Mutual funds are among the most important participants in the Indian stock market. Every month, large asset management companies invest thousands of crores of rupees across different sectors and companies. By studying these portfolios, investors can understand which businesses professional fund managers are allocating capital toward.
The top 50 stocks held by mutual funds are particularly interesting because they can reveal common preferences among large fund houses. Stocks that appear repeatedly across portfolios often belong to established companies with strong market positions, large revenues, good liquidity and long-term growth potential.
However, it is important to remember that mutual fund ownership should not be treated as a direct buy signal. Fund managers continuously review valuations, earnings, economic conditions and company fundamentals. A stock that is heavily owned today may have a lower allocation a few months later.
Recent portfolio data illustrates this changing nature. For example, SBI Mutual Fund's June 2026 portfolio had HDFC Bank and ICICI Bank as its two largest stock allocations, followed by Reliance Industries and other large companies.
This article looks at 50 companies that frequently feature among major Indian mutual fund portfolios and explains why these stocks attract institutional attention.
What Does "Stocks Held by Mutual Funds" Mean?
When a mutual fund collects money from investors, the fund manager invests that money according to the scheme's investment objective. An equity mutual fund may invest in large-cap, mid-cap or small-cap companies, while a flexi-cap fund can move between different market-cap categories.
Therefore, stocks held by mutual funds simply refers to shares owned by mutual fund schemes.
A company may be held by several mutual funds simultaneously. For example, HDFC Bank, ICICI Bank and Reliance Industries appear among the holdings of several major schemes.
The amount invested can also vary significantly. One fund may allocate 8% of its portfolio to a company while another may hold the same stock at only 1% or 2%.
This is why investors should look at both the number of funds holding a stock and the total value or portfolio weight of those holdings.
Top 50 Stocks Held by Mutual Funds
The following list is designed as a practical reference based on recurring holdings across major Indian mutual fund portfolios and recent portfolio disclosures. It is not a fixed ranking because mutual fund holdings change with market prices, purchases, sales and portfolio rebalancing.
1. HDFC Bank
HDFC Bank is one of the most frequently encountered banking stocks in mutual fund portfolios. Its large customer base, extensive branch network and position in India's private banking industry make it an important large-cap holding.
Recent SBI Mutual Fund data showed HDFC Bank as its largest equity allocation at 7.4% in June 2026.
2. ICICI Bank
ICICI Bank is another major institutional favourite. The bank has built a strong presence in retail banking, corporate banking and digital financial services.
It also represented one of SBI Mutual Fund's largest positions in June 2026, with an allocation of 6.9%.
3. Reliance Industries
Reliance Industries has exposure to multiple areas, including energy, telecommunications, retail and digital businesses. Its diversified business model makes it a common holding among large mutual funds.
SBI Mutual Fund allocated around 5% of its portfolio to Reliance Industries in June 2026.
4. State Bank of India
State Bank of India is India's largest public-sector bank and is widely represented across equity mutual fund portfolios.
Its scale, deposit franchise and importance to the Indian financial system make it a significant institutional holding.
5. Bharti Airtel
Bharti Airtel is one of India's leading telecom companies. The growth of mobile data, broadband and digital services has made telecom an important long-term investment theme.
The company appears among the major holdings of several large-cap and diversified funds.
6. Larsen & Toubro
Larsen & Toubro is a major infrastructure and engineering company. It benefits from India's infrastructure development, capital expenditure and construction activity.
It is also among the recurring holdings seen in diversified mutual fund portfolios. A June 2026 Kotak fund factsheet, for example, included L&T among its largest equity positions.
7. Infosys
Infosys remains one of India's best-known IT services companies. Mutual funds often hold it because of its global client base, large scale and established position in technology services.
8. Axis Bank
Axis Bank is another major private-sector banking stock found in numerous mutual fund portfolios. Its presence across retail and corporate banking makes it relevant to long-term financial-sector allocations.
9. Kotak Mahindra Bank
Kotak Mahindra Bank has traditionally been an important holding for several large-cap and diversified funds.
Its banking, securities and financial-services businesses provide exposure to India's growing financial sector.
10. Bajaj Finance
Bajaj Finance is one of India's prominent non-banking financial companies. Mutual funds often track the company because of its consumer finance, lending and financial-services businesses.
