Mutual funds’ September 2026 portfolio moves: Top 5 stocks bought and sold across large-, mid- and small-cap segments
Mutual fund portfolios saw shifts across large-, mid-, and small-cap stocks in September 2026, with fund managers adding to their positions in some companies while trimming exposure to others.
These changes provide a snapshot of how mutual fund holdings evolved across different market-cap segments during the month.
According to the latest Fund Folio -Indian Mutual Fund Tracker report by Motilal Oswal Financial Services, mutual funds were net buyers in 28 of the 50 Nifty stocks in September 2026, accounting for 56% of the benchmark’s constituents.
The buying trend extended to mid- and small-cap stocks, with mutual funds being net buyers in 54 of the Nifty Midcap 100 constituents and 55 of the Nifty Smallcap 100 stocks, representing 54% and 55% of the respective indices.
Here are the five stocks in each market-cap segment that recorded the biggest increases and decreases in mutual fund shareholdings in September 2026.
Which large-cap stocks did mutual funds buy and sell most in September 2026?
Among Nifty 50 stocks, BSE recorded the sharpest increase in mutual fund holdings in September 2026, rising 34.6% from August. Mutual funds held 6.49 crore shares of the company at the end of September.
| Large-cap stocks bought | Shares Sep-26 (crore) | Shares Change – MoM (%) | Large-cap stocks sold | Shares Sep-26 (crore) | Shares Change – MoM (%) |
| BSE | 6.49 | 34.6 | Adani Ports and Special Economic Zone | 10.71 | -5.5 |
| Dr Reddy’s Laboratories | 12.56 | 6.0 | Tata Motors Passenger Vehicles | 34.20 | -4.2 |
| Tata Steel | 195.31 | 5.3 | TCS | 20.08 | -2.9 |
| Bajaj Finance | 60.90 | 4.0 | Grasim Industries | 3.50 | -2.5 |
| Cipla | 16.26 | 2.6 | Jio Financial Services | 32.28 | -2.3 |
*Source: Motilal Oswal Financial Services’ Fund Folio: Indian Mutual Fund Tracker; MoM refers to month-on-month change, comparing September 2026 with August 2026; Nifty 50 considered
Dr Reddy’s Laboratories followed with a 6% increase in mutual fund shareholdings, while Tata Steel and Bajaj Finance registered gains of 5.3% and 4%, respectively. Cipla rounded out the top five, with mutual fund holdings rising 2.6% month-on-month.
On the other hand, Adani Ports saw the steepest decline in mutual fund shareholdings, down 5.5% month-on-month. Tata Motors Passenger Vehicles followed with a 4.2% drop, while TCS recorded a 2.9% decline. Grasim Industries and Jio Financial Services saw mutual fund holdings fall by 2.5% and 2.3%, respectively.
Which mid-cap stocks saw most mutual fund buying and selling in September 2026?
| Mid-cap stocks bought | Shares Sep-26 (crore) | Shares Change – MoM (%) | Mid-cap stocks sold | Shares Sep-26 (crore) | Shares Change – MoM (%) |
| Swiggy | 78.08 | 19.8 | Rail Vikas Nigam | 0.51 | -41.9 |
| Patanjali Foods | 2.88 | 18.0 | Lodha Developers | 0.69 | -25.4 |
| Astral | 2.97 | 16.9 | REC | 15.52 | -14.3 |
| Billionbrains Garage Ventures | 63.16 | 10.2 | Cochin Shipyard | 1.09 | -12.2 |
| PB Fintech | 15.69 | 10.1 | Hindustan Copper | 0.65 | -9.2 |
*Source: Motilal Oswal Financial Services’ Fund Folio: Indian Mutual Fund Tracker; MoM refers to month-on-month change, comparing September 2026 with August 2026; Nifty Midcap 100 considered
Among mid-cap stocks, Swiggy saw the largest increase in mutual fund buying in September 2026, with the number of shares rising 19.8% month-on-month. Patanjali Foods followed with an 18% increase, while Astral recorded a 16.9% rise.
On the selling side, Rail Vikas Nigam recorded the steepest decline in mutual fund shareholdings, down 41.9% from August. Lodha Developers followed with a 25.4% drop.
Which small-cap stocks saw most mutual fund buying and selling in September 2026?
| Small-cap stocks bought | Shares Sep-26 (crore) | Shares Change – MoM (%) | Small-cap stocks sold | Shares Sep-26 (crore) | Shares Change – MoM (%) |
| Cupid | 0.77 | 337.7 | IDBI Bank | 1.29 | -44.7 |
| Bharat Coking Coal | 1.40 | 25.6 | Mangalore Refinery & Petroleum (MRPL) | 0.56 | -33.9 |
| Vedanta Power | 8.84 | 24.3 | Tata Chemicals | 2.05 | -11.9 |
| Godawari Power and Ispat | 2.23 | 21.3 | Amara Raja Energy & Mobility | 0.94 | -8.2 |
| Natco Pharma | 0.39 | 21.0 | Welspun Corp | 1.72 | -7.7 |
*Source: Motilal Oswal Financial Services’ Fund Folio: Indian Mutual Fund Tracker; MoM refers to month-on-month change, comparing September 2026 with August 2026; Nifty Smallcap 100 considered
Among small-cap stocks, Cupid recorded the sharpest increase in shares held by mutual funds in September 2026, rising 337.7% month-on-month.
Bharat Coking Coal followed with a 25.6% increase, while Vedanta Power and Godawari Power saw holdings rise 24.3% and 21.3%, respectively.
On the selling side, IDBI Bank recorded the steepest decline in mutual fund shareholdings, down 44.7% from August 2026. MRPL followed with a 33.9% drop, while Tata Chemicals saw holdings fall 11.9%.
Disclaimer: This is purely for educational/informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.
