Indian mutual funds’ April collections $365.6 mln

Mutual funds collected Rs 612.41 billion during 1999/2000 (April-March) against 227.11 billion in the year-ago period.

There was a net inflow of Rs 189.7 billion during theyear after adjusting for repurchases and redemptions. In 1998/99, mutual funds had net outflows worth Rs 9.50 billion.

SEBI said private sector mutual funds’ net collections were Rs 151.66 billion in 1999/2000, while the country’s largest mutual fund, the Unit Trust of India’s (UTI) net collections were 45.48 billion.

In 1998/99, private mutual funds reported net inflows of Rs 14.53 billion while UTI reported net outflows of 27.38 billion.

FII investment crosses Rs 1,000 crore: Net FII investments have once again crossed the Rs 1,000 crore mark signifying the predominant role in the seven-day rally in the market triggered mainly by old economy stocks.

In six trading sessions, FIIs have pumped in Rs 1001 crore into equities which has seen the Sensex rise by over 700 points.

Market players see the rally as purely fund driven, while they are not sure if fund buying will resume after the correction that has been set in motion. FII investments are expected to flow steadily if the rupee enters a phase of stability, says a mutual fund manager.