When mutual funds make large bets on a stock, investors often tend to take notice. Backed by research teams, company interactions and detailed sector analysis, fund managers often spot opportunities well before they become consensus trades. While portfolio activity should not be viewed as an investment recommendation, it can provide useful insights into where institutional money is moving.
The latest data for May shows which stocks attracted the highest mutual fund buying across large-, mid- and small-cap segments. The names span private-sector banks, consumer-facing internet businesses, energy companies and financial services firms, reflecting the breadth of mutual fund activity during the month.
Top 5 most-bought large-cap stocks
Private-sector lenders occupied the top two spots in the large-cap buying list, making financials the most prominent theme in this segment.
|
Stock |
Approx. buy value ( ₹ crore) |
| ICICI Bank | 9,955.25 |
| HDFC Bank | 7,529.79 |
| Reliance Industries | 7,016.80 |
| Adani Enterprises | 2,246.83 |
| Eternal | 2,223.51 |
| Source: Rupeevest | |
ICICI Bank emerged as the most-bought large-cap stock in May, attracting nearly ₹10,000 crore of mutual fund inflows. HDFC Bank followed with purchases worth ₹7,530 crore, while Reliance Industries drew buying of more than ₹7,000 crore.
Together, ICICI Bank, HDFC Bank and Reliance Industries accounted for nearly ₹24,500 crore of purchases, representing the bulk of buying among the top five large-cap stocks.
The remaining two spots were occupied by Adani Enterprises and Eternal, each attracting more than ₹2,200 crore of inflows.
Top 5 most-bought mid-cap stocks
Lenskart Solutions topped the mid-cap list with inflows of ₹3,549 crore, followed by Billionbrains Garage Ventures, the parent company of investment platform Groww, at ₹2,937 crore.
|
Stock |
Approx. buy value ( ₹ crore) |
| Lenskart Solutions | 3,549.39 |
| Billionbrains Garage Ventures (Groww) | 2,936.83 |
| JSW Energy | 2,344.70 |
| Indus Towers | 872.01 |
| PB Fintech | 725.57 |
| Source: Rupeevest | |
JSW Energy attracted purchases worth ₹2,345 crore, making it the only energy company among the top three mid-cap purchases. Indus Towers and PB Fintech were the other 2 names among the top 5 names.
Notably, three of the five stocks on the list (Lenskart, Billionbrains Garage Ventures and PB Fintech) operate in consumer internet, investment or financial technology businesses. Together, they attracted more than ₹7,200 crore of mutual fund buying during the month.
Top 5 most-bought small-cap stocks
Gujarat Gas emerged as the most-bought small-cap stock in May, attracting nearly ₹4,000 crore of inflows. The stock alone accounted for more than half of the total buying across the top five small-cap names.
|
Stock |
Approx. buy value ( ₹ crore) |
| Gujarat Gas | 3,974.35 |
| Pine Labs | 1,140.43 |
| Indraprastha Gas | 750.10 |
| Bandhan Bank | 705.48 |
| Sona BLW Precision Forgings | 102.47 |
| Source: Rupeevest | |
Pine Labs was the second-largest purchase at ₹1,140 crore, followed by Indraprastha Gas and Bandhan Bank.
A notable feature of the list was the presence of both Gujarat Gas and Indraprastha Gas. Together, the two city gas distribution companies attracted about ₹4,724 crore of mutual fund buying during the month.
Auto-components maker Sona BLW Precision Forgings rounded out the top five.
What the buying trends reveal
A look across all three categories highlights a few common themes.
Financials remained a key destination for mutual fund money, with ICICI Bank, HDFC Bank, Bandhan Bank, Billionbrains Garage Ventures, PB Fintech and Pine Labs featuring among the month’s biggest purchases.
Digital and platform-led businesses also had a strong presence through Eternal, Lenskart, Billionbrains Garage Ventures, PB Fintech and Pine Labs. Collectively, these companies attracted more than ₹10,500 crore of inflows in May.
Energy-related companies were another major theme. Reliance Industries, JSW Energy, Gujarat Gas and Indraprastha Gas together accounted for more than ₹14,000 crore of mutual fund buying during the month.
For investors, these portfolio moves can offer a useful window into where institutional money was deployed in May, spanning everything from large-cap market leaders to newly listed digital businesses and niche energy plays.