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Below the inputs on AMFI data of September 2026 from Nirav Karkera, Head of Research and Fund Manager, W by Groww

Equity inflows jumped sharply in a month when markets were under pressure. Much of that reflects the lasting faith Indian investors have in equities as one of the best long-term routes to wealth creation. Part of it may also have come from money leaving debt and hybrid funds. With rates now entering a tightening phase, there is little left to gain from duration which appears to have capped incremental allocation to duration-led strategies. For the remainder of the debt category, quarter-end rebalancing by treasuries may have added to the shift.

Strong flows into small and midcaps show investors are growing more comfortable with volatility and more confident in the riskier end of the market. Interest in large caps is also returning. They offer a wider margin of safety today, and sectors like financial services represented well in the pack, is garnering strong investor interest.

SIP flows hit a fresh record. Read alongside stoppages, the increase likely reflects investors switching the funds they invest in through SIPs, as well as fresh money coming in.

Gold continues to draw strong interest, with flows into gold ETFs rising sharply. Investors are optimistic about the metal given the state of the global economy, pressure on the rupee and geopolitical tension. It also works as a diversifier at a time when Indian equities are volatile but going nowhere.

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