Data to 5 October 2026
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DossiersAnswer as of 5 Oct 2026

Who is buying?

Mutual funds buying, companies and others selling

Over the three months to Sept 2026, mutual funds bought a net ₹1.3 lakh cr of Indian shares on the exchanges and companies and others sold a net ₹90,058 cr.

The latest month points the same way for every group.

Against their own history, foreign investors' net buying over the last 13 weeks (NSDL) is at the 42nd percentile of all 13-week spans since 2021, and domestic institutions' at the 92nd since 2007.

Behind domestic funds, SIPs brought in ₹32,297 cr in Aug 2026, and 81 SIPs were stopped for every 100 started.

The evidence

Net buying on NSE and BSE, by investor group

₹ crore, secondary cash market. Positive is net buying. Months are sessions that passed validation; Sept 2026 is the latest. Source: the exchanges via IndiaDataHub.

GroupLatest monthThree monthsTwelve monthsA year earlier, three months
Foreign investors−₹48,740 cr−₹27,904 cr−₹2.9 lakh cr−₹94,612 cr
Mutual funds+₹56,634 cr+₹1.3 lakh cr+₹5.5 lakh cr+₹1.7 lakh cr
Insurers+₹9,345 cr+₹9,687 cr+₹74,177 cr+₹5,243 cr
Individuals−₹3.1 cr−₹25,134 cr−₹75,378 cr−₹9,845 cr
Companies and others−₹19,278 cr−₹90,058 cr−₹2.6 lakh cr−₹73,898 cr
Banks−₹526 cr−₹675 cr−₹3,121 cr−₹2,869 cr
Alternative funds−₹1,027 cr−₹1,099 cr−₹4,002 cr+₹3,111 cr
Portfolio managers+₹3,594 cr+₹4,942 cr+₹5,913 cr+₹3,664 cr

The money behind domestic funds

AMFI, monthly; latest Aug 2026.

MeasureLatestCompared with
SIP inflow a month₹32,297 cr₹28,265 cr a year earlier (14% growth)
SIPs stopped per 100 started81fewer stopped than started
Equity fund net inflow, three months₹76,545 cr₹1.0 lakh cr in the three months before

Behind the answer

Since December 2023, mutual funds have bought ₹14.5 lakh cr of shares on the exchanges and foreign investors have sold ₹8.0 lakh cr

Cumulative net buying in the cash market on NSE and BSE from Dec 2023, when both exchanges began publishing every investor category. A rising line is a group buying more than it sells; the slope is the pace. Sessions with missing or broken exchange data are left out.

Mutual fundsForeign investorsCompanies and othersIndividualsInsurers

202420252026−10 lakh cr−5 lakh cr05 lakh cr10 lakh cr15 lakh cr20 lakh cr14.5 lakh cr1.6 lakh cr−27k cr−7.8 lakh cr−8.0 lakh cr202420252026−10 lakh cr−5 lakh cr05 lakh cr10 lakh cr15 lakh cr20 lakh crMutual funds 14.5lakh crInsurers 1.6 lakh crIndividuals −27k crCompanies and others−7.8 lakh crForeign investors−8.0 lakh cr202420252026−10 lakh cr−5 lakh cr05 lakh cr10 lakh cr15 lakh cr20 lakh crMutual funds 14.5 lakh crInsurers 1.6 lakh crIndividuals −27k crCompanies and others −7.8lakh crForeign investors −8.0 lakhcr

Source: NSE and BSE investor-category net purchases in the cash market, via IndiaDataHub

