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Market participants attributed the increase in investment in banking shares to measures announced by the new Reserve Bank of India (RBI) Governor Raghuram Rajan coupled with overall surge in the stock market.
The central bank had in July opened a special borrowing window of Rs 25,000 crore to help the crisis-ridden funds tide over liquidity problems.
Investors have put in nearly Rs 24,000 crore in various mutual funds in August after pulling out money from such schemes in the preceding two months.
BNP PARIBAS MIDCAPhas fallen only 7.56 per cent compared with the category's -14.61 per cent.
Equity funds have started shedding the gains that they made in 2012-13 as average one-year return from diversified schemes dropped below 2 per cent.
This year, the Franklin India Smaller Companies limited its fall to 1.59% against the category's fall of 9.63%.
Sundeep Sikka, who was elected chairman of the Association of Mutual Funds in India (AMFI) on Thursday, said the opportunities for mutual fund players is now immense.
Banking funds which shed close to 6 per cent in the one-year period are likely to get a boost from the US Fed decision to continue liquidity infusion at same pace.
IDFC Premier Equity has outperformed its index in the past five years.
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