Mutual funds' (MFS') equity buying hit a four-month low in June at 20,359 crore as stocks extended their winning streak from election-day lows, providing fewer opportunities for money managers to bargain hunt.
Positive inflows from foreign portfolio investors (FPIs) after two months and a potential go-slow in net inflows into equity schemes may have contributed to the moderation in MF buying in June. MFs had purchased equities worth ₹48,099 crore in May 2024, marking the highest-ever deployment in the equity market in a calendar month. In March and April, they netted ₹44,233 crore and ₹32,824 crore in buying, respectively. Some experts credited the June decline to profit booking.
This story is from the July 02, 2024 edition of Business Standard.
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This story is from the July 02, 2024 edition of Business Standard.
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