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India Equity Strategy | Asia Pacific: DREAM Run: Resilience continues
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M
Update
September 10, 2026 02:22 PM GMT
Morgan Stanley India Company Private Limited+
India Equity Strategy | Asia Pacific
Nayant Parekh
Equity Strategist
"DREAM" Run: Resilience
continues
Ridham Desai
Equity Strategist
Exhibit 3 : Cash position in mutual funds
Key Takeaways
8%
Cash to equity assets
7%
Equity inflows (excluding ETFs) declined MoM to Rs326bn in August from
6%
Rs274bn in July.
5%
4%
ETF inflows remained resilient at Rs96bn in August, compared with Rs110bn in
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2%
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3%
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Non-SIP flows reversed to Rs3bn of inflows from a Rs46bn outflow in July.
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SIP inflows were at an all-time high, at Rs323bn in August vs Rs320bn in July.
Source: ACE, AMFI, Morgan Stanley Research.
July.
Equity funds' cash positions stood at 3.9% at end-July.
Within fixed income, short-duration funds saw outflows of Rs15bn in July, while
medium- and long-duration funds recorded outflows of Rsb51n.
In August, inflows into equity funds were led by small-cap and mid-cap funds, which
attracted Rs70bn and Rs80bn, respectively. New equity schemes raised Rs8bn, led
by a contra fund.
On a year-to-date basis, domestic equity inflows totaled Rs3.7tn (US$39bn) vs
Rs3.3tn (US$37bn) for the same period in 2025. Equity-oriented offerings have
raised US$1.4bn so far in 2026, vs US$4.5bn in CY2025 and US$12bn in CY2024.
Exhibit 1:
Summary
( Flows in INR bn)
Category
Equity
SIP*
Non-SIP
ETF
Latest
Month
Previous
Month
MoM 2026 YTD
422
323
3
96
384
320
(46)
110
Cash to Equity Assets**
3.9%
3.8%
Debt
Medium & Long Duration
Short Duration
Arbitrage
(27)
(51)
(15)
38
Balanced***
66
vs 2025
AUM
(INR bn)
3,668
2,510
155
1,003
3,334
2,156
456
722
47,040
1,960
(10)
1,905
65
814
(576)
1,221
169
3,041
344
2,076
621
24,170
54
639
489
10,738
Source: AMFI, Morgan Stanley Research. * SIP (Systematic Investment Plan) flows as per media sources (ET). ** Cash position data
comes with a one-month lag. *** Balanced fund flows split into equity and debt flows equally.
Exhibit 2:
Activity for August by category
Category-wise turnover (INR bn)
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