
1.8
0.0
2.1
34.8
22.3
19.2
3.8
6.2
5.9
26.4
18.4
14.5
0.1
0.0
0.6
2.0
0.6
-0.5
-0.4
1.4
1.0
-0.9
2.3
3.5
0.0
0.0
0.1
0.0
0.4
0.6
-0.3
0.1
-0.5
0.7
-0.7
0.3
-0.9
0.0
0.6
14.3
3.7
-9.9
0.2
6.2
2.1
6.7
5.2
8.4
4.0
7.6
31.3
14.4
4.1
4.1
10.2
10.6
10.9
7.5
25.5
14.2
3.1
3.5
-0.3
-1.1
-2.7
-0.9
-0.2
-0.8
-0.9
3.2
-1.8
-1.3
0.0
0.0
-0.1
1.2
-0.6
-0.8
0.1
0.2
0.3
-0.9
0.1
-0.3
2.6
7.6
-0.2
-4.2
-1.2
-2.7
4.7
9.3
3.3
2.3
0.7
5.4
30
0
181
1,646
976
776
63
551
280
2,378
1,137
8,018
Flowmeter: India Holdings & Flows | May 2014
24

Oil & Gas: Institutions underweight by 60bp
Oil & Gas contributes 10.3% of total institutional investment value of BSE-200. Institutions are underweight on Reliance by 100bp.
FIIs recorded inflows of USD341m and DIIs of USD128m during the March quarter.
Petronet LNG gave five-year returns of 29%, FII holding during the period increased to 19.9% from 9.4%.
FII Flows (USD M)
DII Flows (USD M)
FLOWS WEIGHT
FII
U/W
DII
O/W
FII Holding (%)
16
15
13
12
10
9.3
13.2
DII Holding (%) - RHS
11.3
11.4
14.3
13.2
12
11
10
9
8
FII Holding
Company
BPCL
Cairn India
Essar Oil
GAIL (India)
Guj.St.Petronet
HPCL
IOCL
Indraprastha Gas
O NGC
Oil India
Petronet LNG
Reliance Inds.
Oil & Gas
DII Holding
FII
Value (USD M)
DII
903
1,014
18
1,754
214
377
525
156
4,793
379
73
5,470
15,675
Total
Inst.
1,515
2,847
856
3,201
246
556
764
261
7,732
814
404
16,191
35,385
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.4
0.8
0.2
0.9
0.1
0.2
0.2
0.1
2.1
0.2
0.1
4.4
9.7
0.4
0.7
0.0
0.6
0.1
0.2
0.2
0.1
2.2
0.2
0.1
5.4
10.3
19.6
12.6
-6.8
9.0
12.5
2.9
7.6
22.3
10.3
NA
28.7
4.1
8.1
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
11.4
17.8
67.2
18.8
5.1
10.6
2.2
15.5
6.7
9.3
19.9
22.1
14.3
1.0
3.3
-9.3
1.9
0.9
0.8
0.3
-2.7
0.4
1.6
6.2
0.8
1.1
1.2
1.5
-0.4
0.3
0.8
0.6
0.1
-4.1
-0.1
-0.3
1.0
0.3
-0.2
3.0
9.0
-9.8
4.2
-6.0
0.8
1.2
-1.7
1.2
9.3
10.5
2.6
1.1
16.8
9.9
1.5
22.7
33.9
22.2
4.8
23.1
10.9
8.1
4.4
11.3
11.4
-0.7
-1.3
-0.1
-0.1
0.9
-1.9
0.2
3.3
0.0
0.2
-4.6
0.2
0.1
-0.9
-0.5
0.0
1.1
0.2
-0.5
0.4
4.4
0.3
1.2
-0.4
-0.2
0.1
-4.6
4.2
1.5
-2.0
10.3
-6.1
-0.5
-0.1
4.2
8.1
2.4
2.0
2.1
612
1,833
838
1,446
32
179
239
105
2,939
434
331
10,721
19,710
Flowmeter: India Holdings & Flows | May 2014
25

Real Estate: Lowest holding by DIIs
DII holding in Real Estate is at 0.5%, the lowest in BSE-200. The sector has given a marginal return of 0.5% in the last five years.
Except DLF, all stocks in the sector posted negative returns for the last five years.
Unitech and HDIL are stocks in which FIIs increased stake marginally.
Unitech remains the worst performing stock, followed by IBREL over a five-year period.
FII Flows (USD M)
DII Flows (USD M)
FLOWS WEIGHT
FII
-
DII
-
FII Holding (%)
28
23
18
13
8
0.7
9.3
DII Holding (%) - RHS
2.5
20.0
22.0
2.0
1.5
1.0
0.5
0.0
0.4
0.5
FII Holding
Company
DLF
HDIL
Indbull.RealEst.
Unitech
Real Estate
DII Holding
FII
Value (USD M)
DII
18
1
2
10
31
Total
Inst.
1,031
151
95
175
1,452
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.3
0.0
0.0
0.0
0.4
0.3
0.1
0.0
0.1
0.5
1.1
-6.8
-11.4
-16.7
0.5
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
19.9
38.3
24.9
27.8
22.0
3.3
5.5
-6.7
-5.6
2.0
-0.1
0.1
-2.9
0.3
-0.3
13.7
34.1
-24.7
19.6
12.8
0.4
0.2
0.5
1.7
0.5
0.1
0.0
-0.3
0.5
0.0
0.0
0.1
0.1
-0.4
-0.1
0.0
-0.4
-1.4
-0.2
-0.2
1,014
150
93
165
1,422
Flowmeter: India Holdings & Flows | May 2014
26

