27 May 2020

India Strategy

BSE Sensex: 31,605

Nifty-50: 9,315

Ownership analysis – FII stake in Nifty-500 hits 5-year low

FII/DII ownership ratio at new low; FIIs/DIIs raise stakes in Telecom



Performance of the benchmark Index has been negative so far in CY20, with returns

Nifty-500 Institution ownership

(%)

FII (%)

23.9

13.9

13.0

21.9

22.0

12.3

10.7

12.4

21.3

22.4

21.8

21.0

DII (%)

14.6 14.8

from the Nifty-50/Nifty Mid-cap 100 plunging 23%/25%. Further, Indian equity markets

have corrected significantly in 4QFY20 (down 29% in the quarter – the highest QoQ

decline since Jun’92), in tandem with global equity markets due to headwinds from the

Covid-19 outbreak.



Notably, in the Mar’20 quarter, DII inflows (at USD10.1b) and FIIs outflows (at

USD6.6b) were at record highs.



In this report, we take a deep dive into the ownership of various sectors/companies in

the Nifty-500 to see how it has changed during 4QFY20.

FII ownership in Nifty-500 at 5-year low













Sectors which saw an increase in

institutional stake

Sector holdings: Institutions record highest QoQ change in Telecom, NBFCs

FII QoQ chg (bp)

DII QoQ chg (bp)



FII holdings in the Nifty-500 hit a 5-year low, declining 140bp QoQ/80bp YoY to

21% in 4QFY20. FIIs have reduced ownership in 67% of Nifty-500 and 90% of

Nifty-50 companies QoQ.

On the other hand, DII holdings in the Nifty-500 were up 20bp QoQ/90bp YoY to

14.8% in 4QFY20. DIIs increased stake in 61% of Nifty-500 and 78% of Nifty-50

companies QoQ.

Further, promoters took advantage of the sharp correction post the COVID-19

pandemic and raised ownership. Thus, promoter holdings in the Nifty-500

companies increased 130bp QoQ/150bp YoY to 50.5% in 4QFY20.

FII ownership as a proportion of free float of the Nifty-500 declined 180bp to

42.3%. DII ownership as a proportion of free float increased 90bp QoQ/260bp

YoY to 29.8%.

Over the last five years, the incremental dominance of domestic capital savings

has gone up with consistent and rising SIP investments along with a shift toward

financial savings. Consequently, the FII-DII ownership ratio in the Nifty-500 is at

a new low and has declined to 1.4x from 2.2x in the last five years.

In the last one year, an increase in the FII-DII ratio was recorded in the Insurance

sector. Telecom, Real Estate, Private Banks, Cement, Healthcare, Automobiles,

Retail and Technology were the other key sectors to see a decline.

In the Nifty-500, FIIs have the highest ownership in Private Banks (44.6%),

followed by NBFCs (35.6%), Telecom (21.7%), Oil and Gas (21.3%) and Real

Estate (20.4%). DIIs have the highest ownership in Capital Goods (23.9%),

Metals (21.2%), Private Banks (20.3%), Utilities (19.5%) and PSU Banks (17.8%).

Sequentially, on a QoQ basis, FIIs have increased stake in Telecom (+190bp),

NBFCs (+110bp), Insurance (+50bp), Retail (+30bp), Utilities (+20bp) and Oil and

Gas (+10bp). In contrast, Metals (-200bp), Autos (-150bp), Capital Goods (-

140bp), Private Banks (-120bp), Healthcare (-110bp) and Cement (-110bp) have

seen reduction in FII stake.

On a QoQ basis, DIIs increased stake in Telecom (+220bp), Utilities (+190bp),

Metals (+110bp), NBFCs (+100bp) and Private Banks (80bp). Consumer was the

only sector where DIIs reduced stake by 110bp.

1





Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Gautam Duggad – Research Analyst

(Gautam.Duggad@MotilalOswal.com); +91 22 6129 1522

Deven Mistry – Research Analyst

(Deven@MotilalOswal.com); +91 22 6129 1575

May 2020

Investors are advised to refer through important disclosures made at the last page of the Research Report.

