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Equity Mutual Fund Inflows Drop For 2nd Month, Fall 14.3% In January; Gold ETF Investments Double
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Except for the ELSS category, all the mutual fund categories receive net inflows in January 2026, suggesting a broader positive sentiment.
Sectoral and thematic funds saw a pickup in net inflows during the month, suggesting selective tactical positioning by investors toward specific opportunities rather than broad-based risk taking.
AMFI Data For January 2026: Equity mutual fund inflows witnessed a decline for the second consecutive month in January 2026 as markets remained volatile amid geopolitical and trade risks. According to the latest data from the Association of Mutual Funds in India (Amfi), equity MF inflows during the month fell 14.35% month-on-month to Rs 24,029 crore.
Gold ETFs emerged as one of the top-performing categories in terms of investor interest. Net inflows into gold ETFs surged to about Rs 24,040 crore in January, more than doubling from Rs 11,647 crore in December, making gold a clear standout for the month.
As of January 31, 2026, open-ended equity-oriented mutual fund schemes had assets under management of Rs 34.86 lakh crore, significantly higher than the Rs 18.90 lakh crore managed by open-ended debt-oriented schemes, indicating that equity funds continue to command a larger share of the industry’s assets despite month-on-month fluctuations in flows.
The mutual fund industry overall returned to net inflows in January, with total inflows turning positive at Rs 1.56 lakh crore. This recovery was largely driven by debt schemes, which recorded net inflows of Rs 74,827 crore during the month after witnessing substantial outflows in December.
Investor participation was also strong across other segments. Hybrid schemes saw net inflows of Rs 17,356 crore, while “other schemes”, including exchange-traded funds (ETFs), attracted Rs 39,955 crore. Solution-oriented schemes posted stable inflows of around Rs 341 crore in January.
Himanshu Srivastava, principal research at Morningstar Investment Research India, said, “Equity-oriented mutual fund categories recorded net inflows of Rs 24,029 crore in January 2026, lower than Rs 28,054 crore in December, indicating a moderation in pace rather than any meaningful deterioration in investor sentiment. Flows remained constructive despite bouts of market volatility, supported by steady SIP contributions and continued confidence in the long-term structural growth prospects of Indian equities.”
The moderation in overall inflows was largely driven by cooling momentum in the mid- and small-cap segments. While these categories continued to attract healthy absolute inflows of INR 3,185 crore and INR 2,942 crore respectively, the pace slowed sharply compared with the previous month, reflecting elevated valuations and recent corrections prompting investors to adopt a more cautious and selective approach. Some amount of profit booking after the strong performance seen over the past years also weighed on incremental allocations, he added.
“Large-cap and focused funds also witnessed healthy traction in January, recording higher inflows compared with December. Both the categories garnered inflows of about INR 2,005 crore and INR 1,557 crore respectively. This suggests a gradual tilt toward quality, earnings visibility, and relatively stable portfolios amid an uncertain global backdrop,” Srivastava said.
Flexi-cap funds, continued to remain the largest category by assets and saw the highest net inflows in January at Rs 7,672 crore. This points towards investors preference for flexible investment options to capture investment opportunities across market segments. There was a moderation in flows however from December, possibly reflecting a wait-and-watch stance after sustained strong allocations in recent months.
Sectoral and thematic funds, however, saw a pickup in net inflows during the month, suggesting selective tactical positioning by investors toward specific opportunities rather than broad-based risk taking. However, the quantum of flows in the recent months has come down significantly.
“Except for the ELSS category, all the categories received net inflows suggesting a broader positive sentiment. Also, there has been a significant slowdown in the NFO activity,” Srivastava said.
Overall, the flow trend suggests that equity participation remains structurally intact, but investor behaviour is becoming more balanced and risk-aware, with allocations gradually shifting toward stability, diversification, and valuation comfort rather than aggressive positioning in slightly riskier segments, he added.
Foreign portfolio investors pulled out about $4 billion from Indian equities during the month.
The benchmark Nifty 50 and Sensex dropped 3.1% and 3.5% in January, while the broader small-caps and mid-caps fell 4.7% and 3.4%, respectively.
