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Mirae Asset launches Nifty Financial Services ETF
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Mirae MF launches financial services ETF - The Hindu BusinessLine
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Mutual funds ride bull market with NFOs, mop-up rises multi-fold
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Synopsis
Investors put in Rs 5,988 crore in June, lower than May’s Rs 10,083 crore, but registering net additions to the equities kitty for the fourth straight month.
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Mumbai: Indian savers continue to repose their trust in equities to help build a nest egg for the future, with mutual funds focused on stocks drawing more funds in June despite headline indices hitting record highs and discussions on valuations consuming more column inches than ever.
Investors put in Rs 5,988 crore in June, lower than May’s Rs 10,083 crore, but registering net additions to the equities kitty for the fourth straight month. Debt funds, too, saw net flows of Rs 3,566 crore, taking the total assets under management of the mutual fund industry to Rs 34.1 lakh crore.
Equity-oriented schemes saw net inflows for the third consecutive month in May amid a sharp up move in the stock prices. Inflows stood at Rs 10,083 crore in May highest since March 2020, data released by industry body Association of Mutual Funds in India (AMFI) showed. Market experts said run up in the markets coupled with waning in covid-19 infections has helped keep the mood buoyant. They, however, said the valuations have turned expensive and investors should also focus on asset allocation. “The unfortunate part is inflows always follow near-term returns. Higher the past one-year returns, stronger will be the inflows and this is what is prevalent again,” said Swarup Mohanty, chief executive officer, Mirae Asset Management Company (AMC).