Redemptions from systematic investment plan (SIP) accounts scaled a new high of Rs 14,367 crore in July, indicating investors booked profits following back-to-back months of gains in the market. Volatility triggered by Budget announcements also played on investor sentiment.
“July 2024 saw a peak in the Nifty, which may have prompted profit-booking among investors nearing the end of their goal tenure. This could be one of the reasons for the higher outflows of funds accumulated through SIPs,” said Feroze Azeez, deputy CEO, Anand Rathi Wealth.