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February 10, 2026, 12:03 IST
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Business
Russia sells reserve gold for first time in 25 years to fund Ukraine war deficit: Report – The Times of India
Russia has begun selling physical gold from its central bank reserves for the first time in 25 years, as the government seeks to plug a widening budget deficit driven by sustained military expenditure, according to a report by Berlin-based news outlet bne IntelliNews.Regulatory data show that between 2022 and 2025, Russia sold gold and foreign currency worth over RUB 15 trillion ($150 billion), followed by an additional RUB 3.5 trillion ($35 billion) in just the first two months of 2026, the report noted. In January alone, the Central Bank of Russia sold 300,000 ounces of gold, followed by another 200,000 ounces in February.The move marks a significant shift in reserve management. Earlier, gold transactions were largely notional, involving transfers between the Ministry of Finance and the central bank without physical movement of bullion. In recent months, however, the central bank has started selling actual gold bars into the market.As a result, Russia’s gold holdings have declined to 74.3 million ounces, the lowest level in four years. The disposal of 14 tonnes in January and February is the largest two-month sale since the second quarter of 2002, when 58 tonnes were offloaded in a single tranche.The sales come as Russia’s fiscal position comes under increasing strain. The government ended 2025 with a budget deficit of 2.6 per cent of GDP, compared to an initial projection of 0.5 per cent, Berlin-based bne IntelliNews report noted. Economists estimate the actual deficit could be closer to 3.4 per cent, with some payments deferred to 2026 to limit the reported gap.Pressure on the budget has intensified as oil prices weakened in the second half of the year and US sanctions tightened, reducing the contribution of oil and gas tax revenues to about 20 per cent of total revenues — roughly half of pre-war levels.The decision to sell gold has also been influenced by the sharp rise in bullion prices to above $5,000 per ounce. This surge has pushed Russia’s international reserves to over $809 billion as of February 28, including around $300 billion of assets frozen in the West, according to the Central Bank of Russia. Of this, gold reserves alone are valued at about $384 billion.Russia currently holds more than 2,000 tonnes of gold, making it the world’s fifth-largest sovereign holder, according to World Gold Council data. The country had built up these reserves over the years to reduce dependence on dollar-denominated assets, especially after sanctions imposed following the annexation of Crimea in 2014 and further tightened after the invasion of Ukraine in 2022.Since 2022, the Ministry of Finance has relied on multiple funding channels to manage budget pressures. These include drawing from the National Welfare Fund, which still holds around RUB 4 trillion, increasing issuance of domestic OFZ treasury bonds, and raising value-added tax rates, which account for about 40 per cent of government revenues.The shift to selling physical gold suggests that Russia is now tapping its liquid reserve buffers more directly, underlining the growing fiscal strain as the conflict in Ukraine continues into its fourth year.
Three-month waiver on bank guarantees, credit letters covers rice, seafood, pharmaceuticals among other commodities
Increased sourcing from the US reduces reliance on the Strait of Hormuz — a narrow maritime corridor through which a substantial proportion of global oil trade passes and which remains vulnerable to geopolitical tensions. Photo: Reuters
ISLAMABAD:
The Ministry of Commerce has approved a temporary exemption from financial instruments, including bank guarantees and letters of credit, for exports to Iran, the Central Asian Republics and Azerbaijan via Iran’s land route, it emerged on Saturday.
The development arose from a March 24 notification by the Ministry of Commerce received by The Express Tribune.
The exemption, issued under the Import and Export Control Act 1950, waived the requirement under Paragraph 3 of the Export Policy Order 2022, which mandates that all exports from Pakistan be made in compliance with Foreign Exchange Rules, regulations, and procedures notified by the State Bank of Pakistan (SBP).
The concession will remain effective for three months, from March 24 to June 21. The ministry stated that the federal government had taken the step to facilitate exporters and enhance regional trade.
Read: Local exports hit by ‘triple threat’
Under the exemption, rice may be exported to the Central Asian Republics and Azerbaijan through Iran’s land route. Exports of the following commodities to Iran via land route were also permitted: rice (milled), seafood, potatoes, meat, onions, maize, citrus, banana, tomato, frozen chicken, pharmaceuticals and tents.
However, the exemption from financial instruments, according to the notification, would be subject to the submission of an undertaking by the exporter that the export proceeds would be submitted within the stipulated time period.
Commerce Minister Jam Kamal Khan said Pakistan would now be able to export rice to Central Asia and Azerbaijan via Iran, adding that removing barriers to pharmaceutical exports was the government’s top priority.
He added that trade through Iran would significantly reduce exporters’ costs and time, and that increasing exports would steer the country towards economic stability.
Read More: Attack on Iran jolts Pakistan’s economy
The Ministry of Commerce said it was utilising all resources to enhance regional connectivity and increase trade volume, adding that the measure would strengthen trade links in the region.
A week ago, Pakistan’s Ambassador to Iran, Mudassir Tipu, said bilateral and transit trade between the two countries remained operational despite ongoing regional tensions.