Stocks 11 to 20
11. Mahindra & Mahindra
Mahindra & Mahindra has exposure to automobiles, farm equipment and other businesses. Its SUV portfolio and tractor business make it an important company within India's automobile and rural economy.
12. ITC
ITC is a diversified Indian company with businesses across cigarettes, FMCG, hotels and other areas. Its strong cash generation and established brands make it a recurring portfolio holding.
13. Tata Consultancy Services
TCS is one of India's largest IT services companies. Its global presence and large enterprise customer base make it a common holding among institutional investors.
14. Sun Pharmaceutical Industries
Sun Pharma is one of India's largest pharmaceutical companies. Mutual funds may use the company to gain exposure to India's healthcare and pharmaceutical sector.
15. Titan Company
Titan operates in jewellery, watches and other consumer categories. The company's strong brands and position in organised jewellery make it an important consumer-sector holding.
16. Eternal
Eternal, formerly known as Zomato, operates in India's consumer internet and food-delivery ecosystem. It has attracted institutional interest because of the growth of digital consumption and online services.
17. HCL Technologies
HCLTech is another major Indian IT services company. Its technology, engineering and digital-services businesses make it a common component of diversified portfolios.
18. Maruti Suzuki India
Maruti Suzuki is one of India's largest passenger vehicle manufacturers. Mutual funds often consider automobile leaders such as Maruti for exposure to India's growing vehicle market.
19. NTPC
NTPC is one of India's largest power-generation companies. It provides mutual funds with exposure to the power and utilities sector.
20. Power Grid Corporation of India
Power Grid operates India's major electricity transmission infrastructure. Its regulated business model and strategic importance make it a notable institutional holding.
Stocks 21 to 30
21. Shriram Finance
Shriram Finance is a major non-banking financial company with a strong presence in vehicle and other forms of financing. It has become an important name within the financial-services space.
22. Bajaj Finserv
Bajaj Finserv provides exposure to a broad financial-services ecosystem. Its businesses include lending, insurance and other financial products.
23. Trent
Trent is associated with India's organised retail sector and has attracted attention because of the expansion of modern retail.
24. UltraTech Cement
UltraTech Cement is one of India's largest cement manufacturers. Infrastructure development and housing demand support the long-term relevance of the cement sector.
25. Adani Enterprises
Adani Enterprises has businesses spanning infrastructure, airports, energy and other sectors. It appears in the portfolios of selected diversified and thematic funds.
26. Adani Ports and Special Economic Zone
Adani Ports provides exposure to India's logistics and port infrastructure. Its position in the country's transport network makes it relevant to infrastructure-focused investors.
27. Bharat Electronics
Bharat Electronics is a major defence electronics company. Growing government spending on domestic defence production has increased institutional interest in the sector.
28. Tata Steel
Tata Steel is a major steel producer and a common cyclical-sector holding. Its performance is influenced by steel prices, economic activity and global demand.
29. Hindalco Industries
Hindalco provides exposure to aluminium and copper businesses. It is another important industrial and metals company that appears in diversified portfolios.
30. Cipla
Cipla is a major pharmaceutical company with a significant presence in domestic and international markets. Healthcare remains an important sector for diversified mutual fund portfolios.
Stocks 31 to 40
31. Dr. Reddy's Laboratories
Dr. Reddy's is a global pharmaceutical company with operations across multiple markets. It gives mutual funds exposure to healthcare, pharmaceuticals and international business.
32. Apollo Hospitals Enterprise
Apollo Hospitals is a leading healthcare company with hospitals, diagnostics and other healthcare services.
33. Divi's Laboratories
Divi's Laboratories operates in pharmaceutical ingredients and related areas. It is followed closely by institutional investors because of its specialised business.
34. Hindustan Unilever
Hindustan Unilever is one of India's biggest consumer-goods companies. Its established brands and extensive distribution network make it a common defensive holding.
35. Nestle India
Nestle India is another major consumer company. Its brands across food and beverages give mutual funds exposure to India's consumer-growth story.
36. Asian Paints
Asian Paints is a leading paints and decorative-products company. It has historically been an important consumer and housing-related holding for institutional investors.
37. Eicher Motors
Eicher Motors is best known for Royal Enfield motorcycles and also has commercial vehicle exposure through its joint venture structure.