India Strategy

FII sectoral allocations within

Nifty-500 (%)

Banks-PVT

NBFC

Technology

Oil & Gas

Consumer

Healthcare

Auto

Telecom

Utilities

Insurance

Cap Goods

Retail

Cement

Metals

Banks-PSU

Real Estate

13.2

12.2

10.6

10.4

4.7

4.5

2.8

2.5

2.4

1.9

1.7

1.7

1.0

0.9

0.8









23.3

BFSI and Technology account for more than half of FII allocation



Financials have had a dominant run in the last few years with FIIs being majorly

overweight on BFSI (Private Banks, NBFCs, Insurance and PSU Banks). As of

Dec’19, FII allocation to BFSI was 45% in the Nifty-500. Post correction, it has

reduced to 39.8% (down 520bp QoQ/90bp YoY). However, FIIs still remain

significantly overweight in BFSI by 810bp v/s Nifty-500 (BFSI weight in Nifty-500

currently stands at 31.7%).

BFSI is followed by Technology at 12.2% weight, up 190bp QoQ/80bp YoY. Thus,

BFSI along with Technology accounts for more than 50% of FII allocation if the

Nifty-500 is used as the benchmark. Overall, the top-5 sectoral holdings of FIIs in

the Nifty-500 account for 78% of total allocations and these sectors are (a) BFSI

(39.8%), (b) Technology (12.2%), (c) Oil and Gas (10.6%), (d) Consumer (10.4%),

and (e) Healthcare (4.7%). The recent outperformance of Healthcare has

displaced Automobiles from the fifth position.

FIIs are significantly overweight (v/s Nifty-500) in Private Banks/NBFCs and are

underweight in Consumer, Capital Goods, PSU Banks, Cement, Utilities and

Healthcare.

On QoQ basis, FIIs have increased weight in Consumer, Technology, Healthcare,

Telecom and Retail. While, Private Banks, NBFCs, Autos, and Metals have seen a

reduction.

In terms of absolute holdings, out of total FII holding of USD310b, Private Banks

is at the top with USD72b investment value.

DIIs overweight in Utilities, Capital Goods, Metals and PSU Banks

DII sectoral allocations within

Nifty-500 (%)

Banks-PVT

Consumer

Oil & Gas

Technology

NBFC

Healthcare

Auto

Cap Goods

Utilities

Metals

Banks-PSU

Cement

Telecom

Retail

Insurance

Real Estate

6.6

5.8

5.3

5.3

4.7

3.4

3.2

2.8

2.5

1.7

1.5

0.3





15.1

14.1

10.7

10.1







Using Nifty-500 as the benchmark, DIIs are significantly overweight in Utilities,

Capital Goods, Metals and PSU Banks and underweight in NBFCs, Private Banks,

and Technology.

Overall, the top-5 sectoral holdings of DIIs in the Nifty-500 account for 67% of

total allocations and these sectors are (a) BFSI (26.4%), (b) Consumer (14.1%),

(c) Oil and Gas (10.7%), (d) Technology (10.1%), and (e) Healthcare (5.8%). The

recent outperformance of Healthcare has displaced Autos from the fifth

position.

In 4QFY20, sectors that witnessed increase in weight by DIIs on QoQ basis are

Consumer (+200bp), Technology (+140bp), Healthcare (+130bp), Telecom

(+80bp) and Utilities (+40bp). Private Banks, Autos, PSU Banks, NBFCs, Metals,

Capital Goods and Oil and Gas saw reduction in weight.

Out of total DII holding of USD218b in the Nifty-500, Private Banks is at top with

USD33b, followed by Consumer at USD31b and Oil and Gas at USD23b.

Nifty-50: FIIs reduce holdings in 90% of stocks; DIIs increase in 78% of stocks





FIIs reduced stake in 90% of Nifty-50 companies on QoQ basis, while DIIs

increased stake in 78% of Nifty-50 companies.