Table
DateMutual fundsForeign investorsCompanies and othersIndividualsInsurers
Sept 202614.5 lakh cr−8.0 lakh cr−7.8 lakh cr−27k cr1.6 lakh cr
Sept 202614.1 lakh cr−7.6 lakh cr−7.7 lakh cr−28k cr1.5 lakh cr
Aug 202613.5 lakh cr−7.6 lakh cr−7.2 lakh cr−20k cr1.5 lakh cr
Jul 202613.3 lakh cr−7.6 lakh cr−7.0 lakh cr−8k cr1.5 lakh cr
Jun 202613.1 lakh cr−7.8 lakh cr−6.6 lakh cr−5k cr1.5 lakh cr
May 202612.5 lakh cr−7.3 lakh cr−6.4 lakh cr−5k cr1.3 lakh cr
Apr 202612.0 lakh cr−6.9 lakh cr−6.2 lakh cr−23k cr1.3 lakh cr
Mar 202611.8 lakh cr−6.5 lakh cr−6.2 lakh cr−25k cr1.3 lakh cr
Feb 202610.9 lakh cr−5.7 lakh cr−6.0 lakh cr−18k cr1.1 lakh cr
Jan 202610.7 lakh cr−5.8 lakh cr−5.9 lakh cr−1k cr1.1 lakh cr
Dec 202510.2 lakh cr−5.4 lakh cr−5.7 lakh cr−6k cr1.0 lakh cr
Nov 20259.8 lakh cr−5.2 lakh cr−5.6 lakh cr10k cr93k cr
Oct 20259.4 lakh cr−5.1 lakh cr−5.3 lakh cr28k cr85k cr
Oct 20259.0 lakh cr−5.1 lakh cr−5.2 lakh cr49k cr83k cr
Sept 20258.6 lakh cr−4.9 lakh cr−5.0 lakh cr52k cr87k cr
Aug 20258.0 lakh cr−4.6 lakh cr−4.9 lakh cr61k cr84k cr
Jul 20257.4 lakh cr−4.2 lakh cr−4.6 lakh cr63k cr77k cr
Jun 20257.1 lakh cr−4.4 lakh cr−4.2 lakh cr73k cr76k cr
May 20256.4 lakh cr−4.2 lakh cr−3.4 lakh cr60k cr70k cr
Apr 20256.1 lakh cr−4.7 lakh cr−3.0 lakh cr82k cr74k cr
Mar 20256.0 lakh cr−4.7 lakh cr−2.8 lakh cr81k cr66k cr
Feb 20255.7 lakh cr−4.4 lakh cr−2.7 lakh cr90k cr51k cr
Jan 20255.3 lakh cr−3.9 lakh cr−2.6 lakh cr82k cr40k cr
Dec 20244.8 lakh cr−3.2 lakh cr−2.6 lakh cr70k cr26k cr
Nov 20244.5 lakh cr−3.2 lakh cr−2.3 lakh cr65k cr27k cr
Oct 20244.2 lakh cr−2.8 lakh cr−2.2 lakh cr56k cr26k cr
Oct 20243.5 lakh cr−1.9 lakh cr−2.1 lakh cr39k cr21k cr
Sept 20243.0 lakh cr−1.7 lakh cr−1.8 lakh cr44k cr21k cr
Aug 20242.7 lakh cr−1.6 lakh cr−1.6 lakh cr48k cr22k cr
Jul 20242.3 lakh cr−1.3 lakh cr−1.4 lakh cr39k cr19k cr
Jun 20242.0 lakh cr−1.4 lakh cr−1.2 lakh cr46k cr25k cr
May 20241.7 lakh cr−1.2 lakh cr−91k cr35k cr26k cr
Apr 20241.2 lakh cr−77k cr−81k cr31k cr22k cr
Mar 20241.0 lakh cr−53k cr−69k cr22k cr13k cr
Feb 202465k cr−42k cr−44k cr33k cr−2k cr
Jan 202444k cr−18k cr−30k cr20k cr−9k cr
Dec 202323k cr19k cr−14k cr−13k cr−10k cr

The same groups are buying and selling as a year ago

Net buying over the three months to Sept 2026, by group (bars), and over the same three months a year earlier (the black tick).

