Perspective on AMFI Data by Karthick Jonagadla Quantace Research
Below the Perspective on AMFI Data by Karthick Jonagadla, investment manager on smallcase and Founder and CEO of Quantace Research
AMFI March 2026: Domestic Flows Cushion India Against Global Stress
March 2026 AMFI data strengthens the Indian constructive case: households treated global stress as a buying opportunity, not a signal to retreat. Net equity inflows jumped to Rs.40,450 crore from Rs.25,978 crore in February even as industry AUM fell to Rs.73.73 lakh crore from Rs.82.03 lakh crore, showing that mark-to-market pain.
More important, the flow mix was distinctly pro-growth: flexi-cap and index funds alone absorbed Rs.18,223 crore, while mid- and small-cap inflows together were about 4.1x large-cap inflows. That resilience arrived while FPIs pulled out a record Rs.1,17,775 crore in March and the rupee hit record lows as West Asia tensions kept oil risks alive for an economy that still imports more than 80% of its crude.
From an Indian market perspective, domestic savings are no longer just supportive liquidity; they are an active shock absorber. That does not remove macro risk, but it does mean external volatility is increasingly being met by a deeper, steadier domestic bid.
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