Bharti Airtel and Zee Ent witnessed increase in FII holding on QoQ basis. Eicher,

Axis Bank, Tata Steel, ICICI Bank and Grasim were the top stocks to see decline

in FII holding.

Top increase in DII holdings in Nifty stocks on a QoQ basis was seen in Power

Grid, Eicher Motors, NTPC, Coal India and ONGC.

Exhibit data is sourced from Capitaline and MOFSL database. FIIs include Depository Receipts.

27 May 2020

2

India Strategy

FII ownership in Nifty-500 hits 5-year low









FII holding in the Nifty-500 has declined 140bp QoQ/80bp YoY to 21% in

4QFY20. FIIs have reduced ownership in 67% of Nifty-500 and 90% of Nifty-50

companies QoQ.

DII holding in Nifty-500 was up 20bp QoQ/90bp YoY to 14.8% in 4QFY20. DIIs

have increased stake in 61% of Nifty-500 and 78% of Nifty-50 companies QoQ.

Further, promoters took advantage of the sharp correction post the COVID-19

pandemic and raised ownership. Thus, promoter holding in the Nifty-500

companies increased 130bp QoQ/150bp YoY to 50.5% in 4QFY20.

FII ownership as a proportion of free float of the Nifty-500 declined 180bp to

42.3%. DII ownership as a proportion of free float increased 90bp QoQ/260bp

YoY to 29.8%.

Promoter

1,629

15.8

12.4

21.9

FIIs

DIIs

2,016

15.4

13.0

21.3

Public

1,999

15.3

13.9

21.8

Exhibit 1: Nifty-500 holding pattern (%)

Value

USDB

1,445

14.7

10.7

23.9

1,267

15.6

12.3

22.0

2,066

13.7

14.6

22.4

1,479

13.8

14.8

21.0

Promoter holding

increased 130bp

QoQ/150bp YoY to

50.5% in 4QFY20

50.7

50.1

49.8

50.4

49.0

49.2

50.5

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Dec-19

Mar-20

Exhibit 2: Nifty-50 holding pattern (%)

Value

USDB

Promoter

915

14.5

11.3

28.1

798

15.8

12.9

26.2

975

15.9

13.4

26.4

FIIs

1,147

15.3

14.4

26.9

DIIs

Public

1,206

15.5

15.5

27.0

1,271

13.8

16.5

27.5

915

14.1

16.4

25.5

Market value of

Nifty-50 same as

five year back

46.1

45.1

44.2

43.3

42.0

42.2

44.0

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Dec-19

Mar-20

Exhibit 3: QoQ change in stake (number of companies)

Nifty-500

146

338

17

501

FIIs

Nifty-50

4

45

1

50

Nifty-500

305

188

8

501

DIIs

Nifty-50

39

11

0

50

Increase in stake

Decrease in stake

Unchanged

Total

27 May 2020

3

India Strategy

Exhibit 4:

Trend in FII and DII holdings for

Nifty-500 (%)

FII Holding (%) - LHS

24.5

23.5

22.5

21.5

20.5

10.7

12.3

22.0

12.4

21.9

21.3

21.8

21.0

23.9

13.0

22.4

DII Holding (%) - RHS

13.9

14.8

15.0

14.6

13.8

12.5

11.3

10.0

49.0

47.0

45.0

43.0

41.0

21.8

24.6

44.0

42.3

48.4

Exhibit 5: Share of FIIs in India drops, but rises for DIIs

FII proportion of free float (%) - LHS

DII proportion of free float (%) - RHS

29.8

30.0

27.5

25.0

22.5

20.0

28.9

27.2

42.8

44.1

Nifty-500: Sectoral holding as proportion of free float





FII holdings as % of free float holding is greater than 50% in Real Estate, NBFCs,

Private Banks, Insurance and Telecom for Nifty-500 companies as on 4QFY20.

