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<ul><li><keyword id="6357979" type="General" weightage="100" keywordseo="mutual-funds" source="Orion">Mutual funds</keyword> raised stakes in the financial services sector as economic activity and consumer demand picked up in July.</li><li>Research reports suggest that the sharp rally in July led to profit booking by mutual funds and investors alike.</li><li>Overall, the Indian mutual fund industry has ₹37.8 lakh crore of assets under its management.</li></ul>Mutual funds continued to plough in money into equities in July, after making purchases of nearly $2 billion in June. And, they are betting on financial services firms the most, as their stake in the overall mutual fund holdings increased to 31.56% from 30.56% in July. According to data from AMFI and ICICI Direct, mutual funds invested over $1 billion in July, and their biggest purchases included <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="268065" type="General" weightage="80" keywordseo="hdfc-life-insurance" source="Orion">HDFC Life Insurance</keyword>, and United Phosphorus, among others. Zomato’s purchases came after the stock experienced a major correction after the lock-in period ended in July, <a href="https://www.businessinsider.in/stock-market/news/why-is-zomato-share-price-down-today/articleshow/93101975.cms">resulting in a 22% correction</a>. Another interesting entry into the list is Wipro, which <a href="https://www.businessinsider.in/business/corporates/news/wipros-net-profit-drops-12-drop-in-q1-as-recession-fears-grip-its-non-us-clients/articleshow/93006573.cms">missed analyst estimates in terms of growth and margin</a>. Its rivals TCS and Infosys have seen mixed movements, with some fund houses paring their stakes while others have added. Overall, the Indian mutual fund industry invested ₹8,900 crore into Indian equities in July, down from ₹15,500 crore in June. “After having seen lows in previous months, the sharp rally in July led to many investors shying away from putting incremental money and few exiting as well during recovery,” said a report by ICICI Direct. Some other of the biggest names that mutual funds purchased includes Rakesh Jhunjhunwala-backed Star Health and the government-owned National Aluminium Company, among others. “On a month-on-month basis, the weights of NBFCs, private banks, consumer, retail, automobiles, capital goods, PSU banks, metals, cement, and media increased, while the weights of oil &amp; gas, technology, telecom, healthcare, and utilities moderated,” said a report by Motilal Oswal. Overall, according to the Association of Mutual Funds in India (AMFI), the total assets under management (AUM) of the Indian mutual fund industry increased to ₹37.8 lakh crore in July 2022 from ₹35.6 lakh crore in June 2022. There has been a sharp growth in MF AUMs which grew at around 90% in the last five years. In the past decade, AUMs multiplied by over five times, from ₹7 lakh crore in July 2012 to ₹37.8 lakh crore in July 2022. <div type="image" title="Mutual fund large cap July 2022." msid="93651789" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the large cap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund midcap July 2022." msid="93652196" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the midcap segment&amp;lt;/p&amp;gt;"></div> <div type="image" title="Mutual fund small cap July 2022." msid="93652308" hostid="261" caption="&amp;lt;p&amp;gt;Mutual fund activity in the small cap segment&amp;lt;/p&amp;gt;"></div> <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-becomes-first-group-company-to-hit-4-lakh-crore-market-cap/articleshow/93593431.cms">Adani Transmission becomes first group company to hit ₹4 lakh crore market cap</a> <a href="https://www.businessinsider.in/stock-market/news/rakesh-jhunjhunwala-backed-concord-biotech-files-for-an-ipo/articleshow/93594255.cms">Rakesh Jhunjhunwala-backed Concord Biotech files for an IPO</a> <a href="https://www.businessinsider.in/stock-market/news/checkout-rakesh-jhunjhunwala-top-stocks-current-valuation/articleshow/93589814.cms">Rakesh Jhunjhunwala’s top five stocks delivered 3 times the returns Nifty50 did</a>

