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LIC buying blue chips in sloppy markets

LIC increased stakes in blue chips like Reliance and HDFC Bank during the bad markets when the foreign investors sold heavily.

Apnainsurance Research Bureau

09 Jun 2008

Life Insurance Corporation of India (LIC), the largest market share holder in the life insurance industry bought blue chips in the sloppy markets when the foreign investors were selling heavily. 

It increased its stake in Reliance Industries Limited from 4.89 per cent to 5.003 per cent. LIC also bought 1.33 lakh shares of HDFC Bank. LIC is said to have bought stocks heavily keeping in mind, the long-term market situation.