DII holdings as % of free float holding is the highest in PSU Banks (55%),

followed by Utilities (49%), Metals (46%) and Capital Goods (40%).

Exhibit 6: Real Estate, BFSI (ex PSU Banks) and Telecom have FII holding greater than 50% of free float holding

62

57

56

56

54

FII proportion of free float holding (%)

47

43

38

38

37

35

31

31

22

21

20

Exhibit 7: On a free float basis, DIIs own a larger chunk of PSU Banks, Utilities, Metals and Capital Goods companies

55

49

46

DII proportion of free float holding (%)

40

36

35

32

31

30

29

27

26

26

24

20

15

:

27 May 2020

4

India Strategy

FII-DII ownership ratio at new low









Over the last five years, the incremental dominance of domestic capital savings

has gone up with consistent and rising SIP investments along with an overall

shift toward financial savings.

Consequently, the FII-DII ownership ratio in the Nifty-500 is at a new low and

has declined to 1.4x from 2.2x in the last five years.

Over the last one year, an increase in the FII-DII ratio was recorded in the

Insurance sector.

Telecom, Real Estate, Private Banks, Cement, Healthcare, Automobiles, Retail

and Technology were the key sectors to see a decline.

Exhibit 8: Trend in Nifty-500 FII-DII ownership ratio

2.2

2.1

2.0

1.9

1.8 1.8

1.8

1.8 1.8 1.7 1.8

FII-DII ownership

ratio has declined

to 1.4x from 2.2x in

the last five years

1.6 1.6 1.6

1.6

1.5

1.6 1.6

1.5

1.5

1.4

Exhibit 9: Sectoral FII-DII ratio change in the last one year

Chg

1.0

0.1

-

-

-

Mar-19

Mar-20

27 May 2020

5

India Strategy

Sector holdings: Institutions record highest QoQ change in Telecom, NBFCs







The highest ownership of FIIs in the Nifty-500 is in Private Banks (44.6%),

followed by NBFCs (35.6%), Telecom (21.7%), Oil and Gas (21.3%) and Real

Estate (20.4%). DIIs have the highest ownership in Capital Goods (23.9%),

Metals (21.2%), Private Banks (20.3%), Utilities (19.5%) and PSU Banks (17.8%).

On QoQ basis, FIIs have increased stake in Telecom (+190bp), NBFCs (+110bp),

Insurance (+50bp), Retail (+30bp), Utilities (+20bp) and Oil and Gas (+10bp).

Metals (-200bp), Autos (-150bp), Capital Goods (-140bp), Private Banks (-

120bp), Healthcare (-110bp) and Cement (-110bp) have seen huge reduction in

stakes by FIIs.

DIIs have increased stake in Telecom (+220bp), Utilities (+190bp), Metal

(+110bp), NBFCs (+100bp) and Private Banks (+80bp) on a QoQ basis.

FII Holding (%)

DII Holding (%)

Exhibit 10: Sectoral FII and DII holdings in Nifty-500

Exhibit 11: Change in FII and DII holdings (QoQ)

FII QoQ chg (bp)

DII QoQ chg (bp)

Exhibit 12: Change in FII and DII holdings (YoY)

FII YoY chg (bp)

DII YoY chg (bp)

27 May 2020

6

India Strategy

BFSI and Technology account for more than half of FII allocation











Financials have had a dominant run in the last few years with FIIs being majorly

overweight on BFSI (Private Banks, NBFCs, Insurance and PSU Banks). As of

Dec’19, FII allocation to BFSI was 45% in the Nifty-500. Post correction, it has

reduced to 39.8% (down 520bp QoQ/90bp YoY). However, FIIs still remain

significantly overweight in BFSI by 810bp v/s Nifty-500 (BFSI weight in Nifty-500

currently stands at 31.7%).

