March turned out to be more than just another month on Dalal Street — it was a month where mutual funds quietly reshuffled their portfolios, laying down strategic bets ahead of two major triggers: the Q4 earnings season and the global tariff tremors. While retail investors often wait for headlines to move markets, institutional investors prefer to stay one step ahead — and the recent buying patterns clearly reflect this proactive mindset.
From heavyweight banks to emerging smallcaps, and from infra giants to defensive pharma plays, mutual funds spread their money across sectors that offer stability, growth, and protection against global trade uncertainties. Their stock picks not only reveal confidence in India’s domestic economy but also highlight a sharp focus on themes like capex momentum, rural revival, and policy-backed sectors.
Where Mutual Funds Moved in March:
1 | Parag Parikh Flexi Cap Fund
Power Grid Corp of India ➡️ +15.30%
Kotak Mahindra Bank ➡️ +14.31%
ICICI Bank ➡️ +12.15%
Bajaj Holdings & Investment ➡️ +7.76%
HDFC Bank ➡️ +5.64%
2 | HDFC Flexi Cap Fund
ICICI Bank Ltd ➡️ +11.97%
Axis Bank Ltd ➡️ +8.51%
Kotak Mahindra Bank Ltd ➡️ +14.10%
HDFC Bank Ltd ➡️ +5.53%
Piramal Pharma Ltd ➡️ +18.39%
3 | Nippon India Multi Cap Fund
Hitachi Energy India Ltd ➡️ +45.82%
Max Financial Services Ltd ➡️ +22.65%
Reliance Industries Ltd ➡️ +14.18%
HDFC Bank Ltd ➡️ +11.94%
Bajaj Auto Ltd ➡️ New Entry 🆕 (Buy Value: ₹214.06 Cr)
4 | Quant Small Cap Fund
NCC Ltd ➡️ +75.09%
Ventive Hospitality Ltd ➡️ +31.48%
Sun TV Network Ltd ➡️ +15.75%
JIO Financial Services Ltd ➡️ +9.59%
Welspun Living Ltd ➡️ New Entry 🆕 (Buy Value: ₹98.21 Cr)
5 | Nippon India Small Cap Fund
TBO Tek Ltd ➡️ +458.71%
Axis Bank Ltd ➡️ +65.88%
Paradeep Phosphates Ltd ➡️ +46.89%
Emami Ltd ➡️ +32.67%
Astrazeneca Pharma India Ltd ➡️ +28.50%
6 | Tata Small Cap Fund
Kirloskar Pneumatic Co. Ltd ➡️ +22.75%
Sudarshan Chemical Industries Ltd ➡️ +19.16%
Usha Martin Ltd ➡️ +26.78%
Wockhardt Ltd ➡️ +23.27%
Time Technoplast Ltd ➡️ +16.85%
7 | Motilal Oswal Midcap Fund
Polycab India Ltd ➡️ +38.86%
Kalyan Jewellers India Ltd ➡️ +15.42%
Mazagon Dock Shipbuilders Ltd ➡️ +45.74%
Bharti Hexacom Ltd ➡️ +16.71%
Hitachi Energy India Ltd ➡️ New Entry 🆕 (Buy Value: ₹442.88 Cr)
8 | Edelweiss Mid Cap Fund
Hindustan Petroleum Corp Ltd ➡️ +136.83%
Torrent Power Ltd ➡️ +80.67%
CG Power & Industrial Solutions Ltd ➡️ +33.69%
Solar Industries India Ltd ➡️ +29.09%
Max Healthcare Institute Ltd ➡️ +15.61%
9 | HDFC Mid-Cap Opportunities Fund
Hindustan Petroleum Corp Ltd ➡️ +22.68%
Max Financial Services Ltd ➡️ +14.98%
Glenmark Pharmaceuticals Ltd ➡️ +21.27%
Tata Communications Ltd ➡️ +16.69%
Ipca Laboratories Ltd ➡️ +10.81%
10 | DSP Top 100 Equity Fund
Samvardhana Motherson International Ltd ➡️ +33.37%
Mahindra & Mahindra Ltd ➡️ +13.68%
ICICI Bank Ltd ➡️ +11.98%
ITC Ltd ➡️ +13.23%
Nippon Life India Asset Management Ltd ➡️ New Entry 🆕 (Buy Value: ₹31.64 Cr)
11 | ICICI Prudential Bluechip Fund
Reliance Industries Ltd ➡️ +42.42%
ICICI Bank Ltd ➡️ +18.19%
Ultratech Cement Ltd ➡️ +14.99%
Larsen & Toubro Ltd ➡️ +9.65%
HDFC Bank Ltd ➡️ +5.53%
12 | Mirae Asset Large Cap Fund
Eicher Motors Ltd ➡️ +127.07%
Godrej Consumer Products Ltd ➡️ +65.85%
Tata Consultancy Services Ltd ➡️ +12.83%
ICICI Bank Ltd ➡️ +11.97%
HDFC Bank Ltd ➡️ +4.54%
But Why These Stocks Before Q4 & Tariff News?
The stock picks suggest calculated and defensive positioning. Here’s the rationale decoded:
1️⃣ Banks: Core Stability Bets
ICICI Bank, Kotak Mahindra Bank, HDFC Bank, and Axis Bank were clear favorites.
Strong loan growth and healthy balance sheets.
Attractive valuations post-market corrections.
Focused on Indian markets, making them relatively tariff-proof.
2️⃣ Infra & Power: Capex Momentum Plays
Stocks like Power Grid, Torrent, HPCL, and L&T reflect confidence in India’s infrastructure drive.
Government-backed infra push ensures steady revenue visibility.
Long order books indicate business stability.
Minimal global exposure shields them from tariff volatility.
3️⃣ Industrials: Execution Upside Potential
Polycab, Mazagon Dock, and Kirloskar Pneumatic were bought for:
Support from PLI schemes and “Make in India” initiatives.
Clear order book visibility and expansion potential.
Early indicators of earnings surprises in upcoming quarters.
4️⃣ Pharma & Healthcare: Classic Defensive Play
Names like Piramal Pharma, AstraZeneca, Max Healthcare stood out.
Margin recovery cycles are underway.
Growing export orders and global demand.
Historically safe during market uncertainty.
5️⃣ Consumption: Steady Compounders
Familiar consumer names — Emami, Godrej Consumer, and ITC — secured consistent interest.
Rural demand recovery post-monsoon and welfare schemes.
Seasonal tailwinds for summer-centric product sales.
Cash-rich balance sheets and strong brand moat.
6️⃣ Smallcaps: High Conviction Alpha Bets
Funds bet big on smallcaps like TBO Tek, Ventive Hospitality, and Hitachi Energy.
High probability of re-rating as fundamentals improve.
Policy-driven momentum, especially in sectors like defence, renewables, and logistics.
Early institutional positioning to capitalize on listing or insider momentum.
March saw mutual funds quietly but clearly preparing for both earnings surprises and global turbulence. From bluechip banks to niche smallcaps, the funds’ moves reveal confidence in India's domestic strength while smartly shielding against international risk.
Disclaimer:
The stocks and data mentioned in this article are sourced from publicly available information and mutual fund disclosures. This is not investment advice or a recommendation. Stock markets are subject to risks. Please consult a qualified financial advisor before making any investment decisions. The author and the platform are not responsible for any profit or loss arising from investments based on this information.