Asian stock markets are higher today following the lead from Wall Street overnight amid strong economic data. The Shanghai Composite is up 0.33% while the Hang Seng is up 0.88%. The Nikkei 225 is trading up by 1.02%. US stocks rose on Monday as Wall Street bet tax cuts would keep economic expansion going.
Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading higher by 129 points while the NSE Nifty is trading higher by 34 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.5% & 0.6% respectively.
All sectoral indices have opened the day in green with consumer durables sector and realty sector witnessing maximum buying interest. The rupee is trading at 65.06 to the US$.
As per the latest data with industry body the Association of Mutual Funds in India (AMFI), market participants have pumped over Rs 510 billion into various mutual fund (MF) schemes in October after pulling out more than Rs 160 billion in the preceding month.
With the latest inflow, total infusion in MF schemes reached to over Rs 2.5 trillion in the first seven months (April to October) of the current fiscal.
Reportedly, investors have poured in a net of Rs 511.5 billion in MF schemes last month as compared to a pull out of Rs 166 billion in September. The latest inflow has been mainly driven by contributions from equity, equity-linked saving schemes and income funds. Equity and equity linked schemes attracted Rs 160 billion and income funds received Rs 408.5 billion.
Additionally, close to Rs 60 billion was invested in balanced funds. In contrast, gold exchange-traded funds (ETFs)continued to see net outflow of Rs 0.3 billion.
Further, the inflow has also helped in pushing the assets under management of the 42-player mutual fund industry to an all-time high of Rs 21.41 trillion at the end of October from Rs 20.40 trillion in September-end.