last three monthssame months a year earlier

−1 lakh cr01 lakh crMutual fundsMutual funds: 1.3 lakh cr; a year earlier 1.7 lakh cr1.3 lakh crInsurersInsurers: 10k cr; a year earlier 5k cr10k crIndividualsIndividuals: −25k cr; a year earlier −10k cr−25k crForeign investorsForeign investors: −28k cr; a year earlier −95k cr−28k crCompanies and othersCompanies and others: −90k cr; a year earlier −74k cr−90k cr−1 lakh cr−50k cr050k cr1 lakh cr1.5 lakh crMutual fundsMutual funds: 1.3 lakh cr; a year earlier 1.7 lakh cr1.3 lakh crInsurersInsurers: 10k cr; a year earlier 5k cr10k crIndividualsIndividuals: −25k cr; a year earlier −10k cr−25k crForeign investorsForeign investors: −28k cr; a year earlier −95k cr−28k crCompanies and othersCompanies and others: −90k cr; a year earlier −74k cr−90k cr−1 lakh cr−50k cr050k cr1 lakh cr1.5 lakh crMutual fundsMutual funds: 1.3 lakh cr; a year earlier 1.7 lakh cr1.3 lakh crInsurersInsurers: 10k cr; a year earlier 5k cr10k crIndividualsIndividuals: −25k cr; a year earlier −10k cr−25k crForeign investorsForeign investors: −28k cr; a year earlier −95k cr−28k crCompanies and othersCompanies and others: −90k cr; a year earlier −74k cr−90k cr

Source: NSE and BSE investor-category net purchases in the cash market, via IndiaDataHub

Table
Last three monthsa year earlier
Mutual funds1.3 lakh cr1.7 lakh cr
Insurers10k cr5k cr
Individuals−25k cr−10k cr
Foreign investors−28k cr−95k cr
Companies and others−90k cr−74k cr

Domestic institutions bought ₹1.6 lakh cr in the last 13 weeks, among the largest such spans since 2007; foreign investors sold ₹19,701 cr

Net buying summed over each 13 weeks: domestic institutions (mutual funds, insurers, banks and pension funds, as the exchanges report them, from 2007) and foreign portfolio investors (NSDL, from 2021). Thirteen-week sums smooth out single heavy days. The two often move in opposite directions.

Domestic institutionsForeign investors

2010201520202025−3 lakh cr−2 lakh cr−1 lakh cr01 lakh cr2 lakh cr3 lakh cr4 lakh cr1.6 lakh cr−20k cr2010201520202025−3 lakh cr−2 lakh cr−1 lakh cr01 lakh cr2 lakh cr3 lakh cr4 lakh crDomesticinstitutions 1.6lakh crForeign investors−20k cr2010201520202025−3 lakh cr−2 lakh cr−1 lakh cr01 lakh cr2 lakh cr3 lakh cr4 lakh crDomestic institutions 1.6lakh crForeign investors −20k cr

Source: IndiaDataHub (NSE, BSE, NSDL, AMFI, PFRDA, CDSL, NSDL depositories)

Table
DateDomestic institutionsForeign investors
Oct 20261.6 lakh cr−20k cr
Apr 20262.7 lakh cr−1.7 lakh cr
Oct 20252.0 lakh cr−83k cr
Apr 20251.9 lakh cr−1.2 lakh cr
Oct 20241.6 lakh cr23k cr
Apr 20241.2 lakh cr20k cr
Oct 202362k cr4k cr
Apr 202368k cr−2k cr
Oct 202218k cr49k cr
Apr 20221.0 lakh cr−1.1 lakh cr
Oct 202126k cr9k cr
Apr 2021−9k cr33k cr
Oct 2020−26k cr–
Apr 202074k cr–
Oct 201954k cr–
Apr 2019−15k cr–
Oct 201830k cr–
Apr 201830k cr–
Oct 201749k cr–
Apr 20173k cr–
Oct 20160k cr–
Apr 2016−5k cr–
Oct 201527k cr–
Apr 20153k cr–
Oct 20148k cr–
Apr 2014−17k cr–
Oct 2013−13k cr–
Apr 2013−22k cr–
Oct 2012−19k cr–
Apr 2012−15k cr–
Oct 20118k cr–
Apr 20116k cr–
Oct 2010−29k cr–
Apr 2010−2k cr–
Oct 20096k cr–
May 20096k cr–
Oct 200823k cr–
May 200810k cr–
Nov 20072k cr–

SIPs brought in ₹32,297 cr in Aug 2026, 13% more than a year earlier; 81 SIPs closed for every 100 opened

SIP money is the steadiest part of domestic buying. The lower panel counts SIP accounts closed for every 100 opened in the month: above 100, the number of SIPs is shrinking.

