Record SIP mopup good for market

New Delhi: Monthly mutual fund SIP contribution, which  hit a record Rs 10,351.33 crore in September, is likely to cushion the equity market from large-scale profit taking by foreign investors.

The SIP collections in August were at Rs 9,923.15 crore.

It is for the first time that SIP collections have crossed Rs 10,000 crore, and market participants expect the bull market to be  intact for next two years given domestic flows from MFs, insurance companies and pension funds like EPFO and NPS.

As per Amfi data 43.7 per cent of the MF industry’s equity assets stay invested for more than two years.