BFSI is followed by Technology at 12.2% weight, up 190bp QoQ/80bp YoY. Thus,

BFSI along with Technology accounts for more than 50% of FII allocation if the

Nifty-500 is used as the benchmark. Overall, the top-5 sectoral holdings of FIIs in

the Nifty-500 account for 78% of total allocations and these sectors are (a) BFSI

(39.8%), (b) Technology (12.2%), (c) Oil and Gas (10.6%), (d) Consumer (10.4%),

and (e) Healthcare (4.7%). The recent outperformance of Healthcare has

displaced Automobiles from the fifth position.

FIIs are significantly overweight (v/s Nifty-500) in Private Banks/NBFCs and are

underweight in Consumer, Capital Goods, PSU Banks, Cement, Utilities and

Healthcare.

On QoQ basis, FIIs have increased weight in Consumer, Technology, Healthcare,

Telecom and Retail while Private Banks, NBFCs, Autos, and Metals have seen a

reduction.

In terms of absolute holdings, out of total FII holding of USD310b, Private Banks

is at the top with USD72b investment value.

QoQ

Chg

(pp)

-3.4

-1.5

1.9

0.3

2.4

1.0

-1.1

0.9

0.1

0.1

-0.2

0.0

0.1

0.4

0.1

-0.5

-0.3

-0.1

0.0

-0.2

0.0

0.0

Exhibit 13: FII sectoral allocation for Nifty 500 – BFSI and Technology account for more than half of the allocation

Sector

Banks-Private

NBFC

Technology

Oil & Gas

Consumer

Healthcare

Automobiles

Telecom

Utilities

Insurance

Capital Goods

Others

Cement

Retail

Chemicals

Metals

Banks-PSU

Real Estate

Infrastructure

Media

Logistics

Textiles

Nifty-500

FII Value

Chg QoQ Chg YoY FII Weight

Mar-20

(USDb) (USDb)

(%)

(USDb)

72

-51

-37

23.3

41

-27

-18

13.2

38

-10

-12

12.2

33

-15

-11

10.6

32

-5

-5

10.4

15

-3

-5

4.7

14

-12

-13

4.5

9

0

1

2.8

8

-3

-2

2.5

7

-3

4

2.4

6

-4

-5

1.9

6

-3

-2

1.9

5

-2

-3

1.7

5

-1

-1

1.7

4

-2

-2

1.4

3

-4

-5

1.0

3

-3

-3

0.9

3

-2

-1

0.8

2

-1

-2

0.7

2

-2

-2

0.6

1

-1

-1

0.3

1

0

0

0.2

310

-153

-126

100

YoY Chg Nifty 500

FIIs vs Nifty500 weight UW/OW (pp)

(pp)

Weight (%)

-1.6

-0.4

0.8

0.4

1.8

0.2

-1.6

1.0

0.2

1.5

-0.5

0.0

-0.3

0.4

0.0

-0.8

-0.3

0.0

-0.3

-0.4

-0.1

0.0

18.1

10.1

11.5

10.1

13.6

5.8

5.1

2.3

2.9

1.8

3.7

2.7

2.4

2.0

2.0

1.8

1.8

0.6

0.8

0.4

0.2

0.4

100

5.2

3.2

0.7

0.5

-3.2

-1.1

-0.5

0.5

-0.4

0.6

-1.8

-0.8

-0.7

-0.3

-0.7

-0.7

-0.9

0.3

-0.1

0.1

0.1

-0.2

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27 May 2020

7

India Strategy

Exhibit 14: FIIs sectoral allocation comparison QoQ (%)

Chg

bps

190

30

230

100

Mar-20

90

Dec-19

10

10

40

10

Exhibit 15: FIIs sectoral allocation comparison YoY (%)

Chg

bps

80

40

180

20

100

20

150

40

Mar-20

Mar-19

DIIs overweight in Utilities, Capital Goods, Metals and PSU Banks









Using the Nifty-500 as the benchmark, DIIs are significantly overweight in

Utilities, Capital Goods, Metals and PSU Banks and underweight in NBFCs,

Private Banks, and Technology.

