What Indian mutual funds bought and sold in September 2026
Most of September's buying and selling was an index review, not a decision. NSE Indices' twice-yearly changes took effect on 30 September, moving BSE into the Nifty 50 in place of Wipro, and the index funds in our data followed them. The active money went to two listings at the end of the month, NSE's own and Elevate Campuses', and to Corona Remedies.
By Meet Shah · Published
How to read these numbers
Each scheme's portfolio as on 30 September 2026 is compared with the same scheme's previous portfolio in our data: August's for 185 schemes, July's for eight. A stock's fund change is how many more (or fewer) of those schemes held it. The rupee change is the change in the market value of those holdings, so it includes the stock's own price move: it is not the amount of money funds spent.
September is a partial month in our data. Only 193 schemes have both portfolios, from seven fund houses: SBI Mutual Fund (71), DSP (54), Groww (38), HDFC (13), NJ (6), Mirae Asset (6) and JM Financial (5). The other 15 fund houses' September portfolios are not in our data yet, and Canara Robeco, PPFAS and most HDFC and Mirae Asset schemes have no earlier portfolio to compare with. The 193 also lean passive: 98 of them are index funds or ETFs, about half, which is why an index review shows up so strongly. Read this as a first look at September, not the whole industry.
BSE into the Nifty 50, Wipro out
NSE Indices, which runs the Nifty indices, reviews them twice a year. The review it announced on 10 August took effect on 30 September, after trading on the 29th, so the 30 September portfolios are the first to show it. The headline change: BSE, the stock-exchange operator, joined the Nifty 50 in place of Wipro, which moved to the Nifty Next 50. BSE came up from the Nifty Midcap 150.
The index funds did exactly that. All ten Nifty 50 index funds and ETFs in our data, four of which hold the index at equal weights, added BSE and dropped Wipro. The six that track the Midcap 150 sold BSE, and the six that track the Next 50 bought Wipro. Net, 8 more schemes held BSE at the end of September than at the end of August, and the value they held rose by ₹2,762 crore, the largest rise of any stock in the month. SBI Nifty 50 ETF alone held ₹2,450 crore of BSE at the end of September, and had held ₹969 crore of Wipro at the end of August.
Not every move was passive. Five active schemes added BSE too, four of them SBI's, led by its ELSS Tax Saver Fund. And SBI Contra Fund, which held no Wipro in August, held ₹238 crore of it at the end of September, as the index funds sold.
The Next 50 changed in step. Hitachi Energy India, Polycab India, Vedanta Aluminium Metal and Vodafone Idea joined it alongside Wipro, while Indian Hotels, Lodha Developers, REC, Shree Cement and United Spirits left it for the Midcap 150.
The most-bought stocks were mostly index entries
Below the Nifty 50 the review moved many more stocks. The Nifty Smallcap 250 replaced 33 of its 250, and each of the seven Smallcap 250 index funds and ETFs in our data dropped the same 33 stocks and added new entrants in their place. Index funds tracking the Nifty 500 and the wider indices built from it moved with their own lists. Because many schemes track overlapping indices, one index change can move ten or more of them at once.
| Stock | Funds | Value change |
|---|---|---|
| Vedanta Aluminium MetalIndex funds | +14 | +₹140 Cr |
| Sansera EngineeringIndex funds | +10 | +₹42 Cr |
| Corona RemediesSBI's active funds | +9 | +₹466 Cr |
| Rubicon ResearchIndex funds | +9 | +₹45 Cr |
| CupidIndex funds | +9 | +₹20 Cr |
| SPR Auto TechnologiesIndex funds | +9 | +₹13 Cr |
| TD Power SystemsIndex funds | +9 | +₹10 Cr |
| Azad EngineeringIndex funds | +9 | +₹9 Cr |
| BSEIndex and active funds | +8 | +₹2,762 Cr |
| Clean Max Enviro Energy SolutionsIndex funds | +8 | +₹15 Cr |
| Black BoxIndex funds | +8 | +₹9 Cr |
| Vedanta Iron and SteelIndex funds | +8 | +₹3 Cr |
Ten of these twelve were bought mainly by index funds. The Vedanta companies are a case of their own: Vedanta's demerger took effect on 1 May and its four new companies listed on 15 June. In this review Vedanta Aluminium Metal joined the Nifty Next 50, and Vedanta Iron and Steel, Vedanta Oil and Gas and Vedanta Power joined the Nifty Smallcap 250, so index funds bought them: 14 more schemes held Vedanta Aluminium, and 8 more held each of the other three.
