Where are mutual funds investing your money? These stocks saw the biggest buying in September 2026. Check full list

Indian mutual funds invested heavily in select large-, mid- and small-cap stocks in September 2026, with Reliance Industries, Swiggy and Gland Pharma emerging as the biggest purchases in their respective categories.

An analysis by Value Research, based on the August and September 2026 portfolio disclosures of actively managed mutual funds, reveals where fund managers increased their investments during the month.

Banking, financial services, pharmaceuticals and technology-related businesses featured prominently among the stocks attracting significant buying.

Large-cap stocks: Reliance Industries leads with ₹4,605 crore buying

Reliance Industries emerged as the most purchased large-cap stock in September, with mutual funds buying shares worth ₹4,605 crore. The total value of their holdings in the company stood at ₹99,267 crore at the end of the month.

NSE secured the second position, attracting purchases worth ₹3,171 crore, followed closely by HDFC Bank, where mutual funds bought shares worth ₹3,142 crore.

ICICI Bank was another major beneficiary, recording purchases worth ₹2,689 crore. Despite ranking fourth in fresh purchases, it had the highest total mutual fund holdings among these five stocks at ₹1,96,008 crore.

Bajaj Finance completed the top five, with purchases worth ₹1,986 crore.

Mid-cap stocks: Swiggy attracts ₹3,241 crore investment

Among mid-cap companies, Swiggy attracted the highest buying, with mutual funds purchasing shares worth ₹3,241 crore during September.

The total value of mutual fund holdings in the food delivery company stood at ₹19,503 crore at the end of the month.

PB Fintech, the parent company of Policybazaar, ranked second with purchases worth ₹1,472 crore, followed by Lenskart Solutions at ₹1,256 crore.

Multi Commodity Exchange of India (MCX) attracted investments worth ₹1,101 crore, while Zydus Lifesciences completed the top five with purchases worth ₹1,021 crore.

The presence of Swiggy, PB Fintech and Lenskart among the biggest purchases indicates that digital consumer businesses attracted substantial mutual fund buying during September.

Small-cap stocks: Gland Pharma tops the list with ₹1,849 crore purchases

Gland Pharma emerged as the most purchased small-cap stock in September, with mutual funds buying shares worth ₹1,849 crore.

The total value of mutual fund holdings in the pharmaceutical company reached ₹13,719 crore.

Aditya Infotech ranked second, attracting purchases worth ₹1,212 crore, followed by Pearl Global Industries at ₹1,113 crore.

Pine Labs secured the fourth position with purchases worth ₹904 crore, while EPL completed the top five with ₹841 crore.

Notably, mutual funds’ September purchases in Pearl Global Industries represented nearly half the value of their total holdings in the company at the end of the month.

Should investors follow mutual fund buying trends?

The September portfolio data provides insights into where professional fund managers increased their exposure. However, substantial mutual fund buying does not necessarily mean a stock will deliver higher returns.

Investors should also distinguish between the value of shares purchased during a month and the total value of holdings.

Fund managers make investment decisions based on several factors, including company valuations, earnings expectations, portfolio diversification and the investment objectives of individual schemes.

Retail investors should therefore avoid buying stocks solely because mutual funds have increased their exposure. Instead, they should consider the company’s financial performance, valuation, business outlook and their own investment horizon before making investment decisions.

The analysis covers equity assets of actively managed mutual funds, excluding passive schemes. Figures are based on August and September 2026 portfolio disclosures, with the value of shares purchased calculated using month-end stock prices.