May Mutual Fund Flows: Flexi‑Cap Funds Lead Inflows While SBI Tops the Sell‑Off List
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- June 14, 2026
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Investors Pour Money into Flexi‑Cap Funds; HDFC and ICICI Banks See Strong Buying, SBI Leads Redemptions in May
May saw a surge in inflows to flexi‑cap mutual funds, with HDFC Bank and ICICI Bank topping the buying chart, while State Bank of India recorded the highest outflows.
May turned out to be a busy month for Indian mutual funds. The data released by the Association of Mutual Funds in India (AMFI) shows that flexi‑cap schemes attracted the lion’s share of new money, pulling in roughly ₹45,000 crore – the biggest net inflow in the sector for the month.
When we drill down into the equity‑linked funds that saw the most buying, two names keep popping up: HDFC Bank and ICICI Bank. Both institutions topped the list of stocks that fund managers added to their baskets, with HDFC Bank edging ahead by a narrow margin. The trend reflects a continued investor confidence in the banking space, especially after the sector’s recent earnings beat and stable credit outlook.
On the flip side, State Bank of India (SBI) found itself at the opposite end of the spectrum. The venerable lender topped the sell‑list, as fund houses trimmed their exposure to the stock. While the exact reasons vary – ranging from profit‑booking to a tilt towards higher‑growth banking names – the net outflow from SBI‑related schemes amounted to about ₹7,200 crore.
Overall, the net inflow into the mutual‑fund industry for May stood at a robust ₹64,000 crore, signalling that retail and institutional investors are still eager to park their cash in equities, despite occasional market jitters. Flexi‑cap funds, with their ability to swing between large‑ and mid‑cap stocks, seem to be the vehicle of choice for those looking for a balanced risk‑reward profile.
Analysts caution, however, that the market’s direction remains sensitive to macro‑economic cues. Any surprise in monetary policy or global risk sentiment could quickly shift the flow dynamics. For now, though, the numbers suggest a healthy appetite for diversified equity exposure.
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