Mumbai, June 10 (SocialNews.XYZ) Equity mutual fund inflows reached a record Rs 34,697 crore in May, an 83.42 per cent jump from the previous month, marking 39 consecutive months of positive trends, the Association of Mutual Funds of India (AMFI) said on Monday.
Net inflows into equity mutual funds surpassed the Rs 30,000 crore level for the first time.
The open-ended sectoral and thematic equity funds saw net buying of Rs 19,213.43 crore in May.
The overall assets under management of the mutual fund industry stood at Rs 58.91 lakh crore.
“Major contributions came from the sector and thematic categories, with the HDFC Manufacturing Fund's NFO attracting nearly Rs 9,500 crore,” said Pankaj Shrestha, Head of Investment Services, Prabhudas Lilladher Group.
Additionally, SIP contributions hit a record Rs 20,904 crore, highlighting a growing trend towards disciplined, long-term investing, the market experts said.
Despite potential high volatility from FII selling, ongoing general elections, GDP data, and other minor events in May, investors remained steadfast in their pursuit of returns on the back of the Indian growth narrative, buoyed by confidence in the incumbent government securing a record third consecutive term.
“The forthcoming 100-day action plan and a comprehensive Union Budget will provide a clearer picture of the government's priorities for the economy,” said Gopal Kavalireddi, Vice President of Research at FYERS.
In recent years, sector/thematic funds have gained popularity among investors given the market scenario and some of the sectors performing well.
“That said, investors must be cautious while investing in such funds. They are cyclical in nature and hence investors should have the necessary skills or have the right set of advice in place to track sector dynamics and time their entry and exit from these funds,” said Himanshu Srivastava, Associate Director–Manager Research, Morningstar Investment Research India.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