Overall, the top-5 sectoral holdings of DIIs in the Nifty-500 account for 67% of

total allocations and these sectors are (a) BFSI (26.4%), (b) Consumer (14.1%),

(c) Oil and Gas (10.7%), (d) Technology (10.1%), and (e) Healthcare (5.8%). The

recent outperformance of Healthcare has displaced Autos from the fifth

position.

In 4QFY20, sectors that witnessed increase in weight by DIIs on QoQ basis are

Consumer (+200bp), Technology (+140bp), Healthcare (+130bp), Telecom

(+80bp) and Utilities (+40bp). Private Banks, Autos, PSU Banks, NBFCs, Metals,

Capital Goods and Oil and Gas saw reduction in weight.

Out of total DII holding of USD218b in the Nifty-500, Private Banks is at the top

with USD33b, followed by Consumer at USD31b and Oil and Gas at USD23b.

27 May 2020

8

India Strategy

Exhibit 16: DII sectoral allocation for Nifty 500 – Underweight in NBFCs, Private Banks and Technology

Sector

Banks-Private

Consumer

Oil & Gas

Technology

NBFC

Healthcare

Automobiles

Capital Goods

Utilities

Metals

Banks-PSU

Others

Cement

Telecom

Chemicals

Retail

Insurance

Infrastructure

Media

Textiles

Real Estate

Logistics

Nifty-500

DII Value

Nifty 500

Chg QoQ Chg YoY DII Weight QoQ Chg YoY Chg

Mar-20

Weight DIIs vs Nifty500 weight UW/OW (pp)

(USDb) (USDb)

(%)

(pp)

(pp)

(USDb)

(%)

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33

-20

-8

15.1

-2.3

0.4

18.1

-3.1

||||||||||

31

-6

-4

14.1

2.0

1.4

13.6

0.5

||||||||||||

23

-10

-7

10.7

-0.3

-0.3

10.1

0.6

|||||||||||||||||||||||||||

22

-4

-3

10.1

1.4

0.9

11.5

-1.4

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14

-8

-5

6.6

-0.9

-0.4

10.1

-3.4

|

13

-1

0

5.8

1.3

1.2

5.8

-0.1

|||||

12

-8

-6

5.3

-1.1

-0.9

5.1

0.3

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11

-6

-6

5.3

-0.4

-1.2

3.7

1.5

10

-3

-4

4.7

0.4

-0.4

2.9

1.8

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7

-5

-6

3.4

-0.7

-1.6

1.8

1.6

||||||||||||||||||||||||||||||||

7

-5

-6

3.2

-0.9

-1.5

1.8

1.4

||||||||||||||||||||||||||||

6

-2

-2

2.9

0.0

-0.1

2.7

0.1

||

6

-2

0

2.8

0.2

0.4

2.4

0.4

|||||||

6

0

2

2.5

0.9

1.4

2.3

0.3

|||||

5

-1

0

2.1

0.3

0.3

2.0

0.1

|

4

0

0

1.7

0.4

0.5

2.0

-0.3

||||||

3

-1

0

1.5

0.0

0.4

1.8

-0.3

||||||

2

-1

-1

1.1

-0.1

-0.2

0.8

0.3

|||||

1

-1

-1

0.3

-0.1

-0.2

0.4

-0.1

|

1

0

0

0.3

0.0

0.0

0.4

0.0

1

0

0

0.3

-0.1

0.0

0.6

-0.3

||||||

0

0

0

0.2

-0.1

0.0

0.2

0.0

218

-84

-59

100

100

Exhibit 17: DII sectoral allocation comparison QoQ (%)

Chg

bps

200

140

130

40

20

80

30

10

-

Mar-20

Dec-19

Exhibit 18: DII sectoral allocation comparison YoY (%)

Chg

bps

50

140

90

130

Mar-20

Mar-19

50

140

50

40

-

27 May 2020

9

India Strategy

Nifty-50: FIIs reduce holdings in 90% of stocks while DIIs increase holdings

in 78% of stocks







FIIs have reduced stake in 90% of Nifty-50 companies on QoQ basis, while DIIs

have increased stake in 78% of Nifty-50 companies.

