Apr 10, 2000|
MFs witness surge in inflows on market pick-up
The turnaround in markets could not have come at a better time for fund managers who are witnessing some inflows...for a change.
Markets picked up smartly on Friday (April 7, 2000) by over 350 points to close at 5,220 points. Software and pharma stocks hogged the limelight, with quite a few 'A' group companies (in both sectors) hitting the upward circuit. Overall the markets rebounded 11% (from 4,700 points) to 5,220 points in just 3 days.
On Friday, equitymaster.com had opined that investors should seriously consider entering software funds. Investors who find software funds too expensive, may look at pharma funds.
Mutual funds are currently witnessing a surge in inflows, which has come as a big relief considering the redemptions that had tightened the screws on fund managers over the past few weeks. Apart from the stock market-rebound, another factor that has prompted investors to look at MFs with renewed interest, is the benefit of offsetting capital gains under Section 54EA/EB.
With the September 30, 2000, extension, investors can invest their long term capital gains in MFs by September 30, 2000 or six months from the date of sale of asset, whichever is earlier. This combined with the robust performance of the markets has made MFs a very attractive investment avenue... and investors seemed to have realised it too.
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