Pharma and IT Funds Back in The Reckoning
Amidst the festive celebrations, the Indian stock market experienced some turbulence with a sudden dip in broader market indices. However, there are underlying factors that continue to support the growth of the Indian economy and the equity market. The Association of Mutual Funds in India (AMFI) recently released data for August 2023, revealing a significant surge in inflows into equity mutual funds, reaching `20,245 crore. This marked a remarkable 165% increase compared to July 2023, reaching a five-month high and signifying a renewed sense of confidence among investors. Moreover, the total number of mutual fund folios reached an all-time high of 15.42 crore in August 2023, compared to 15.14 crore in the previous month. While this enthusiasm is encouraging, it's crucial for investors to assess their risk tolerance to select suitable funds.