38. TVS Motor Company
TVS Motor is a major two- and three-wheeler manufacturer. Rising vehicle demand and premium motorcycle growth make it an important automobile-sector stock.
39. SBI Life Insurance
SBI Life gives investors exposure to India's expanding life-insurance market. Insurance companies can benefit from rising financial awareness and increasing insurance penetration.
40. HDFC Life Insurance
HDFC Life is another major private life insurer. It frequently attracts institutional interest because of the long-term growth potential of India's insurance market.
Stocks 41 to 50
41. ICICI Lombard General Insurance
ICICI Lombard is a major private-sector general insurer. It offers exposure to India's growing insurance market across health, motor and other categories.
42. LTIMindtree
LTIMindtree is an Indian IT services company serving global customers. Its presence in digital transformation and technology services makes it relevant to diversified portfolios.
43. Tech Mahindra
Tech Mahindra is another large Indian IT company with significant exposure to telecommunications and enterprise technology.
44. Wipro
Wipro has a global technology-services business and remains a familiar name in Indian mutual fund portfolios.
45. Varun Beverages
Varun Beverages has become a significant consumer-sector company because of its beverage distribution and bottling operations across several markets.
46. Tata Consumer Products
Tata Consumer Products provides exposure to consumer brands and packaged food and beverage categories. HSBC's June 2026 portfolio disclosures included Tata Consumer Products among its holdings.
47. ONGC
Oil and Natural Gas Corporation provides exposure to India's upstream energy sector. It can play an important role in portfolios seeking energy-sector exposure.
48. Polycab India
Polycab operates in wires, cables and electrical products. India's infrastructure, housing and electrification trends support its long-term relevance.
49. Solar Industries India
Solar Industries is associated with industrial explosives and defence-related products. Its presence reflects the growing institutional interest in India's manufacturing and defence themes.
50. Muthoot Finance
Muthoot Finance is a prominent gold-financing company. It provides exposure to India's non-banking financial sector and gold-backed lending.
Why Do Mutual Funds Hold These Stocks?
The companies in the top 50 stocks held by mutual funds are not selected randomly. Fund managers generally consider several factors before purchasing a stock.
Strong Market Position
Large companies often have established brands, distribution networks or competitive advantages. This can make their earnings more predictable compared with smaller businesses.
Consistent Business Performance
Mutual fund managers usually study revenue growth, profit margins, return ratios, debt levels and cash generation before making significant investments.
High Liquidity
Large institutional funds manage substantial amounts of money. They therefore need stocks that can be bought and sold efficiently without causing excessive market impact.
Long-Term Growth Potential
India's structural growth in banking, consumption, infrastructure, healthcare, technology and financial services creates opportunities for established companies.
Diversification
Mutual funds do not normally depend on one company. They spread investments across sectors and businesses to reduce company-specific risk.
How to Track Stocks Held by Mutual Funds
Investors who want to monitor the top 50 stocks held by mutual funds should check monthly portfolio disclosures rather than relying on an old list.
Mutual fund portfolios can change because of:
- New purchases
- Partial profit booking
- Complete exits
- Changes in stock prices
- Portfolio rebalancing
- Changes in the fund's investment strategy
- Corporate actions
- Changes in sector outlook
Many financial platforms publish portfolio data based on monthly mutual fund disclosures. For example, recent June 2026 data shows that HDFC Bank, ICICI Bank, Reliance Industries, Bharti Airtel and L&T appear repeatedly across different fund portfolios.
Should You Buy Stocks Because Mutual Funds Own Them?
Not necessarily.
Institutional ownership can be useful information, but it should not be the only reason to purchase a stock.
A mutual fund manager may own a company because it fits a specific investment strategy. The same stock might not be appropriate for an individual investor's financial goals or risk tolerance.
For example, a fund manager may buy a stock because its valuation appears attractive after a correction. A retail investor who purchases the same stock after a large price increase could have a very different risk-reward situation.
Investors should therefore study the company's financial statements, valuation, competitive position, debt, earnings growth and future business prospects.
Mutual Fund Holdings vs. Direct Stock Investing
There is an important difference between buying a mutual fund and directly purchasing stocks.
When you buy a mutual fund, professional managers make investment decisions on your behalf. Your money is spread across multiple securities.
When you buy individual stocks, you are responsible for researching the companies and managing the portfolio.
