Indian share markets witnessed selling pressure throughout the day and ended lower, amid concerns over the impact of coronavirus on global economy.

The BSE Sensex stood lower by 162 points, while the NSE Nifty closed down by 67 points.

The BSE Mid Cap index ended the day down by 0.8%, while the BSE Small Cap index ended down by 0.4%.

All sectoral indices ended on a negative note with stocks in the metal sector, automobile sector and power sector witnessing most of the selling pressure.

Asian stock markets tumbled further, as the death toll from the coronavirus outbreak surpassed the SARS epidemic, raising alarm bells about its severity.

As of the most recent closing prices, the Hang Seng was down 0.7% while the Nikkei was down 0.6%.

The rupee was trading at 71.33 against the US$.

In news from the banking sector, shares of Yes Bank gained 5% in early trade today after the bank's shareholders cleared fund raising proposal of up to Rs 100 billion by issuing equity shares or convertible securities which would help enhance the private sector lender's capital adequacy.

At an extraordinary general meeting on Friday, investors authorised the lender's plan to raise capital through issuance of equity shares or other convertible securities.

They also approved a resolution to increase authorised share capital from Rs 8 billion to Rs 11 billion.

Note that, the bank has scaled down its fundraising plan substantially to Rs 100 billion, from US$ 2 billion approved by the board in November, as it continued with its struggle to get investors.

Last month, rating agency India Ratings and Research (Ind-Ra) maintained Yes Bank's long-term issuer rating of 'IND A' on rating watch negative (RWN) and withdrawn its short-term issuer rating of 'IND A1'.

Yes Bank share price ended the day down by 2.6%.

Moving on to news from the mutual funds space, as per an article in The Economic Times, equity mutual funds witnessed the highest ever investments in the last 10 months in January.

Data released by the Association of Mutual Funds in India (AMFI) showed that monthly inflows stood at Rs 219.2 billion. The inflows have risen by around 10% on a month-on-month basis.

Mutual funds collected Rs 85.3 billion via SIP in January.

All the equity categories except dividend yield fund and value fund witnessed positive inflows last month. Given the higher inflows and lower redemptions than the last month, equity mutual funds saw 5-month-high net inflows worth Rs 78.8 billion.

SIP folios crossed the mark of Rs 30 million folios for the first time. SIP AUM stood at Rs 3.35 lakh crore, up by Rs 78.5 billion.

New SIPs registered during the month were Rs 12.07 lakh.

Total assets under management as on 31 January 2020 stood at Rs 27.85 lakh crore, 5% higher month-on-month.

Total industry AUM was 19% higher than the same month last year.

Speaking of the mutual fund industry, note that the Indian mutual fund industry is a high growth sector.

In fact, the growth rate over the last five years has been even higher. The chart below shows the trend in mutual fund AUMs since FY14.

Mutual Fund AUM Tripled in Just 5 years

Over the last five years, mutual fund AUMs have nearly tripled, growing at 23.5% CAGR.

Recently, NSE-backed Computer Age Management Services (CAMS) filed a draft red herring prospectus with the market regulator. CAMS is the largest registrar and transfer agent (RTA) for mutual funds in India.

Being the largest registrar and transfer agent for mutual funds, CAMS is a direct beneficiary of the twin megatrends of financialisation and digitalisation.

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