Equity inflows dip 16% to Rs 22,633 crore in March, off two-year high.

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In March 2024, equity inflows into mutual fund schemes witnessed a notable decline of 15.8%, amounting to Rs 22,633.2 crore, as per data released by the Association of Mutual Funds in India (AMFI). This marked a significant decrease from the nearly two-month high recorded in February. Despite a surge in inflows in large-cap funds, which more than doubled to Rs 2,127.8 crore, the overall equity-oriented MF schemes saw a sequential drop of 10.5%, totaling Rs 52,721.4 crore. The midcap category experienced a decline of 43.7% in inflows, down to Rs 1,017.7 crore in March. Additionally, the smallcap category saw outflows amounting to Rs 94.2 crore, reflecting investors' reluctance amid concerns about inflated valuations. However, equity-linked savings scheme (ELSS) funds witnessed a substantial increase in inflows to Rs 1,789.1 crore, over five times higher than February's figure. Similarly, multicap and flexicap categories also saw monthly inflows, albeit at slightly lower levels compared to February. 

In contrast, debt mutual fund schemes faced significant outflows in March, amounting to Rs 1,98,298.9 crore, as opposed to inflows of Rs 63,808.8 crore in the previous month. The entire debt category experienced negative flows, except for long duration funds. This outflow trend was attributed to the usual balance sheet buildup at year-end, coupled with a tight liquidity situation and high short-term yields. Hybrid mutual fund schemes also experienced a decline in inflows, totaling Rs 5,583.6 crore, marking a decrease of 69.2% compared to the previous month. 

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Furthermore, March witnessed the launch of new mutual fund schemes, including two open-ended debt schemes and five equity schemes, signaling continued activity and innovation in the mutual fund industry. Overall, the data reflects the dynamic nature of the mutual fund market, with investors navigating through various asset classes and categories based on market conditions and investment objectives.

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