The Indian retail equity mutual fund investor has continued to baffle commentators and policymakers by her behaviour across the previous few mega market mayhem events. Equity flows have remained net positive and the haemorrhage that a covid-19-induced market crack should have caused was clearly missing up to the end of April 2020—with some of the worst one-day falls across a few days covered in that period. Data shows that retail money in equity funds actually rose over the worst of the market crash in the three months of February, March and April 2020 and was 55% higher than the previous year same period.
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