AMFI April 2026 data: 7 Mutual Fund trends after the March surge

Here’s what actually changed during the month:

1. Equity inflows ease slightly after the March high

2. Flexi caps stay on top across both months

Flexi cap funds continued to lead equity flows, with ₹10,147 crore in April, slightly higher than ₹10,054 crore in March.

3. Mid and small caps hold firm after strong March

Midcap funds saw inflows of ₹6,551 crore in April, up from around ₹6,063 crore in March. Small caps also stayed strong at ₹6,885 crore, compared to ₹6,263 crore in March. So despite market volatility concerns, retail interest didn’t really fade.

4. Large caps lose some momentum

Large-cap funds slipped to ₹2,524 crore in April, down from ₹2,997 crore in March. That suggests some rotation.

5. Debt funds still dominate overall flows

Debt mutual funds continued to attract massive money, ₹2.47 lakh crore in April, compared to March levels (which were weaker and more volatile). Overnight and short-duration funds also remained steady, while long-duration and gilt funds continued to see outflows, reflecting caution around interest rate risk.

“Debt-oriented schemes saw a sharp rebound in April 2026, recording net inflows of ₹2.47 lakh crore, driven primarily by strong inflows into liquid, overnight, and other short-duration funds. This reflects the typical post year-end redeployment of liquidity after March outflows. However, long-duration and gilt categories continued to see outflows, indicating persistent caution on interest rate risk, while corporate bond funds recovered with moderate inflows," said Umesh Sharma, CIO(Debt), The Wealth Company Mutual Fund.

6. Liquid funds remain the biggest magnet

Liquid funds alone pulled in ₹1.65 lakh crore in April, while overnight funds added ₹31,420 crore. Even after March, a lot of money is still sitting in very short-duration instruments, waiting for clearer signals.

7. Hybrid and index funds stay steady, not exciting

Hybrid funds continued to see balanced inflows:

Arbitrage funds: ₹12,378 crore in April (vs strong March levels)

Multi-asset funds: ₹5,113 crore

Meanwhile, gold exchange-traded funds saw inflows of ₹3,040 crore during the month, which was higher than the ₹2,266 crore in March.

"Overall, April trends indicate renewed allocation to short-term debt post year-end, sustained equity optimism, and increasing preference for diversified strategies, with investors remaining cautious on duration risk amid global uncertainty,” said Umesh Sharma.

Disclaimer: The information contained in this article is for informational purposes only and does not represent investment advice from Upstox. Investment decisions should be made based on independent research or consultation with a registered financial advisor. Past performance is not indicative of future results.