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Monthly systematic investment plan (SIP) contributions stayed above the Rs 26,000 crore mark for the second straight month, as the month of January clocked Rs 26,400 crore SIP investments, compared to Rs 26,459 crore in December, the Association of Mutual Funds in India (AMFI) said on Wednesday. 

Despite ongoing volatility in the stock market, assets under management (AUM) for all open-ended schemes grew marginally by 0.49 per cent to reach Rs 66.98 lakh crore from Rs 66.66 lakh crore in the previous month.

The number of mutual fund folios also increased, reaching 22.91 crore in January, up from 22.50 crore in December, the report added.

Overall, open-ended mutual funds saw significant inflows, with net investments rising to Rs 1.87 lakh crore in January which was a sharp increase from Rs 80,509 crore in December.

Equity mutual fund inflows declined by nearly 4 per cent monthly to Rs 39,687 crore in January, compared to Rs 41,155 crore in December.

However, small-cap funds remained a preferred choice for investors, witnessing inflows of Rs 5,720 crore, a 22.6 per cent jump from December.

Hybrid mutual funds recorded a substantial rise in inflows, rose by 101 per cent to Rs 8,767 crore in January from Rs 4,369 crore in December.

Meanwhile, investments in other schemes, including index funds and exchange-traded funds (ETFs), saw an extraordinary increase of 1,207 per cent.

These inflows reached Rs 10,225 crore in January, up from just Rs 784 crore in December, the report said.

Among these, index funds attracted the highest investment, with inflows of Rs 5,254 crore, followed by Gold ETFs, which saw Rs 3,751 crore in fresh investments.

Other ETFs, which had witnessed outflows of Rs 4,558 crore in December, reversed the trend by recording inflows of Rs 1,171 crore in January.