UTI Mutual Fund on Thursday said rising oil prices, fiscal constraint and rupee weakness led to equity sell-off in the market.

In an interview to CNBC-TV18, Swati Kulkarni, executive vice president and equity fund manager, said global tensions and trade wars were behind the global sell-off in recent times.

"The tightening that is happening and the interest rates going up in US led investors to dollar based assets. All this we cannot time perfectly when it will come, but we have been raising these issues repeatedly on volatility and those things are playing out now," Kulkarni said.

However, equity flows have not been affected, she said, "There are some people taking profits in some of the investments, which are now more than one year or so. I think that is business as usual and we are not seeing any noticeable trend as far as my funds are concerned."

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