Indian investors contributed a record 322.97 billion rupees ($3.39 billion) through systematic investment plans (SIPs), monthly investment programs, in August, a 1.1% increase from the previous month. The Association of Mutual Funds in India said the inflows continued despite pressure on Indian equities and concerns that volatility could deter retail investors. Overall equity mutual fund inflows rose 18.8% month-on-month to 293.29 billion rupees, led by record buying in small- and mid-cap funds. Mid-cap inflows increased about 13% to 69.89 billion rupees, while small-cap inflows rose 2.6% to 79.73 billion rupees. Small- and mid-cap indexes reached record highs even as the Nifty 50 and Sensex fell 1.2% and 1.5%, respectively, amid higher oil prices and increased expectations of a near-term U.S. rate hike. Equity funds have now attracted net inflows for 66 consecutive months. Large-cap funds recorded outflows of 11.47 billion rupees for a second straight month, while gold exchange-traded fund (ETF) inflows jumped 67% to 25.97 billion rupees. WhiteOak Capital's Hiren Dasani said investors were looking beyond short-term volatility and allocating to Indian equities for long-term earnings growth. AMFI CEO Venkat Chalasani said positive domestic conditions and measures by the Reserve Bank of India to support the rupee were sustaining inflows, despite volatile global factors including Middle East geopolitical tensions.