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.
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.
| 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.
| 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%.
Sheetal Goel is a Content Producer at Livemint, where she covers corporate developments, personal finance, business trends, markets, and SEBI-related updates. She focuses on simplifying complex financial concepts and presenting them in a clear, reader-friendly manner, thereby helping audiences better understand investment trends, personal finance, and market developments. Her writing focuses on making finance more accessible to everyday readers while maintaining clarity, accuracy, and relevance. <br><br> She holds a degree in Economics (Hons.) along with an MBA in Finance, which has helped her develop a strong foundation in financial analysis, market understanding, and business reporting. Before joining journalism, she worked with finance and broking firms, where she closely followed market developments, investment strategies, and evolving industry trends. This practical exposure strengthened her understanding of financial markets. She has also written content across multiple formats and platforms, including YouTube, LinkedIn, and Instagram. <br><br> Over time, she has developed expertise in covering market-linked stories, investor-focused topics, and regulatory updates in a simplified yet informative style. She also enjoys reading and listening to Hindi poetry, reflecting her appreciation for literature and creative expression beyond the world of markets and numbers.
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