SIP inflow a month010k cr20k cr30k cr40k cr32k crSIPs closed per 100 opened202020250100200300400as many closed as opened81SIP inflow a month05k cr10k cr15k cr20k cr25k cr30k cr35k cr32k crSIPs closed per 100 opened201820202022202420260100200300400as many closed as opened81SIP inflow a month05k cr10k cr15k cr20k cr25k cr30k cr35k cr32k crSIPs closed per 100 opened201820202022202420260100200300400as many closed as opened81

Source: IndiaDataHub (NSE, BSE, NSDL, AMFI, PFRDA, CDSL, NSDL depositories)

Table
DateSIP inflowStoppage ratio
Aug 202632k cr81
Apr 202631k cr101
Dec 202531k cr85
Aug 202528k cr75
Apr 202527k cr353
Dec 202426k cr83
Aug 202424k cr57
Apr 202420k cr52
Dec 202318k cr52
Aug 202316k cr55
Apr 202314k cr68
Dec 202214k cr66
Aug 202213k cr54
Apr 202212k cr48
Dec 202111k cr43
Aug 202110k cr39
Apr 20219k cr50
Dec 20208k cr55
Aug 20208k cr69
Apr 20208k cr72
Dec 20199k cr61
Aug 20198k cr66
Apr 20198k cr60
Dec 20188k cr–
Aug 20188k cr–
Apr 20187k cr–
Dec 20176k cr–
Aug 20175k cr–
Apr 20174k cr–
Dec 20164k cr–
Aug 20163k cr–
Apr 20163k cr–

Foreign investors own 15.9% of listed India, down from 21.2% at their peak; mutual funds own 11.6%

Each group's share of the market value of NSE-listed companies at quarter end, from 2009. Shares move with buying and selling and with how each group's holdings perform. Individuals' direct holdings exclude what they own through funds.

Foreign investorsMutual fundsAll domestic institutionsIndividuals (direct)

20102015202020250%5%10%15%20%25%19%16%12%7%20102015202020250%5%10%15%20%25%All domesticinstitutions 19%Foreign investors16%Mutual funds 12%Individuals (direct)7%2010201220142016201820202022202420260%5%10%15%20%25%All domestic institutions19%Foreign investors 16%Mutual funds 12%Individuals (direct) 7%

Source: PRIME Database (primeinfobase.com), consolidated shareholding of NSE-listed companies.

Table
DateForeign investorsMutual fundsAll domestic institutionsIndividuals (direct)
Jun 202616%12%19%7%
Dec 202517%11%19%7%
Jun 202517%11%18%8%
Dec 202417%10%17%8%
Jun 202417%9%16%8%
Dec 202318%9%16%8%
Jun 202319%9%16%8%
Dec 202219%8%15%7%
Jun 202218%8%14%7%
Dec 202119%7%13%7%
Jun 202120%7%13%7%
Dec 202021%7%14%7%
Jun 202020%8%14%7%
Dec 201921%8%14%6%
Jun 201920%7%14%6%
Dec 201820%7%14%7%
Jun 201820%6%13%7%
Dec 201719%6%13%7%
Jun 201721%5%12%7%
Dec 201620%5%12%7%
Jun 201621%4%12%7%
Dec 201520%4%11%7%
Jun 201521%4%11%6%
Dec 201420%3%11%6%
Jun 201419%3%10%6%
Dec 201319%3%11%6%
Jun 201319%3%11%6%
Dec 201217%3%11%6%
Jun 201215%3%11%6%
Dec 201115%3%11%6%
Jun 201115%3%11%7%
Dec 201015%3%11%7%
Jun 201014%4%12%7%
Dec 200914%4%11%7%
Jun 200913%4%11%7%

What has changed

What history says

Foreign investors: strongest link with the return 1 week before (0.47)

Correlation of a week's flow with the Nifty 500's return in earlier weeks (left of zero), the same week, and later weeks (right). Bars on the left mean flows follow returns; bars on the right would mean they lead them. From 2021.