Bharti Airtel and Zee Ent witnessed increase in FII holding on QoQ basis. Eicher,

Axis Bank, Tata Steel, ICICI Bank and Grasim were the top stocks to see decline

in FII holdings.

Top increase in DII holdings in Nifty stocks on a QoQ basis was seen in Power

Grid, Eicher Motors, NTPC, Coal India and ONGC.

Exhibit 19: Nifty-50 FII and DII holding change and allocation

FII Holding (%)

Company

Bajaj Auto

Eicher Motors

Hero Motocorp

M&M

Maruti Suzuki

Tata Motors

Axis Bank

HDFC Bank

ICICI Bank

IndusInd Bank

Kotak Mah. Bank

St Bk of India

Bajaj Fin.

Bajaj Finserv

HDFC

Larsen & Toubro

Grasim Inds

Shree Cement

UltraTech

UPL

Asian Paints

Britannia Inds.

Hind. Unilever

ITC

Nestle India

Cipla

Dr Reddy's

Sun Pharma

Adani Ports

Zee Ent

Hindalco Inds.

JSW Steel

Tata Steel

Vedanta

BPCL

GAIL (India)

IOCL

Sector

Automobiles

Automobiles

Automobiles

Automobiles

Automobiles

Automobiles

Banks-Private

Banks-Private

Banks-Private

Banks-Private

Banks-Private

Banks-PSU

NBFC

NBFC

NBFC

Capital Goods

Cement

Cement

Cement

Chemicals

Consumer

Consumer

Consumer

Consumer

Consumer

Healthcare

Healthcare

Healthcare

Infra

Media

Metals

Metals

Metals

Metals

Oil & Gas

Oil & Gas

Oil & Gas

YoY Chg QoQ Chg

Mar-20

(pp)

(pp)

13.9

27.7

34.3

41.3

21.6

16.8

46.5

48.6

54.5

57.8

39.2

10.7

21.5

8.8

70.9

17.9

13.7

11.9

16.6

41.9

17.2

14.7

12.1

14.8

11.8

18.0

30.4

12.8

17.5

68.3

18.9

17.7

12.4

15.6

12.3

16.8

7.2

-1.7

-4.8

-3.9

2.1

-0.7

-2.3

-4.4

-2.0

-2.7

-0.7

-1.1

-0.4

0.6

0.5

-1.6

-2.4

-6.5

-1.1

-3.5

-0.9

0.9

-1.0

0.3

-2.4

-0.7

-8.6

-0.7

-2.7

-4.3

23.3

-5.0

-1.5

-2.2

-1.3

-2.3

-4.8

0.2

0.1

-3.5

-1.0

0.0

-1.6

-1.5

-3.0

-1.0

-2.7

-1.6

-0.6

-1.4

-1.1

0.0

-1.9

-2.0

-2.5

-1.3

-1.1

-1.6

0.0

-1.1

-0.2

-0.6

-0.3

-2.3

0.1

-1.1

-1.2

0.9

-2.1

-0.5

-3.0

-1.2

-1.8

-1.6

-0.4

DII Holding (%)

YoY Chg QoQ Chg

Mar-20

(pp)

(pp)

8.8

11.3

19.9

26.9

16.7

13.6

24.5

17.9

36.4

14.1

12.6

24.4

10.9

6.2

18.0

37.9

22.9

11.2

14.2

12.6

10.0

13.4

6.7

42.4

9.2

22.6

14.4

19.6

16.7

11.1

26.7

4.9

29.9

18.8

20.5

26.5

13.5

1.4

6.6

3.8

4.4

3.3

-2.7

3.8

4.5

2.0

5.4

1.1

0.2

2.4

-0.3

1.4

-0.3

4.2

5.0

6.4

3.1

0.4

1.0

-0.4

4.3

1.4

8.4

-0.2

2.2

4.1

-0.3

4.3

1.5

0.7

0.1

3.7

3.9

-0.3

-1.3

2.9

0.3

0.3

1.1

-1.5

1.9

0.7

2.0

0.5

0.3

0.1

0.4

-0.4

1.4

0.7

0.2

1.3

1.2

1.1

-0.3

-0.2

0.0

-0.1

0.2

1.8

-0.8

0.5

0.9

-0.9

1.4

0.3

0.4

0.2

1.1

1.2

-0.4

Nifty-50

Weight

(%)