Mutual funds tank up on financial services and retail stocks

<ul><li>Out-of-pocket <keyword id="116279" type="General" weightage="20" keywordseo="medical-expenses" source="Orion">medical expenses</keyword> refer to the costs that are not covered under <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> policies. </li><li>Insurers typically do not cover medical items and supplies that are used during hospitalisation or medical procedures.</li><li>Opting for certain add-ons will help ensure that most of the out- of-pocket expenses are covered under your health insurance policy.</li></ul>Ahmedabad-based Neeraj Patel who has a health insurance cover of ₹10 lakh, was admitted to a hospital a few months ago for a surgery. While the hospitalisation was cashless, Patel had to pay ₹35,000 out of the final bill of ₹1,60,000. On analysing his bill he figured out certain expenses were not covered under the policy. Like Neeraj, you may also be caught unawares by a substantial bill even after having a surgery under a health insurance. <cmsannotation type="cmsannotation" annotationid="General health insurance doesn’t cover everything" comment="Subhead" text="General health insurance doesn’t cover everything">General health insurance doesn’t cover everything</cmsannotation> A health insurance policy is taken to ensure all expenses related to hospitalisation are covered by the insurer. However, that may not always be the case. “Out-of-pocket medical expenses refer to the costs that individuals pay for healthcare services and treatments directly from their own pockets and are not covered under health insurance policies,” says Parthanil Ghosh, president, retail business, HDFC ERGO General Insurance Company. Certain costs are not covered under a normal health insurance policy (see box), while there could be some costs that are not covered because the policy comes with certain features to keep the premiums affordable. <cmsannotation type="cmsannotation" annotationid="Possible out of pocket expenses" comment="subhead" text="Possible out of pocket expenses">Possible out of pocket expenses</cmsannotation>: <cmsannotation type="cmsannotation" annotationid="OPD (Outpatient department expenses):" comment="Subhead" text="OPD (Outpatient department expenses):">OPD (Outpatient department expenses): </cmsannotation>A health insurance policy typically does not cover OPD expenses undertaken by the policyholder, as per Digit General Insurance. This includes expenses related to doctor consultations, pharmacy bills, diagnostic tests, investigative tests, among others. Consumables: Insurers typically do not cover medical items and supplies that are typically used during hospitalisation or medical procedures. These include any administrative charges, gowns and gloves used by medical staff, surgical blades, syringes, other disposable materials, among others. <cmsannotation type="cmsannotation" annotationid="Admission for investigation and evaluation" comment="subhead" text="Admission for investigation and evaluation">Admission for investigation and evaluation</cmsannotation>: Expenses related to any admission primarily done for any diagnostics and evaluation purposes might not be covered by the insurer and one may have to incur such costs out of their own pocket. <cmsannotation type="cmsannotation" annotationid="Hospitalisation due to PED or Specific Illnesses:" comment="subhead" text="Hospitalisation due to PED or Specific Illnesses:">Hospitalisation due to PED or Specific <keyword id="156131" type="General" weightage="20" keywordseo="illnesses" source="Orion">Illnesses</keyword>: </cmsannotation>If you have a Pre-existing disease (PED) or get admitted for some specific illness, there might be a waiting period for the same. If the specified waiting periods have not been completed, the hospitalisation costs under such scenario would have to be borne by the policyholder. It is important to be aware that some health insurance policies have limitations on what they cover, including room rent and ambulance fees. “If these expenses exceed the