Adani Power, ICICI Bank, Kotak Mahindra Bank, Eternal top MF buys in September; check list
Other notable buys in September included Titan (Rs 3,088.8 crore), Interglobe Aviation (Rs 3,056.8 crore), Cohance Lifesciences (Rs 2,533.8 crore) and Max Healthcare (Rs 2,029 crore).
- Oct 15, 2025,
- Updated Oct 15, 2025 11:32 AM IST
Mutual funds made aggressive bets on a mix of power, banking, and other stocks in September, with Adani Power emerging as the most-bought stock, according to a JM Financial strategy note.
The power generator saw net buying worth a massive Rs 6,024.2 crore from fund managers. Following closely were private banking giants ICICI Bank with net buys of Rs 3,957.6 crore and Kotak Mahindra Bank at Rs 3,898.8 crore. Notably, unlisted entity Eternal also featured in the top picks, attracting Rs 3,314.5 crore.
Other notable buys in September included Titan (Rs 3,088.8 crore), Interglobe Aviation (Rs 3,056.8 crore), Cohance Lifesciences (Rs 2,533.8 crore) and Max Healthcare (Rs 2,029 crore), forming part of a dozen stocks that drew significant interest from fund managers.
This heavy buying in specific counters occurred even as the overall flow into equity mutual funds (excluding arbitrage funds) moderated for the second consecutive month. Inflows in September stood at Rs 411 billion, a 3 per cent decrease month-on-month (MoM), JM Financial said. This followed a more significant 25 per cent MoM decline in August. Thematic fund flows saw a sharp decrease to Rs 12 billion from Rs 39 billion in August, while inflows from new fund offers (NFOs) also fell to Rs 0 billion from Rs 22 billion a month prior.
The brokerage said, despite the slowdown in lump-sum investments, the backbone of retail participation, the Systematic Investment Plan (SIP), continued to show robust health. SIP inflows increased in September to Rs 294 billion. This pushed the total assets under management (AUM) for SIPs to a new high of Rs 15.5 trillion, up 2.2 per cent from the previous month. The industry added 1.4 million new SIP accounts, taking the total outstanding accounts to 97.3 million. The number of new SIPs registered during the month stood at 5.8 million.
A closer look at sectoral activity reveals a clear strategy of portfolio churn by fund managers. The private banking sector saw the highest buying activity in value terms (Rs 6,622.9 crore), despite funds being strategically underweight on the sector as a whole compared to the BSE 200 index. This indicates a highly selective, stock-specific approach. Pharma & Healthcare was another favorite, with net buys of Rs 6,601.1 crore.
On the other hand, the auto and auto components sector faced the heaviest selling pressure, with a net outflow of Rs 1,745.9 crore. Key stocks that fund managers exited from include Maruti Suzuki, Hero MotoCorp, and Tata Motors. Individually, Axis Bank was the most-sold stock with a net sell value of Rs 2,804.3 crore, followed by Maruti Suzuki and Bajaj Finance, JM Financial said.
Mutual funds made aggressive bets on a mix of power, banking, and other stocks in September, with Adani Power emerging as the most-bought stock, according to a JM Financial strategy note.
The power generator saw net buying worth a massive Rs 6,024.2 crore from fund managers. Following closely were private banking giants ICICI Bank with net buys of Rs 3,957.6 crore and Kotak Mahindra Bank at Rs 3,898.8 crore. Notably, unlisted entity Eternal also featured in the top picks, attracting Rs 3,314.5 crore.
Other notable buys in September included Titan (Rs 3,088.8 crore), Interglobe Aviation (Rs 3,056.8 crore), Cohance Lifesciences (Rs 2,533.8 crore) and Max Healthcare (Rs 2,029 crore), forming part of a dozen stocks that drew significant interest from fund managers.
This heavy buying in specific counters occurred even as the overall flow into equity mutual funds (excluding arbitrage funds) moderated for the second consecutive month. Inflows in September stood at Rs 411 billion, a 3 per cent decrease month-on-month (MoM), JM Financial said. This followed a more significant 25 per cent MoM decline in August. Thematic fund flows saw a sharp decrease to Rs 12 billion from Rs 39 billion in August, while inflows from new fund offers (NFOs) also fell to Rs 0 billion from Rs 22 billion a month prior.
The brokerage said, despite the slowdown in lump-sum investments, the backbone of retail participation, the Systematic Investment Plan (SIP), continued to show robust health. SIP inflows increased in September to Rs 294 billion. This pushed the total assets under management (AUM) for SIPs to a new high of Rs 15.5 trillion, up 2.2 per cent from the previous month. The industry added 1.4 million new SIP accounts, taking the total outstanding accounts to 97.3 million. The number of new SIPs registered during the month stood at 5.8 million.
A closer look at sectoral activity reveals a clear strategy of portfolio churn by fund managers. The private banking sector saw the highest buying activity in value terms (Rs 6,622.9 crore), despite funds being strategically underweight on the sector as a whole compared to the BSE 200 index. This indicates a highly selective, stock-specific approach. Pharma & Healthcare was another favorite, with net buys of Rs 6,601.1 crore.
On the other hand, the auto and auto components sector faced the heaviest selling pressure, with a net outflow of Rs 1,745.9 crore. Key stocks that fund managers exited from include Maruti Suzuki, Hero MotoCorp, and Tata Motors. Individually, Axis Bank was the most-sold stock with a net sell value of Rs 2,804.3 crore, followed by Maruti Suzuki and Bajaj Finance, JM Financial said.