Equity mutual fund net inflows were down 14.75% month-on-month to ₹24,697 crore this July as investors preferred debt-oriented schemes, according to data from Centre for Monitoring Indian Economy (CMIE). The road for equity mutual fund schemes has been bumpy since the start of 2026, with net inflows declining in four of the first seven months. Indicating the gaining popularity of debt mutual funds among investors, their inflows increased to ₹1.88 lakh crore, a month after the category witnessed an outflow of more than ₹1 lakh crore. Liquid funds were the biggest beneficiaries, garnering net inflows of ₹1,19,066 crore, followed by overnight funds ₹40,413 crore and money market funds ₹21,180 crore. Among the equity categories, smallcap funds led the inflows, attracting ₹7,768 crore in July, followed by midcap funds with ₹6,192 crore and flexicap funds with ₹4,710 crore.