Despite rising trade war worries, as well as a fall in the rupee-dollar, the Nifty scaled fresh highs in July. The portfolio rejig was as its best as mutual funds added beaten down names like ITC, State Bank of India, ICICI Bank, NTPC, and Larsen & Toubro, Edelweiss Research said in a note.

Most of these bets have worked out really well as is evident from the sharp jump in many names after the Q1 FY19 results. On the other hand, profit booking was seen in Maruti Suzuki, Kotak Mahindra Bank, HDFC Bank, Bajaj Finance and IndusInd Bank, it said.

Inflows were driven by participation from retail investors via the systematic investment (SIP) route. Retail equity assets under management touched Rs 10 lakh crore last month from Rs 9.61 lakh crore at June-end.

“Markets have been volatile since the start of the year. Investors have remained sanguine about the market, despite global challenges and domestic news flow. Though the market fell, investors have remained patient,” Jinesh Gopani, Head - Equity, Axis Mutual Fund, said.

“SIP inflows are a good barometer for ascertaining retail sentiment and is a true indicator for long-term money. SIP flows continue to remain buoyant at Rs 7,500 crore as of June-end,” he said.

According to Association of Mutual Funds of India data, the asset under management (AUM) of the industry, comprising 42 players, was Rs 22.86 lakh crore as of June-end. The total asset base of all fund houses put together was Rs 19.97 lakh crore in July last year.

Edelweiss in its research note lists out 30 stocks which received maximum inflows. It is not surprising that largecaps like ITC, ICICI Bank, and State Bank of India saw flows of over Rs 1,000 crore.