Summary of this article
Mutual funds net buyers; HDFC Bank, ICICI Bank lead inflows
Bharti Airtel, Infosys, TCS among top stocks bought
Selling seen in Dixon Tech, Cipla, Kaynes Technology
Mutual funds stood as net buyers purchasing equities worth Rs 43,400 crore, while foreign institutional investors (FIIs) were net sellers to the tune of Rs 11,600 crore, as shown by data from Nuvama Institutional Equities
Top Mutual Fund Holdings in November
As of November 2025, the top holdings in pure equity schemes by market capitalisation reflected these trends. HDFC Bank, ICICI Bank, Reliance Industries, Axis Bank and Bharti Airtel led the large-cap portfolios. In the mid-cap segment, the top holdings were Persistent Systems, Coforge, Federal Bank, Max Financial and Dixon Technologies.
Over the last five years, Persistent Systems has grown by an absolute 855 per cent, whereas Dixon Technologies grew by 410 per cent. Over the last year, however, Dixon Technologies, the economic manufacturing services provider, has seen a 28 per cent decline.
Small-cap portfolios were anchored by Multi Commodity Exchange, BSE, Blue Star, Apar Industries and Krishna Institute.
What Mutual Funds Bought and Sold in November
Within pure equity schemes by market capitalisation, data shows that large-cap mutual fund buying in November 2025 was concentrated in Bharti Airtel, Infosys, ICICI Bank, Power Grid Corporation and TCS. On the other hand, key selling was seen in Trent, Kotak Mahindra Bank, Maruti Suzuki, Cipla and Eicher Motors.
In the mid-cap segment, according to Nuvama Institutional Equities, mutual funds added L&T Finance, Mphasis, FSN E-Commerce, PB Fintech (parent company of PolicyBazaar) and Narayana Hrudayalaya, while reducing exposure to Dixon Technologies, Glenmark Pharmaceuticals, Cummins India, HPCL and Indian Bank. SJVN saw a complete exit.
In small caps, significant buying was recorded in BSE, RBL Bank, Tega Industries, Amber Enterprises and City Union Bank, while the highest selling was seen in Kaynes Technology, National Aluminium, Laurus Labs, Navin Fluorine International and Blue Star. CPCL was a new entry, while Anupam Rasayan, Indraprastha Medical and JTL Industries witnessed complete exits, as per Nuvama Institutional Equities data.
Looking at equity schemes across categories in November 2025, the largest additions across the mutual fund industry were Eternal (Rs 4,500 crore), Groww (Rs 4,200 crore) and ICICI Bank (Rs 3,700 crore). In contrast, key reductions during the month were seen in SBI (Rs 2,400 crore), Reliance (Rs 1,500 crore) and Canara Bank (Rs 1,400 crore).
In the mid-cap space, additions were led by Pine Labs (Rs 2,300 crore), Tenneco Clean (Rs 1,400 crore) and Ather Energy (Rs 1,300 crore), while reductions were seen in Kaynes Technology (Rs 500 crore), ACC (Rs 300 crore) and Navin Fluorine International (Rs 200 crore). In small caps, key additions included Capillary Technologies (Rs 600 crore), Orkla India (Rs 500 crore) and Ask Automotive (Rs 400 crore), while reductions were seen in TRIL, India Shelter Finance and Nazara Technologies, each to the extent of Rs 100 crore.
Three-Month Trend in Mutual Fund Activity
A study by Nuvama Institutional Equities over the past three consecutive months shows a consistent pattern across mutual fund activity. In large caps, banks stood out as key additions, including HDFC Bank, ICICI Bank, Infosys, ITC and Kotak Mahindra Bank, while reductions were seen in Life Insurance Corporation, Coal India, Eicher Motors, Cholamandalam Investment and Cipla.
In the mid-cap space, additions included stocks like 3M India, UCO Bank, Dalmia Bharat, Endurance Technologies and Apar Industries, while reductions were recorded in Kaynes Technology, ACC, Honeywell Automation, Navin Fluorine International and TVS Holdings. In small caps, mutual funds added Time Technoplast, Jupiter Life Line, Vesuvius India, RHI Magnesita and Garware Hi-Tech Films, while cutting exposure to Zee Entertainment, India Shelter Finance, Procter & Gamble Health, RateGain Travel and Religare Enterprises.
