MFs' pace of buying in May slows as shares surge

Fund managers collectively invested Rs 8,959 cr in May, a fifth less than the Rs 11,244 cr in April

Mutual funds (MFs) have dropped the pace of buying amid the benchmark indices touching record highs in May.

According to statistics from the Securities and Exchange Board of India (Sebi), fund managers collectively invested Rs 8,959 crore in May, a fifth less than the Rs 11,244 crore in April.

The investment figure last month was, however, much more than the average monthly investment of Rs 6,350 crore for 2017 so far.

Some fund managers were taking money off the table as stocks climbed to record levels, resulting in lower investment tally.

"Markets on the index level are high enough to make us re-look at