Technology: Largest DII outflows for the quarter
FII holding in the sector is at 26.5%, up 2% in the last one year. FIIs recorded inflows of USD319m during the March quarter.
FLOWS WEIGHT
FII
O/W
DII
U/W
During the quarter, DII outflows were the highest in Technology at USD598b. The sector has also posted negative return of 3% on QoQ basis.
Infosys remained the favored stock of FIIs. FII holding in the stock increased 1.9pp to 58.2%. DIIs, on the other hand, decreased stake by 1.7pp.
FII Flows (USD M)
DII Flows (USD M)
FII Holding (%)
30
28
25
23
20
6.3
27.3
DII Holding (%) - RHS
11
8.2
24.5
6.7
26.5
10
8
7
5
FII Holding
Company
HCL Technologies
Hexaware Tech.
Indian Infotech
Infosys
Mindtree
MphasiS
Oracle Fin.Serv.
TCS
Tech Mahindra
Vakrangee
Wipro
Technology
DII Holding
FII
Value (USD M)
DII
581
19
0
4,163
90
63
67
3,616
658
47
756
10,060
Total
Inst.
5,081
188
0
21,898
411
421
582
14,485
3,309
61
3,370
49,807
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
1.4
0.1
0.0
6.0
0.1
0.1
0.2
4.0
0.9
0.0
0.9
13.7
1.3
0.0
0.0
5.2
0.2
0.1
0.3
4.1
0.9
0.1
1.3
13.4
68.7
63.1
NA
19.9
44.2
15.2
33.0
51.1
46.6
140.1
29.8
37.9
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
28.6
23.1
0.2
58.2
36.0
26.1
12.2
16.1
39.1
1.7
12.1
26.5
4.3
-23.0
0.0
5.3
5.2
-0.3
7.4
0.0
11.8
1.7
3.0
1.9
0.5
-0.6
0.0
1.9
-0.8
-1.2
0.1
-0.2
-1.3
0.2
0.0
0.1
11.9
-19.1
0.2
4.2
26.8
14.4
11.8
6.1
37.7
-15.1
4.5
-0.9
3.7
2.5
0.0
13.7
10.1
4.6
1.6
5.4
9.7
5.8
3.5
6.7
-2.9
-5.4
0.0
-3.9
2.6
1.1
-0.5
-0.1
-6.3
0.1
0.2
-1.5
-0.5
0.2
0.0
-1.7
0.3
0.6
-0.3
0.1
0.6
0.0
-0.3
-0.5
-1.6
-2.1
-4.8
5.9
8.5
-3.2
-0.5
-2.5
6.1
5.8
1.5
0.4
4,500
169
0
17,736
321
358
514
10,869
2,651
14
2,614
39,748
Flowmeter: India Holdings & Flows | May 2014
27

Telecom: Muted performance since 2009
FLOWS WEIGHT
FII
-
DII
-
FIIs recorded inflows of USD236m in the March quarter, the sixth consecutive quarter of inflows. DIIs remained sellers for the second consecutive
quarter (outflow of USD273m).
In the last five years, Idea has posted positive returns of 22%. FII holding in Idea has gone up from 7% in March 2009 to 19.5% in Mardh 2014.
All stocks in the sector have shown an increase in FII holding and a decrease in DII holding on a QoQ basis.
FII holding in the sector is at 15.3%, marginally higher on YoY basis. DII holding is down by 90bp to 6.2%.
FII Flows (USD M)
DII Flows (USD M)
FII Holding (%)
18
17
15
14
12
16.6
DII Holding (%) - RHS
10
15.0
15.3
9
8
8.1
7.1
6.2
7
6
FII Holding
Company
Bharti Airtel
Bharti Infra.
Idea Cellular
Rel. Comm.
Tata Comm
Telecom
DII Holding
FII
Value (USD M)
DII
1,605
133
178
384
171
2,472
Total
Inst.
4,987
808
1,619
908
270
8,593
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
1.4
0.2
0.4
0.2
0.1
2.4
1.2
0.3
0.4
0.3
0.1
2.3
0.4
NA
22.4
-5.9
-9.9
2.4
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
16.4
10.8
19.5
12.2
7.0
15.3
-0.8
1.5
3.2
3.9
-1.7
0.4
0.5
1.1
0.5
0.9
0.9
0.3
-4.3
10.8
12.6
2.6
-3.2
-1.2
7.8
2.1
2.4
8.9
12.1
6.2
-0.8
0.0
-3.3
-0.4
0.3
-0.9
-0.8
-0.3
-0.6
-0.8
-1.2
-0.7
0.4
2.1
-5.4
-0.6
0.9
-2.0
3,382
675
1,441
524
99
6,121
Flowmeter: India Holdings & Flows | May 2014
28

