The equity inflows into moderated by 5% on a month-on-month (MoM) basis to ₹38,440.20 crore, showed the latest data released by the Association of Mutual Funds in India (AMFI) on Monday, 11 May, amid a significant slowdown in investments in sectoral and thematic schemes.
The equity mutual fund inflows stood at ₹40,450.26 crore at the end of March.
Meanwhile, SIP inflows remained steady, moderating to ₹31,115 crore from a record high of ₹32,087 crore in the month of March.
The total assets under management (AUM) for equity funds improved by ₹376,654 crore to ₹35,74,352 crore in the month under review.
Equity funds: Segment-wise details
Multi-cap, small-cap, mid-cap and flexi-cap schemes saw an increase in inflows while all other categories faced a decline.
In percentage terms, inflows into focused funds tumbled the most by 51% MoM to ₹1,194.80 crore. In the value fund/contra fund category, inflows declined 31% to ₹1,478.08 crore, and in the thematic and sectoral funds, the contributions were lower by 28% to ₹1,949.36 crore.
The , meanwhile, continued to see strong inflows of ₹10,147.85 crore, an increase over ₹10,054.12 crore recorded last month. Meanwhile, the small-cap category saw a 10% increase and the mid-cap category an 8% rise to record highs of ₹6,885.90 crore and ₹6,551.40 crore, respectively.
The Nifty Smallcap 100 and Nifty Midcap 100 jumped 18.4% and 13.6%, respectively, in April, outpacing gains of 7.5% in the Nifty 50 and 6.9% in the Sensex.
“This is a notable positioning signal. have historically seen sharper drawdowns during periods of market stress, and the fact that investors are not only holding but actively adding to this category suggests either renewed confidence in the India growth story at the margin, or an allocation catch-up by investors who see post-correction value in smaller companies,” said Nitin Agrawal, CEO, Mutual Funds, InCred Money.
At the same time, the funds invested in multi-cap funds stood at ₹3,806.01 crore, recording a growth of 27.65% over ₹2,981.55 crore.
Despite heightened volatility due to external factors, Indian equities demonstrated resilience, enabling markets to end the month in positive territory. FIIs withdrew around ₹60,847 crore during April, while DIIs contributed around ₹51,064 crore,” said Venkat Chalasani, chief executive of AMFI.
Debt funds
Overall, inflows into mutual funds turned positive to ₹3,22,402.98 crore in April, marking a sharp turnaround compared with net outflows of 2,39,910 crore last month.
This was led by strong buying in debt funds.
Debt-oriented schemes saw a sharp rebound in April 2026, recording net inflows of ₹2.47 lakh crore, driven primarily by strong inflows into liquid, overnight, and other short-duration funds. Last month, the outflows stood at ₹2.94 lakh crore.
“This reflects the typical post-year-end redeployment of liquidity after March outflows. However, long-duration and gilt categories continued to see outflows, indicating persistent caution on interest rate risk, while corporate bond funds recovered with moderate inflows,” said Umesh Sharma, CIO(Debt), The Wealth Company Mutual Fund.
Gold ETFs & multi-cap funds
Inflows into gold ETFs jumped to ₹3,040.31 crore from ₹2,265.68 crore last month. Multi-asset allocation funds attracted ₹5,113 crore in net inflows in April, a number that continues to grow in significance month-on-month.
“With an AUM of ₹1,87,071 crore, this category is no longer a niche satellite choice. It is fast becoming a preferred vehicle for investors who want a single-fund solution to the asset allocation problem,” said Agrawal.
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