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Inflows to mutual funds via systematic investment plans spiked in the fiscal year 2023-24, rising from ₹13,700 crore in April 2023 to ₹19,271 crore in March 2024, signifying a rise of 40 per cent.
The number of new SIPs registered in March was at 42,87,117. SIP contribution stood at an all-time high of Rs 19,270.96 crores in March as against Rs 19,186.58 crores in February.
Shiv Sehgal says: "With regards to dark horses, I think 2024 is likely to be export-oriented ones like IT and chemicals. This is because, globally, we have had a prolonged manufacturing recession (of more than a year), which has resulted in these stocks significantly underperforming the benchmark indices. Such a prolonged manufacturing downturn in the absence of a global recession is a historical anomaly. However, the global economy now seems to be bottoming out."
SIP contribution in mutual funds reached ₹1,66,131 crore in the first 11 months ending Nov 30, 2023 witnessing 22.23 percent increase from previous year’s contribution for the corresponding period.
“Strong flows for the month supported by SIP inflows, despite a volatile month, is a sign of increasing maturity of investors to continue their allocations in equity mutual funds,” said Akhil Chaturvedi, chief business officer, Motilal Oswal AMC.