MUMBAI: The heavy demand for small-cap and mid-cap funds buoyed the open-ended equity mutual fund inflows by 3.03% to Rs 38,239 crore in August, pushing the industry-wide assets under management well past the Rs 66.7 lakh crore mark in the reporting month, up from Rs 64.96 trillion in the previous month.
During the reporting month, the Nifty 50 rose 1.14%, while the benchmark Sensex inched up 0.76%.
Despite the tepid show by the equity markets, the inflows surged boosted by the large-cap funds which netted Rs 2,636.86 crore in August, which is a jump of 293% over July, coupled with 52% rise in inflows into small-cap funds at Rs 3,209.33 crore and a 86% surge in net investments into mid-cap funds at Rs 3,054.68 crore, according to the latest data released by the industry lobby Association of Mutual Funds of India (Amfi) Tuesday.
The rally, on the other hand, inflows into large-cap funds soared a full 293% on the monthly basis, netting Rs 2,636.86 crore in August.
Amfi said the heavy demand for small-cap and mid-cap funds ensured that the inflows into open-ended equity funds remained in the positive zone for the 42nd month in a row.
The investments via systematic investment plans (SIPs) continued to set fresh highs as monthly inflows hit Rs 23,547 crore in August against Rs 23,332 crore in the previous month.