predetermined amount outlined in your policy, you may have to pay the additional costs out of pocket, even if you haven't exhausted all of your insurance funds,” says Siddharth Singhal, Business head, health insurance, Policybazaar.com. For example, if your health insurance policy has a room rent cap of ₹10,000 and your room costs Rs 13,500, you have to pay ₹3,500 from your own pocket. Thus, if you are in the hospital for six days, you’ll have to shell out ₹21,000 from your own pocket. Also, in case you have taken a health insurance policy with co-payment (wherein you agree to bear a specific portion of the incurred medical expenses) or with deductibles (where you are required to pay a certain amount before the insurance company starts paying up for the treatment expenses), you may have to pay a portion of the bill on your own. <cmsannotation type="cmsannotation" annotationid="Add-ons you can consider" comment="Subhead" text="Add-ons you can consider">Add-ons you can consider</cmsannotation> Health insurance policies offer riders or add-on options to cover specific out-of-pocket expenses. They would require you to pay an additional premium but will take care of most of your out of the pocket expenses. Here are some key add-ons. <cmsannotation type="cmsannotation" annotationid="Consumables cover" comment="subhead" text="Consumables cover">Consumables cover</cmsannotation>: This add-on offers <keyword id="6445915" type="General" weightage="20" keywordseo="coverage" source="Orion">coverage</keyword> for consumable medical items and materials utilised during a patient's hospital stay or treatment. “Non-medical expenses like PPE kit, gloves, etc are considered consumables and are not covered by the insurer. This typically amounts to about 6-14% of the overall hospitalisation expenses. Adding a consumable cover ensures the insurer also pays for all such expenses as well. Adding a consumables cover may increase your premium by 8-12%,” says Vivek Chaturvedi, CMO and head of direct sales, Digit General Insurance. <cmsannotation type="cmsannotation" annotationid="OPD Cover" comment="subhead" text="OPD Cover">OPD Cover</cmsannotation>: Adding this feature to your health insurance can be really useful. It goes beyond the typical hospital stays and covers you for medical costs when you visit the doctor, get tests, or need medications. Even those minor procedures that don't require a hospital bed are included. Whether it's a routine check-up or something more serious, this add-on has your back. <cmsannotation type="cmsannotation" annotationid="Add-ons to reduce the waiting period" comment="subhead" text="Add-ons to reduce the waiting period">Add-ons to reduce the waiting period</cmsannotation>: Health insurance usually has a waiting period of 3-4 years for pre-existing diseases(PED) and 2-3 years for specific illnesses. “However, one can take an add-on by paying a higher premium and reduce the waiting period,” says Chaturvedi. For example, reducing a PED waiting period of 3 years and specific illness waiting period of 2 years to a year each for a 40-year-old can increase your premium by 18%. <cmsannotation type="cmsannotation" annotationid="Select a comprehensive health insurance policy" comment="subhead" text="Select a comprehensive health insurance policy">Select a comprehensive health insurance policy</cmsannotation> Selecting insurance plans that do not include sub-limits and deductibles is a prudent choice as it allows you to fully utilise the insured amount and will cover your medical bills as long as they do not surpass the sum assured. “Choose a health insurance policy that explicitly covers out-of-pocket expenses as well so that you don’t need to bear the extra burden of arranging money to pay for such expenses,” says Ghosh. However, it's crucial to strike a balance, ensuring that the added coverage doesn't come at the expense of unaffordable premiums as you get older. The key is to consider add-ons carefully, focusing on those that have the potential to significantly increase your out-of-pocket expenses.