0.000.200.40−8: 0.01−8−7: −0.03−6: 0.07−6−5: 0.09−4: 0.16−4−3: 0.08−2: 0.21−2−1: 0.470.47−10: 0.340+1: −0.05+2: 0.02+2+3: 0.06+4: −0.08+4+5: −0.13+6: −0.04+6+7: −0.03+8: 0.03+80.000.200.40−8: 0.01−8−7: −0.03−7−6: 0.07−6−5: 0.09−5−4: 0.16−4−3: 0.08−3−2: 0.21−2−1: 0.470.47−10: 0.340+1: −0.05+1+2: 0.02+2+3: 0.06+3+4: −0.08+4+5: −0.13+5+6: −0.04+6+7: −0.03+7+8: 0.03+80.000.200.40−8: 0.01−8−7: −0.03−7−6: 0.07−6−5: 0.09−5−4: 0.16−4−3: 0.08−3−2: 0.21−2−1: 0.470.47−10: 0.340+1: −0.05+1+2: 0.02+2+3: 0.06+3+4: −0.08+4+5: −0.13+5+6: −0.04+6+7: −0.03+7+8: 0.03+8

Weeks: negative = return before the flow. Source: Evidence C3 (docs/research/site_calculations_spec.md).

Table
Value
−80.01
−7−0.03
−60.07
−50.09
−40.16
−30.08
−20.21
−10.47
00.34
+1−0.05
+20.02
+30.06
+4−0.08
+5−0.13
+6−0.04
+7−0.03
+80.03

Domestic institutions: strongest link with the return 1 week before (−0.36)

Correlation of a week's flow with the Nifty 500's return in earlier weeks (left of zero), the same week, and later weeks (right). Bars on the left mean flows follow returns; bars on the right would mean they lead them. From 2007.

−0.40−0.30−0.20−0.100.00−8: 0.01−8−7: 0.03−6: −0.01−6−5: −0.02−4: −0.04−4−3: −0.10−2: −0.17−2−1: −0.36−0.36−10: −0.280+1: −0.03+2: −0.04+2+3: −0.03+4: 0.02+4+5: 0.02+6: 0.01+6+7: 0.02+8: −0.01+8−0.40−0.30−0.20−0.100.00−8: 0.01−8−7: 0.03−7−6: −0.01−6−5: −0.02−5−4: −0.04−4−3: −0.10−3−2: −0.17−2−1: −0.36−0.36−10: −0.280+1: −0.03+1+2: −0.04+2+3: −0.03+3+4: 0.02+4+5: 0.02+5+6: 0.01+6+7: 0.02+7+8: −0.01+8−0.40−0.30−0.20−0.100.00−8: 0.01−8−7: 0.03−7−6: −0.01−6−5: −0.02−5−4: −0.04−4−3: −0.10−3−2: −0.17−2−1: −0.36−0.36−10: −0.280+1: −0.03+1+2: −0.04+2+3: −0.03+3+4: 0.02+4+5: 0.02+5+6: 0.01+6+7: 0.02+7+8: −0.01+8

Weeks: negative = return before the flow. Source: Evidence C3 (docs/research/site_calculations_spec.md).

Table
Value
−80.01
−70.03
−6−0.01
−5−0.02
−4−0.04
−3−0.10
−2−0.17
−1−0.36
0−0.28
+1−0.03
+2−0.04
+3−0.03
+40.02
+50.02
+60.01
+70.02
+8−0.01

Flows follow returns; they have not led them

Passed its pre-registered test

Week by week, foreign investors' buying follows the market: the correlation of a week's foreign flow with the previous week's return is 0.47 (from 2021). Domestic institutions lean the other way, −0.36 (from 2007). In both cases past returns predict flows (p below 0.001), while flows do not predict the next week's returns (p = 0.35 for foreign, 0.33 for domestic institutions). Knowing who is buying describes the market; it has not told us where it goes next.

Evidence C3, flows and returns

What would change the answer

Exchange category data arrive each session, foreign investors' NSDL figures a day later, and AMFI's fund data once a month.

Mutual funds
Would turn net sellers over three months if they sold more than ₹1.0 lakh cr next month.
Companies and others
Would turn net buyers over three months if they bought more than ₹67,058 cr next month.

The readings and the dashboards

Monthly SIP inflow ₹32,297 crrecord high
SIP stoppage ratio 81%above usual
Mutual funds' net equity purchases ₹24,685 crbelow its record
Foreign investors' share of listed India 15.9%below usual
Domestic institutions' share 19.1%above usual
Mutual funds' share minus foreign investors' −4.3 ptsrecord high
Retail investors' share 7.4%above usual

the usual range: the middle half of all readingstodayEach line runs from the lowest reading ever to the highest.

How these answers are made: the dossier method. Historical research, not investment advice.