Mumbai: Open-ended equity mutual fund inflows rose 3.03% to Rs 38,239 crore in August on the back of strong demand for small-cap and mid-cap funds, taking industry-wide assets under management past the Rs 66.7 lakh crore mark in the month under review from Rs 64.96 trillion in the previous month.
The Nifty50 gained 1.14% during the month under review, while the benchmark Sensex rose marginally by 0.76%.
Despite the muted performance of equity markets, investments surged led by large-cap funds, which attracted net inflows of Rs 2,636.86 crore in August, a 293% jump over July. Inflows into small-cap funds rose 52% to Rs 3,209.33 crore and net inflows into mid-cap funds rose 86% to Rs 3,054.68 crore, according to the latest data released by industry lobby Association of Mutual Funds of India (Amfi) on Tuesday.
On the other hand, inflows into large-cap funds rose 293% month-on-month, leading to a net gain of Rs 2,636.86 crore in August.
Strong demand for small-cap and mid-cap funds ensured that flows into open-ended equity funds remained in the positive territory for the 42nd consecutive month, Amfi said.
Investments through systematic investment plans (SIPs) continued to set new highs, as monthly inflows reached Rs 23,547 crore in August, up from Rs 23,332 crore in the previous month.
