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MF Inflow stay resilient, Gold loses shine

ICICIdirect Research 13 Mar 2026 DISCLAIMER

Gold ETFs inflows declined sharply at Rs 5200 crore from Rs 24000 crore in January. Silver ETF is a part of “Other ETFs” which include Equity as well saw inflows declined to Rs 4500 crore Vs Rs 15000 crore. News flows indicate that Silver ETF saw outflow of around Rs 800 crore.
Ex-NFOs, inflows have moderated to Rs 22000 crore as against Rs 23000 crore. Total Inflows (including NFOs) in the month of February came at Rs 26000 crore as compared to Rs 24000 crore.
CY26 Average is Rs 22600 crore down from CY25 average of Rs 26500 crore. CY24 was 22500 (ex-2 abnormal months). Average for CY23 and CY22 was Rs 10400 crore
On a MoM basis, Inflows are higher in Midcap and Smallcap funds. Midcap category at Rs 4000 cr Vs Rs 3200 crore and Smallcap at Rs 3900 crore Vs 2900 crore. Largecap and Multicap category inflows was largly at similar levels at Rs 2000 crore run-rate. Flexicap funds saw marginal lower inflows at Rs 7000 crore Vs Rs 7700 crore.
Sectoral funds saw higher inflows at Rs 3000 crore due to NFOs. Ex-NFOs inflows was Zero Vs Rs 1000 crore.
Apprehension of flows moving away from equity towards precious metals moderated should subside now.
Gross inflows declined higher than redemptions.
SIP inflows were lower at Rs 29845 crore Vs 31000 crore.

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