MUTUAL FUNDS BUY SHARES WORTH OVER RS 2,000 CR IN SEPTEMBER

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Taking bearish sentiments in the market as blessing in disguise, domestic mutual funds bent on value buying at lower levels and purchased equities worth over Rs 2,000 crore in September. Mutual funds found value in equities by buying shares worth as much as Rs 2,292 crore in September, their third-highest purchase after January (Rs 7,700 crore) and June (Rs 3,179 crore) in 2008, according to a latest report by Crisil Fund Services. On an overall basis, mutual funds also remained net buyers of equity in the first six months of 2008 from January to September, to the extent of Rs 12,712 crore. Despite bearish equity markets, mutual funds equity investments increased as there have been incremental flows into equity in the year primarily on account of the support provided by systematic investment plans, Crisil Fund Services head Krishnan Sitaraman said.

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