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MF Inflows Stay Resilient, Gold Loses Shine

ICICIdirect Research 13 Mar 2026 DISCLAIMER

Gold ETF inflows declined sharply to Rs 5200 crore from Rs 24000 crore in January. “Other ETFs” which include Silver and Equity saw inflows decline to Rs 4500 crore from Rs 15000 crore. News flows suggest Silver ETFs saw outflows of around Rs 800 crore.

Excluding NFOs, inflows moderated to Rs 22000 crore from Rs 23000 crore. Total inflows including NFOs stood at Rs 26000 crore in February compared with Rs 24000 crore earlier.

CY26 average inflow stands at Rs 22600 crore, lower than CY25 average of Rs 26500 crore. CY24 average was Rs 22500 crore excluding two abnormal months. Average inflow during CY23 and CY22 was Rs 10400 crore.

On a month-on-month basis, inflows increased in Midcap and Smallcap funds. Midcap funds saw inflows of Rs 4000 crore compared with Rs 3200 crore, while Smallcap funds saw Rs 3900 crore compared with Rs 2900 crore.

Largecap and Multicap inflows remained largely stable at around Rs 2000 crore. Flexicap inflows declined marginally to Rs 7000 crore from Rs 7700 crore.

Sectoral funds recorded higher inflows of Rs 3000 crore due to NFOs. Excluding NFOs, inflows were zero compared with Rs 1000 crore earlier.

Concerns about flows shifting from equities to precious metals are likely to ease.

Gross inflows declined more than redemptions.

SIP inflows declined to Rs 29845 crore from Rs 31000 crore.

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