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RETAIL FUNDS | Cesar Tordesillas, India
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Indian mutual fund assets up 8% to $133.7B

The assets of Indian mutual fund industry increased to US$ 133.7 billion or Rs 6.59 trillion in January.

 

This is a Rs 477 billion increase on a month-on-month basis.

The 8 per cent rise last month over December was on higher inflows in money market funds and mark-to- market gains in equity funds, according to Crisil Research.

Money market funds witnessed inflows of Rs 264 billion in January, taking the total assets under this category to Rs 1.48 trillion compared with Rs 1.21 trillion in December. Meanwhile, as a result of the uptick in the equity market, assets under equity funds surged by Rs 184 billion or 11 per cent to Rs 1.80 trillion.

The equity market represented by the benchmark S&P CNX Nifty rose around 12 per cent in January spurred by positive global and domestic cues, the first monthly gain for the market since October 2011. Gilt funds recorded highest inflows since September 2010 of over Rs 5.21 billion in January, the second consecutive month of inflows.

"Sentiments for gilt funds have risen on views of peaking of interest rates and easing of monetary policy going forward. This is expected to benefit long-term debt funds including gilt funds," the report said.

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