Forget the holiday slump—India’s mutual funds roared into 2026. AMFI’s January data, out Tuesday, paints a picture of investor vigor: Gold ETFs doubled to ₹24,039.96 crore, a 50% surge topping all equity categories and signaling a hedge against equity dips.
Active equities held firm at ₹24,029 crore, off 14% from December’s ₹28,054 crore but aligned with trends—November ₹29,911 crore, peak July 2025 ₹42,702 crore. Total industry inflows flipped to ₹1.56 lakh crore from December outflows.
Flexi-caps reigned supreme with ₹7,672.36 crore, blending market adaptability. Large-caps rose to ₹2,004 crore, while mid/small-caps moderated to ₹3,185.47 crore and ₹2,942.11 crore. Sectorals climbed 9.2% to ₹1,042 crore.
Debt’s phoenix-like rise: ₹74,827.13 crore after massive December redemptions, powered by overnight (₹46,280 crore) and liquid funds (₹30,681.55 crore).
Hybrids expanded 61% to ₹17,356.02 crore, arbitrage leaped to ₹3,293.30 crore. NFOs totaled 12, gathering ₹1,939 crore via ₹806 crore in active equity, led by thematics.
SIP flows stabilized at ₹31,002 crore, the bedrock of retail participation.
‘Market turbulence aside, inflows stay buoyant thanks to SIPs and India’s growth story,’ observes Himanshu Srivastava of Morningstar. Large-cap and focused funds outperformed December, buffering mid/small-cap slowdowns.
This data reflects a maturing ecosystem where investors juggle gold’s ballast, equity’s upside, and debt’s reliability. As volatility lingers, January’s numbers affirm strategic diversification as the winning playbook for 2026.