“This is selective portfolio rebalancing rather than a clear sector rotation,” said Harshal Dasani, business head at INVasset PMS. “Life insurers typically run large, benchmark-aware portfolios, so one month of buying and selling should not be seen as a wholesale change in their market view. They appear to be trimming areas where valuations, ownership or recent performance have become heavy, while adding businesses where earnings visibility, consumption recovery or structural growth is improving,” he added.
