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A weak trend in European markets and unabated foreign fund outflows also negatively impacted the domestic equity market with Sensex ending 632 points lower at 60,115 points.

“For bulls, 18000 would be the key level to watch out for, and above the same, the index could retest the level of 18100-18150. On the flip side, 17800 would act as a sacrosanct support zone, below which selling pressure is likely to accelerate and drag down the index up to 17700-17675,” said Shrikant Chouhan of Kotak Securities.

The fund, launched in 2021, provides so-called "growth capital" to companies further along in developing solutions in clean energy, sustainable transport, waste and materials, sustainable food and agriculture and ecosystem services.

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Citing the downside risks to earnings, the brokerage has cut the earnings per share (EPS) estimates for FY24 and FY25 due to a slower-than-expected net addition of subscribers, lower margins, and interest expenses.

The increase in asset base in 2022 is mostly the result of advanced SIP flows, which touched Rs 13,000-crore for the second time in a row in November. Besides, industry body Amfi has played an important role in driving awareness towards mutual funds among retail investors, Akhil Chaturvedi, Chief Business Officer of Motilal Ostwal AMC, said.

Private equity investment inflows into the country fell by a sharp 42 per cent in 2022 from last year to USD 23.3 billion -- the lowest annual inflows since 2019 when it was a low USD 15.8 billion, but still relatively elevated compared to historical levels, said Elaine Tan, a senior analyst at Refinitiv, the LSEG business arm that provides financial markets data and insights.

“It is not like you can buy anything and everything in the universe which is in single or double digit and expect that to be a multibagger. You can fall flat on your face not once, but many times in adventuring into these kind of ideas. But at the same time, there are certain stocks which have the capability of turning out to be a reasonable good investment bet.”

Small-cap funds accounted for most of the investments at 22.45 billion rupees. Large-cap funds saw outflows falling to 0.26 billion rupees, compared to outflows of 10.39 billion rupees in the previous month.

The brokerage reiterate BUY on Oil India (TP INR 260) given strong dividend play and also because CMP is discounting only ~USD 50/bbl net crude realisation.