Utilities: FIIs sell off; DIIs buy during the quarter
FIIs recorded an outflow of USD121m due to selling in NTPC (USD166m) and Coal India (USD33m).
The sector has been the worst performer over a five-year period, posting a negative return of 2.2%.
FLOWS WEIGHT
FII
U/W
DII
O/W
DIIs continued investing (inflow of USD242m during the quarter). DII holding has gone up from 6.8% in March 2013 to 7.8% in March 2014.
DII Flows (USD M)
FII Flows (USD M)
FII Holding (%)
12
10
8
6
4
6.6
5.2
DII Holding (%) - RHS
10.3
8.6
7.8
6.8
11
10
8
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
13
164
862
50
101
130
2,071
753
356
169
827
163
5,658
Total
Inst.
168
396
2,434
97
166
187
3,565
3,080
717
375
1,798
175
13,159
Weight (%)
Total
5 Year Price
BSE200
Inst.
CAGR (%)
0.0
0.1
0.7
0.0
0.0
0.1
1.0
0.8
0.2
0.1
0.5
0.0
3.6
0.1
0.1
0.6
0.0
0.1
0.1
0.8
0.8
0.2
0.2
0.5
0.1
3.6
NA
19.0
NA
-13.5
NA
NA
-7.8
1.9
-3.3
-7.3
2.8
4.8
-2.2
Mar-14 YoY Chg QoQ Chg Chg Over
Mar-14 YoY Chg QoQ Chg Chg Over
(%)
(pp)
(pp)
Mar-09 (pp)
(%)
(pp)
(pp)
Mar-09 (pp)
6.8
23.0
5.3
7.0
4.2
1.7
9.3
26.2
19.5
6.5
26.2
1.7
10.3
-1.9
4.9
-0.1
-1.6
1.3
-0.5
0.0
12.1
4.0
0.2
-1.6
-0.4
1.7
0.3
-0.6
-0.1
-0.1
0.3
-0.2
-1.0
0.8
0.9
0.0
-3.0
0.1
-0.1
6.8
3.6
5.3
6.4
4.2
1.7
5.7
23.6
3.1
2.6
7.5
1.5
5.1
0.6
16.2
2.9
7.4
6.4
3.8
12.9
8.5
19.2
5.3
22.3
22.8
7.8
-0.1
-1.4
0.9
-0.5
0.4
0.6
2.5
0.7
-1.0
0.1
-1.5
-1.1
0.9
0.0
0.1
0.5
-0.6
0.0
0.3
0.8
-0.1
-0.6
0.0
-0.3
-1.1
0.2
0.6
-1.3
2.9
5.5
6.4
3.8
9.5
4.7
-8.3
3.7
-7.1
-1.4
1.2
155
232
1,572
47
65
57
1,494
2,327
362
206
972
12
7,501
Flowmeter: India Holdings & Flows | May 2014
29

Motilal Oswal Securities Limited
MEMBER OF BSE AND NSE
Motilal Oswal Tower, Sayani Road, Prabhadevi, Mumbai 400 025, INDIA
BOARD: +91 22 3982 5500 | WEBSITE:
www.motilaloswal.com
Disclosures
This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Motilal
Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been
furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form Most will not treat recipients as
customers by virtue of their receiving this report
The report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon such.
MOSt or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error
in the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind,
regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and
non-infringement. The recipients of this report should rely on their own investigations
MOSt and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report Our sales people,
traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks may
reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing
businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.
This information is subject to change without any prior notice. MOSt reserves the right to make modifications and alternations to this statement as may be
required from time to time. Nevertheless, MOSt is committed to providing independent and transparent recommendations to its clients, and would be happy
to provide information in response to specific client queries.
Flowmeter: India Holdings & Flows | May 2014

Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution,
publication, availability or use would be contrary to law, regulation or which would subject MOSt & its group companies to registration or licensing requirements
within such jurisdictions.
For U.K.
This report is intended for distribution only to persons having professional experience in matters relating to investments as described in Article 19 of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (referred to as "investment professionals"). This document must not be acted on or relied on by
persons who are not investment professionals. Any investment or investment activity to which this document relates is only available to investment professionals
and will be engaged in only with such persons.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with
regulation 17(1)(d) of the Financial Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by
Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and
the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore
Pte Limited:
Anosh Koppikar
Kadambari Balachandran
Email : anosh.koppikar@motilaloswal.com
Email : kadambari.balachandran@motilaloswal.com
Contact: (+65) 68189232
Contact: (+65) 68189233 / 65249115
Office address: 21 (Suite 31), 16 Collyer Quay, Singapore 049318
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the
"Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption
under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for
U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC
(henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional
investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and
interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has
entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business
interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated
persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a
subject company, public appearances and trading securities held by a research analyst account.
Flowmeter: India Holdings & Flows | May 2014

Motilal Oswal India Strategy Gallery
Flowmeter: India Holdings & Flows | May 2014