Stocks of oil and information technology (IT) companies were among the most bought by equity fund managers in January. Infosys was a clear favourite. Fund managers say it is hard to find a replacement for the IT stock in their portfolio. But, not all IT stocks were chosen. Tata Consultancy Services was among the most liquidated in portfolios. UltraTech Cement and Maruti Suzuki were also sold. Appetite for oil companies rose, with global crude oil prices going up. Talk of a mega merger of oil companies fuelled interest. Fund managers also found a window to offload Idea Cellular, buoyant after news of merger talks with Vodafone. A snapshot of what fund managers thought were hot and cold in January.