Refer to important disclosures at the end of this report Indian Mutual Funds Tracker: Money shifting from IT Services to Cap-goods Subdued flows into equity funds: Flows into domestic equity MFs in Dec-19 bounced back to ~Rs40bn from the lows seen in Nov-19, but still half the levels seen during the peak of Aug19. We note that during this time, FPI flows into the Indian equity markets have rebounded quite sharply. Between Jul-19 and Sep-19, equity funds deployed a lot of their cash into their active portfolios, and that situation has remained largely similar going into Dec-19. Money taken out of IT/Auto, put into Cap-goods/Consumer: In Dec-19, equity funds...