The most-sold stocks were an index list
Every scheme that cut the stocks below was an index fund or ETF, and each stock left an index in the review: 3M India the Nifty Midcap 150, the others the Nifty Smallcap 250 or the Nifty 500.
| Stock | Funds | Value change |
|---|---|---|
| Bayer CropscienceFertilizers & Agrochemicals | −12 | −₹30 Cr |
| PfizerPharmaceuticals | −11 | −₹45 Cr |
| Blue Dart ExpressTransport Services | −11 | −₹14 Cr |
| 3M IndiaDiversified | −11 | ₹0 Cr |
| GO Digit General InsuranceInsurance | −11 | +₹1 Cr |
| JSW DuluxConsumer Durables | −11 | +₹9 Cr |
| SBFC FinanceFinance | −10 | −₹126 Cr |
| Chalet HotelsLeisure Services | −10 | −₹90 Cr |
| Eris LifesciencesPharmaceuticals | −10 | −₹53 Cr |
| Niva Bupa Health InsuranceInsurance | −10 | −₹37 Cr |
Fewer holders here does not mean money leaving. These stocks were small parts of the index funds that sold them, so losing twelve index-fund holders cut the value held in Bayer Cropscience by only ₹30 crore. The value held in 3M India was unchanged, and in GO Digit and JSW Dulux it rose: the schemes that kept them held more, or the price rose, or both.
The four largest full exits were the same story. Bikaji Foods, DCM Shriram, Bombay Burmah Trading and Travel Food Services were each held by 11 schemes before and by none of them in September, and all 11 were index funds.
Where the active money went
Leave the index funds out and September's buying was concentrated in a few names.
NSE's own listing. The National Stock Exchange of India went public: its ₹22,562 crore IPO, entirely a sale by existing shareholders at ₹1,785 a share, was subscribed 5.71 times, and the shares listed on BSE on 24 September. By the end of the month nine schemes in our data held NSE, worth ₹425 crore, all of them active funds, among them HDFC Large Cap Fund, Mirae Asset Focused Fund and the banking and financial services funds of SBI and DSP.
Elevate Campuses. The student-housing company, formerly called Good Host Spaces, raised ₹2,100 crore in new shares at ₹362 and listed on 30 September, the last day of the month. Eleven schemes held it that day, worth ₹456 crore: ten of them SBI's, led by SBI Multi Asset Allocation Fund with ₹215 crore, and Groww's Small Cap Fund.
Corona Remedies. Nine schemes started holding the drugmaker in September, all of them SBI's, led by SBI Dividend Yield Fund and SBI Healthcare Opportunities Fund, and the value held rose by ₹466 crore.
Molbio Diagnostics and Kanohar Electricals. Molbio, which listed on 17 August, was new to three schemes, worth ₹377 crore, most of it HDFC Flexi Cap Fund's ₹301 crore. Kanohar was new to four Mirae Asset and Groww schemes, worth ₹246 crore.
New names that were not bought
HEG Graphite came from HEG's demerger: shareholders on the 7 September record date received one HEG Graphite share for each HEG share, and the listed company is being renamed HEG Advanced Materials. All eight schemes holding HEG Graphite held HEG before and still hold the renamed company; seven of them are index funds.
Bharat Coking Coal and CMPDI, the Coal India subsidiaries that listed in January and March, were each added by eight index funds in the review, worth ₹1 crore and ₹2 crore.
The full lists, every stock and the earlier months are on the September Smart Money page. For a month when most fund houses were in, see what Indian mutual funds bought and sold in August 2026.