Indian equities attracted Rs 73,639 crore in April, far higher than March allocations as SIP inflows largely went to large‑caps, a report said on Saturday. 

The report from Vallum Capital said investors rotated toward value plays in PSU and BFSI names and moved away from technology stocks.

Until the broader equity market turns positive on a YTD basis, Indian capital appears focused on discipline rather than aggression, the report said.

April’s allocation was Rs 25,931 crore, higher than March, marked by a broad reversal across asset classes with money market and fixed income snapping out of heavy outflow, painting a picture of normalisation after March’s quarter-end disruption.

In addition, large‑cap fund inflows moderated to Rs 17,756 crore, down Rs 10,911 crore from the prior month.

However, it remains the dominant destination despite posting -8.0 per cent YTD, the weakest performance across segments.

“Investors are systematically SIPing into underperformance rather than rotating away, a hallmark of India’s maturing SIP culture,” the report said.

Within equity, dynamic strategies produced the largest monthly swing, moving from Rs 15,242 crore of outflows to Rs 19,755 crore of inflows, marking the largest monthly reversal across all equity sub-categories.

The turnaround was driven largely by arbitrage funds, which accounted for Rs 33,173 crore of the shift as institutional positioning unwound.

In the factor space, Growth was the only positive performer, returning 2.2 per cent in April and 2.9 per cent YTD, alongside rising inflows of Rs 1,022 crore.

Focused Funds, meanwhile, saw the steepest flow decline at Rs 1,008 crore outflows. 

Broad BFSI underperformed across themes yet attracted massive net flows, both within the BFSI pack and the wider thematic universe.

Within BFSI, Capital Markets led performance with 18.1 per cent YTD and 7.4 per cent in one month, supported by growing investor interest.