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Tuesday, July 07, 2009

Mutual funds in selling mode

Sales worth Rs 587.80 crore on the Budget day

Mutual funds (MFs) dumped shares worth a net Rs 587.80 crore on Monday, 6 July 2009. The market had tumbled that day after Finance Minister Pranab Mukherjee presented an expansionary budget with a major spending thrust on areas such as farm and rural development, defense and infrastructure, setting a higher fiscal deficit target of 6.8% of GDP for the financial year 2009-2010.

Monday's outflows by mutual funds were in contrast to purchases worth Rs 303.80 on Friday, 3 July 2009.

MFs' net outflow of Rs 587.80 crore on 6 July 2009 was a result of gross purchases Rs 949.20 crore and gross sales Rs 1,537 crore. The BSE Sensex tanked 869.65 points or 5.83% to 14,043.40 on that day.

MFs were net sellers of shares worth Rs 657.10 crore in July 2009 (till 6 July 2009).

Mutual funds bought shares worth a net Rs 839.30 crore in June 2009 as they put funds received from investors to use. The recently concluded new fund offer of Reliance Infrastructure Fund received a strong investor response, with collections of Rs 2350 crore. As the name suggest, the fund is focused on the infrastructure sector.

Net inflows into domestic equity mutual funds rose to Rs 1,930 crore in May 2009, the highest in 14 months, and more than twice the amount in the first four months of 2009, according to data from the Association of Mutual Funds in India
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