0.7

0.5

0.6

0.8

1.6

0.4

2.4

10.4

5.9

0.6

4.8

2.1

1.6

0.8

7.9

2.8

0.5

0.7

1.0

0.5

2.1

0.9

4.6

4.2

1.6

0.6

1.1

1.1

0.5

0.3

0.4

0.4

0.6

0.3

0.7

0.4

0.6

FII Weight DII Weight

(%)

(%)

0.5

0.6

0.6

0.9

1.7

0.2

2.9

13.6

6.8

0.8

5.8

1.1

1.7

0.4

11.9

1.2

0.3

0.4

0.9

0.6

1.6

0.6

3.6

1.8

1.1

0.4

0.9

0.6

0.5

0.5

0.2

0.4

0.2

0.2

0.5

0.3

0.3

0.5

0.4

0.6

0.9

2.0

0.3

2.4

7.8

7.0

0.3

2.9

3.9

1.3

0.4

4.7

4.0

0.7

0.7

1.2

0.3

1.5

0.8

3.1

8.2

1.3

0.7

0.7

1.5

0.8

0.1

0.5

0.2

0.8

0.4

1.3

0.8

1.0

27 May 2020

10

India Strategy

FII Holding (%)

Company

ONGC

Reliance Inds.

Titan Co

HCL Tech

Infosys

TCS

Tech Mahindra

Wipro

Bharti Airtel

Bharti Infratel

Coal India

NTPC

Power Grid

Nifty-50

Sector

Oil & Gas

Oil & Gas

Retail

Technology

Technology

Technology

Technology

Technology

Telecom

Telecom

Utilities

Utilities

Utilities

Mar-20

7.6

25.9

17.7

26.4

31.4

15.7

39.7

8.9

20.3

42.1

8.2

12.6

27.0

25.5

YoY Chg QoQ Chg

(pp)

(pp)

1.2

-0.3

-1.5

-2.3

-3.1

-0.1

0.9

-0.5

2.7

-1.9

1.1

1.2

1.5

-1.5

-1.0

-0.4

-0.6

-1.2

-0.8

-0.2

-0.1

0.0

3.9

-1.2

-0.4

-0.1

-0.3

-2.0

DII Holding (%)

Mar-20

17.9

13.6

11.1

9.2

24.7

8.1

13.4

7.0

15.8

3.6

22.1

33.6

16.7

16.4

YoY Chg QoQ Chg

(pp)

(pp)

2.1

1.9

3.7

1.5

1.8

0.2

1.5

0.5

2.6

2.0

3.1

4.5

2.1

0.9

2.1

0.0

1.8

0.7

0.7

0.0

0.3

0.0

1.7

1.0

2.5

2.9

3.4

-0.1

Nifty-50

Weight

(%)

0.7

10.1

1.1

1.3

6.6

5.4

1.0

0.8

2.8

0.4

0.8

1.1

1.1

100

FII Weight DII Weight

(%)

(%)

0.4

10.8

0.9

1.9

5.1

6.4

1.3

0.6

2.9

0.7

0.4

0.6

1.3

100

1.4

8.9

0.8

1.0

6.2

5.1

0.7

0.7

3.5

0.1

1.8

2.6

1.3

100

27 May 2020

11

India Strategy

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Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory services is backed by proper research.

Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before

investing. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.* MOFSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated

July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Ben

Disclosure of Interest Statement

Analyst ownership of the stock

Companies where there is interest

No

27 May 2020

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