The envoy expressed gratitude to the Iranian government for extending “full facilitation” to Pakistan’s trade, including transit trade through Iran during “challenging times”.
He added that land border crossings between Pakistan and Iran were functioning “optimally”, with green channels at multiple routes ensuring swift movement of goods on both sides. Further, Tipu said that Pakistan was extending maximum cooperation to Tehran to ensure trade flows remain unaffected by the evolving situation.
Business
Noida International Airport inauguration: Delhi-NCR gets new airport – all you need to know – The Times of India
NEW DELHI: Prime Minister Narendra Modi on Saturday inaugurated Phase I of the Noida International Airport at Jewar in Uttar Pradesh, marking a significant milestone in India’s expanding aviation infrastructure.PM Modi was accompanied by Uttar Pradesh chief minister Yogi Adityanath and Governor Anandiben Patel.
Developed at an investment of around Rs 11,200 crore under a Public–Private Partnership (PPP) model, the project is expected to enhance both regional and international connectivity for the National Capital Region (NCR).The airport is being positioned as a key addition to India’s aviation network, aimed at easing pressure on existing infrastructure while supporting the country’s ambition of becoming a global aviation hub.
Second international gateway for Delhi NCR
Noida International Airport has been developed as the second international gateway for Delhi NCR, complementing the existing Indira Gandhi International Airport, which currently handles the majority of the region’s air traffic.
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With rising passenger demand and capacity constraints at IGI Airport, the new facility is expected to play a crucial role in distributing traffic more efficiently.Together, the two airports will function as an integrated aviation system, helping reduce congestion, improve connectivity, and enhance the region’s standing among leading global aviation hubs.
Phase I capacity and future expansion plans
Phase I of the airport is designed to handle 12 million passengers per annum (MPPA), providing immediate relief to the region’s growing air travel demand.The project has been planned with scalability in mind, with provisions to expand capacity to 70 million passengers annually in subsequent phases. This long-term vision reflects the government’s strategy to future-proof infrastructure and accommodate sustained growth in air travel.
Modern infrastructure and all-weather operations
The airport features a 3,900-metre runway capable of handling wide-body aircraft, making it suitable for both domestic and international long-haul operations.
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Equipped with advanced navigation systems such as the Instrument Landing System (ILS) and modern airfield lighting, the facility is designed to support efficient, all-weather, round-the-clock operations. These features ensure operational reliability even under challenging weather conditions.
Cargo hub and logistics ecosystem
In addition to passenger services, the airport includes a comprehensive cargo ecosystem aimed at strengthening logistics and trade.The Multi-Modal Cargo Hub comprises an Integrated Cargo Terminal and dedicated logistics zones, with an initial handling capacity of over 2.5 lakh metric tonnes annually. This capacity is expected to expand significantly to around 18 lakh metric tonnes in the future, positioning the airport as a major cargo and logistics centre in North India.
Dedicated MRO facility to enhance efficiency
A key component of the airport’s infrastructure is a 40-acre Maintenance, Repair and Overhaul (MRO) facility.This dedicated facility is expected to improve operational efficiency by enabling airlines to service and maintain aircraft locally, reducing turnaround times and operational costs. It also strengthens India’s capabilities in aviation maintenance services.
Sustainability and future-ready design
Noida International Airport has been designed as a sustainable and future-ready infrastructure project, with a focus on achieving net-zero emissions.The project incorporates energy-efficient systems and environmentally responsible practices, aligning with India’s broader climate goals. The airport’s development reflects a growing emphasis on green infrastructure in large-scale projects.
Architecture inspired by Indian heritage
Blending modern infrastructure with cultural aesthetics, the airport’s architectural design draws inspiration from traditional Indian elements such as ghats and havelis.This approach aims to create a distinctive identity for the airport while offering passengers a sense of place rooted in Indian heritage.
Strategic location and multi-modal connectivity
Strategically located along the Yamuna Expressway in Gautam Buddha Nagar district, the airport is planned as a multi-modal transport hub.It will feature seamless integration with road, rail, metro and regional transit systems, ensuring smooth connectivity for passengers and cargo. This connectivity is expected to significantly improve accessibility for travellers across Delhi NCR and neighbouring regions.
Boost to India’s aviation ambitions
The inauguration of Phase I of Noida International Airport is being seen as a major step in strengthening India’s aviation ecosystem.By expanding capacity, improving connectivity, and integrating modern infrastructure with sustainability, the project is expected to play a key role in positioning Delhi NCR as a major global aviation hub while supporting economic growth and regional development
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