Equity mutual funds in India pulled in ₹38,306.55 crore in September, up 30.61% from August, according to AMFI data released Monday.

Retail investors kept buying even though the market fell during the month. According to one analyst interviewed, the sentiment would have turned to mutual funds as a safer investment strategy to hedge against the perceived unpredictability of the market.

Key details: Monthly SIP contributions reached a record ₹32,490 crore, up about 0.6% from ₹32,297 crore in August.

Equity MF inflows rose 31% to ₹38,307 crore and SIPs hit a record ₹32,490 crore, even as debt outflows pulled industry AUM down 5.1% to ₹82.64 lakh crore.

Small-cap funds drew the most money at ₹9,038.57 crore, ahead of mid-caps at ₹7,834.84 crore and flexi-caps at ₹6,701.80 crore. Debt funds saw heavy withdrawals: liquid funds lost ₹95,743.20 crore and money market funds lost ₹50,846.21 crore. Total industry AUM fell 5.1% month on month to ₹82.64 lakh crore but was up 9.3% from a year earlier.