Inflows into Indian equity mutual funds eased from record highs, with data showing a moderation in monthly net purchases. While SIP flows remain steady, thematic and sectoral funds saw slower subscriptions compared with the previous month. Fund managers say investors are reallocating between equity segments and increasing allocations to short-term debt amid expectations of future rate cuts. The shift signals a maturing investor base balancing return-seeking with yield sensitivity and highlights potential rotation opportunities across fund categories.