The mood among fund managers appears to be tilted towards technology stocks with exposure to the sector touching Rs 40,000 crore in April this year compared to Rs 34,100 crore in April 2015. The higher allocation is to do with the declining rupee against the US dollar—which adds to the IT exporters’ profitability. An estimated 85 per cent of the IT service companies’ revenues come from exports, especially the US and European markets. A strong dollar boosts the earnings of these IT companies in rupee terms, which is what fund managers are trying to cash in on. Banks continue to be the topmost investment choice of mutual funds with Rs 85,330 crore being allocated to banking stocks, with technology being the number two sector of choice.