The top 50 stocks held by mutual funds can therefore be useful for research even if you ultimately decide to invest through mutual funds instead of individual shares.
Are Large-Cap Stocks More Common in Mutual Fund Portfolios?
Large-cap companies are frequently represented because large mutual funds require liquidity and scale.
Recent fund disclosures demonstrate this pattern. HSBC Large Cap Fund's June 2026 portfolio, for example, included ICICI Bank, HDFC Bank, Reliance Industries, Larsen & Toubro, Shriram Finance, SBI, Bharti Airtel, Eternal, Infosys and Mahindra & Mahindra among its leading positions.
However, mutual funds also invest in mid-cap and small-cap companies when fund managers identify attractive growth opportunities.
What Investors Should Remember
A list of the top 50 stocks held by mutual funds should be treated as a research starting point rather than an investment recommendation.
Portfolio holdings can change quickly. A company that appears in several portfolios today could have a lower allocation next quarter.
Investors should also remember that mutual funds themselves can have very different objectives. A large-cap fund, flexi-cap fund, mid-cap fund, small-cap fund and balanced-advantage fund will naturally hold different combinations of companies.
The best approach is to use institutional holdings as one research signal and combine that information with company fundamentals, valuation, earnings growth and personal investment goals.
Frequently Asked Questions
What are the top 50 stocks held by mutual funds?
The top 50 stocks held by mutual funds generally refer to companies that appear frequently or have significant portfolio allocations across Indian mutual fund schemes. Common examples include HDFC Bank, ICICI Bank, Reliance Industries, SBI, Bharti Airtel, L&T, Infosys, Axis Bank and other leading companies.
Which stock is most commonly held by mutual funds?
There is no single permanent answer because mutual fund portfolios change every month. HDFC Bank, ICICI Bank, Reliance Industries and other large companies are frequently among the major institutional holdings.
Why do mutual funds invest heavily in HDFC Bank?
HDFC Bank is a large private-sector bank with a substantial customer base, extensive operations and significant presence in India's financial system. These characteristics make it an important stock for many diversified portfolios.
Can I copy mutual fund holdings?
Investors can study mutual fund holdings, but directly copying a fund's portfolio is not necessarily appropriate. Fund managers have different objectives, research resources, risk limits and investment horizons.
How often do mutual fund holdings change?
Holdings can change every month. Mutual funds publish portfolio information periodically, and managers may buy, sell or adjust positions based on valuations, earnings expectations and market conditions.
Are mutual fund-owned stocks safe?
No stock is completely safe. Even companies heavily owned by mutual funds can experience price declines. Institutional ownership does not eliminate market, business or valuation risk.
Is it better to invest in mutual funds or individual stocks?
It depends on the investor. Mutual funds can provide diversification and professional management, while direct stocks provide greater control but require more research and portfolio-management responsibility.
Where can I check mutual fund stock holdings?
Investors can check monthly factsheets and portfolio disclosures published by asset management companies. Financial platforms also compile these disclosures for easier comparison.
Do mutual funds always hold large-cap stocks?
No. Large-cap stocks are common, but mutual funds also invest in mid-cap and small-cap companies depending on the scheme's mandate and the fund manager's strategy.
Should I buy a stock because many mutual funds own it?
Not by itself. Mutual fund ownership is one useful research indicator, but investors should also examine valuation, earnings, debt, business quality and their own financial objectives.
Conclusion
The top 50 stocks held by mutual funds provide an interesting window into the investment preferences of professional fund managers. Companies such as HDFC Bank, ICICI Bank, Reliance Industries, SBI, Bharti Airtel, Larsen & Toubro, Infosys, Axis Bank and Bajaj Finance frequently appear in major portfolios, while companies from healthcare, technology, automobiles, consumer goods, infrastructure and financial services add further diversification.
The important point is that there is no permanent ranking. Mutual fund portfolios are dynamic, and the weight assigned to each stock can change from one month to another.
For investors, the most useful approach is to treat mutual fund ownership as a starting point for research. Understanding why professional investors own a company can provide valuable insight, but the final investment decision should be based on the company's fundamentals, valuation, financial goals and risk tolerance.
As recent portfolio disclosures demonstrate, large fund houses continue to concentrate meaningful capital in established Indian businesses while selectively adding exposure to emerging growth areas.
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