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Driven by record inflows into Systematic Investment Plans (SIPs), the overall mutual funds industry's assets under management jumped to nearly 37 lakh crore in September, registering an over 33% growth compared to the year-ago period. The SIPs crossed the 10,000-crore milestone for the first time in a month.

However, net inflows into equity schemes fell for the second straight month in September despite record contributions from monthly SIPs. As per data by Association of Mutual Funds in India (Amfi), equity mutual funds net inflows stood at 6,456 crore, down from 8,056.8 crore in August. In comparison, September 2020 had seen net outflows of 1,009 crore.

As per a report by brokerage firm ICICI Direct, the top asset management companies (AMCs) like SBI AMC's top stock buys includes Aditya Birla Sun Life AMC, Ami Organics, JSPL, SAIL, Max Healthcare, Adani Enterprises.

Meanwhile, mutual fund house ICICI Prudential's top buys during September were Indian Energy Exchange (IEX), Sonata Software, SBI Cards and Payments, Manappuram Finance and Canara Bank, the data compiled by ICICI Direct showed.

Another top fund house HDFC AMC picked stocks like Zee Ent, Bharat Heavy Electricals (BHEL), Adani Enterprises, Escorts, Bharat Forge. Whereas, Vijaya Diagnostic Centre, Vodafone Idea, Bata India, KNR Constructions were among the top 10 stock buys by fund managers at Nippon MF.

The record run in India’s equity market is finding strong support from retail mutual fund investors with SIP being the preferred mode. During September, a record 2.68 million SIP accounts were added, totalling 44.90 million SIP accounts.

Benchmark indices NSE Nifty 50 Index and Sensex have gained nearly 30% this year and is the best performer among major equity markets in the Asia Pacific. Shares soared to fresh record highs by notching their sixth straight session of gains on Thursday as participants cheered improving macroeconomic data and positive global cues.

 

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