Mutual funds have pulled out Rs 17,600 crore from stock markets in July-August mainly on account of negative sales in equity-oriented schemes. This comes against the backdrop of the coronavirus pandemic-related disruptions, a sharp slowdown in economic activity across the globe and a volatility in equity markets. Prior to the withdrawal, mutual funds (MFs) had made a net investment of Rs 39,755 crore in stock markets during January-June 2020, data available with the Securities and Exchange Board of India (Sebi) showed. “The recent withdrawals by mutual funds can be attributed to the negative fund flows in equity mutual fund schemes since the last two (July-August) months,” said Divam Sharma, co-founder of Green Portfolio, a Sebi-registered portfolio management services. He further said some investors have been cautious post the recent rally in markets while others have allocated their capital to direct equity investments which can be observed in the massive demat account opening numbers in the last few months. Alok Agarwala, Chief Research and Investment Officer at Bajaj Capital, said mutual funds’ withdrawal from equities during July-August was driven by negative net sales in equity-oriented schemes. Equity and equity-oriented mutual fund schemes saw massive net outflows during… Read full this story
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