Explained: How to reduce out of pocket expenses in health insurance claim

ETFs performed better than actively-managed equity mutual funds in FY23

Global <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> demand declined by 13 per cent year-on-year to 1,080.8 tonnes during the January-March quarter of this year, mainly due to outflows from European-listed <keyword id="982068" type="General" weightage="20" keywordseo="exchange-traded-fund" source="Orion">exchange-traded fund</keyword> (<keyword id="6357062" type="General" weightage="20" keywordseo="etf" source="Orion">ETF</keyword>) products, according to the World Gold Council (<keyword id="142987" type="General" weightage="20" keywordseo="wgc" source="Orion">WGC</keyword>). The total gold demand stood at 1,238.5 tonnes during the first quarter of 2022, WGC's Gold Demand Trends Q1 2023 stated. Holdings of global gold ETFs fell during Q1, with 29 tonnes of outflows in January and February equivalent to a USD 1.5 billion in outflow, the report said, adding that the majority of outflows came from the European-listed products. However, North American-listed ETFs, as well as those listed in other regions, witnessed a recovery in inflows during the first quarter of 2023, it added. "The mixed picture for quarter one highlights how gold's diverse sources of demand underpin its role and performance as a global asset," WGC Senior Markets Analyst Louise Street said. "Growth in some regions offset weakness in others as different economic forces and demand drivers played out in the global gold market. One commonality was that different types of investors looked to gold as a store of value in uncertain times," Street added. She, however, noted that against the backdrop of turmoil in the banking sector, ongoing geopolitical tensions and a challenging economic environment, gold's role as a safe haven asset has come to the fore. Moreover, it is likely that investment demand will grow this year, especially with waning headwinds from the strong US dollar and interest rate hikes, she said. She further noted that positive demand for gold ETFs has continued in the second quarter so far, and the looming threat of developed market recession may be the trigger for inflows to accelerate later in the year. "Central bank buying is likely to remain strong and will be a cornerstone of demand throughout 2023, even if at lower levels than the record highs seen last year," she added. Central banks have helped boost demand adding 228 tonnes to global reserves, a quarter-one record high in this data series, compared to 83 tonnes in the same period last year, said the report. "<keyword id="17331412" type="General" weightage="20" keywordseo="central-banks-of-singapore" source="Orion">Central banks of Singapore</keyword>, China and Turkey were the top buyers, while the Reserve Bank of India also added 7 tonnes to its reserves during the January-March quarter," WGC Regional CEO, India, Somasundaram PR told PTI. On the supply side, there was a slight increase in the first quarter to 1,174 tonnes, with marginal 2 per cent growth in mine production and a 5 per cent uptick in recycling driven by the higher gold price. The report further noted that bar and coin investment strengthened 5 per cent year-on-year to 302.4 tonnes compared to 287.7 tonnes in the same period of 2022, although there were notable shifts in key markets. The US bar and coin demand hit 32 tonnes in the first quarter, the highest quarterly level since 2010, and was driven primarily by recession fears and a flight to safety amid the banking turmoil, it said. This increase helped offset weakness in Europe and particularly Germany where there was a 73 per cent drop in demand, they stated. Meanwhile, jewellery performance was relatively flat in the first quarter at 477.9 tonnes compared to 475.3 tonnes in the corresponding period of 2022, the WGC report said. The report stated that Chinese demand regained ground, reaching 198 tonnes in its first quarter of unfettered consumer activity since lockdown restrictions were lifted. "Demand in China went up by 16 per cent due to the lifting of restrictions from the lockdown imposed to control the spread of Covid-19 and Chinese New Year," Somasundaram said. Meanwhile, demand in India declined as consumption fell by 17 per cent year-on-year to 78 tonnes during January-March 2023, mainly on account of a sharp increase in domestic gold prices to over Rs 60,000 per 10 grams and continued volatility in price. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-paytm-tvs-hero-motocorp-britannia-among-stocks-to-watch/articleshow/100001235.cms">Sensex, Nifty50 slip amid weak global cues: HDFC twins tumble over 5%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-hdfc-market-capitalisation-falls-after-msci-tweak/articleshow/100006092.cms">HDFC Bank, HDFC market capitalisation falls nearly ₹88,000 crore after MSCI tweak</a>

Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

Mumbai, Jun 17 () India's largest private sector lender HDFC Bank on Wednesday said its consumer finance loans are growing and the amount disbursed has got back to the pre-Covid levels of Rs 1,000 crore a month. The city-headquartered lender's country head for consumer finance Parag Rao said changes in lifestyle due to aspects like lockdowns and work from home has created additional demand for items such as television sets, laptops, Wi-Fi routers and even vacuum cleaners, which the bank is funding at present. It can be noted that driving consumption demand in the economy has been one of the toughest challenges which policymakers are grappling with, and economists have expressed concerns about the same. Acknowledging that a part of the traction being witnessed by the bank is pent-up demand, Rao said there is a "set of consumer appliances where demand is going up". In April, the consumer finance business had fallen by 80-85 per cent and recovered to the March levels in May, even though the non-lockdown conditions prevailed for only ten days. Rao, who also heads the credit card and payments verticals, said traditional high ticket expenditures in categories like air tickets and hotel bookings is not present as the services continue to be shut and it will take time for the same to jump back to the old levels. From an expenditure perspective, shares of small value transactions have gone up as a share of the overall pie, Rao said. As against 8-9 per cent earlier, the small value spends of up to Rs 500 generally made for daily errands now account for nearly a fourth of the overall card spending on the reduced denominator, Rao said. "People are pulling out their cards for more number of occasions and hence, activity on cards has gone up," he said. The upcoming fintech players are competitors but not disruptors, he asserted, adding that emergence of newer players helps broaden the market opportunity. "The yeoman's job which this competition is doing is I think it is expanding the market," he said. He said HDFC Bank is a full service bank offering an entire suite of products, including payments and deemed to suggest sustainability is important for the lender. "Sustainable market leadership is not just about throwing cashbacks or having the best customer experience. It involves all of it but also means that in your business model you value sustainability," he said. AA MKJ

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Mutual funds tank up on financial services and retail stocks

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Explained: How to reduce out of pocket expenses in health insurance claim

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ETFs performed better than actively-managed equity mutual funds in FY23

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Gold demand dips 13% globally in Jan-Mar quarter says World Gold Council

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Consumer loans disbursement back to pre-Covid level: HDFC Bank

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