Net inflows in equity mutual funds jumped 130 per cent month-on-month (MoM) in September to Rs 14,100 crore after hitting a 10-month low of Rs 6,100 crore in August, shows data released by the Association of Mutual Funds in India (Amfi). SIP inflows also rose 2 per cent MoM to hit a new all-time-high of Rs 12,976 crore.
The surge in investments in equity schemes is despite the fact that the market was in the red last month, with the Nifty50 having shed more than three per cent.
“India continues to remain a bright spot amid a fear of recession across the world. This is the right time to invest in Indian equities and investors seem to be doing so,” said Amfi CEO N S Venkatesh.
However, the situation was different for debt schemes, which saw a net outflow of Rs 65,000 crore in September. Investors took out money from most schemes, with liquid funds alone seeing a net outflow of Rs 60,000 crore.
Venkatesh said the high outflows from debt schemes was understandable given that September marked the end of the second quarter of FY23. “The outflows from debt schemes is understandable, given that corporates withdraw money at the end of every quarter to pay advance taxes. Moreover, the interest rate hikes have adversely affected longer duration funds, leading to redemptions,” he said.
The assets under management (AUM) of the industry rose 0.87 per cent MoM to Rs 39.87 trillion in September, despite the equity market downturn and the outflows from debt market.
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