Household equity ownership rises by ₹10 trillion during April-December

Indian households added nearly ₹10 trillion to equity holdings in FY26 so far, taking total ownership close to ₹88 trillion amid a structural shift in savings

Domestic household equity holdings rose by around ₹10 trillion during the first nine months of financial year 2026 (9MFY26), taking the cumulative accretion since April 2020 to nearly ₹57 trillion, according to the National Stock Exchange of India’s Market Pulse report. 

Total household holdings in Indian equities increased by ₹3.4 trillion during the quarter ended December 31, 2025, the report said. These holdings include both direct shareholdings and investments routed through mutual funds. 

Overall household equity holdings have now climbed close to ₹88 trillion, reflecting an annualised growth rate of 34.2 per cent since March 2020, according to the report. 

The sharp rise in household equity ownership since the Covid-19 pandemic reflects a structural shift in Indian savings behaviour. With interest rates on traditional savings instruments remaining relatively low for much of the post-pandemic period, households increasingly turned to equities in search of higher real returns. 

At the same time, households have shown a growing preference for indirect equity exposure via mutual funds, even as direct equity ownership has seen periodic volatility. 

While overall domestic institutional investor (DII) ownership rose to 19 per cent, the share of individual investors declined marginally in the December quarter, falling 25 basis points sequentially to a three-year low of 9.3 per cent. The estimates are based on quarterly changes in the value of individual holdings in NSE-listed companies, adjusted for net fresh investments. 

The Market Pulse report also highlighted record-high quarterly net selling by individuals in the NSE secondary markets, amounting to ₹24,964 crore. Their shareholding in the Nifty50 slipped by 10 bps to 7.7 per cent, a six-year low. 

In contrast, direct mutual funds (DMFs) continued to gain ground, reaching fresh record highs in ownership at 11.1 per cent across NSE-listed companies and 13.6 per cent in the Nifty50. DMFs invested ₹1.03 trillion during Q3FY26. 

“This sustained momentum underscores the resilience of retail participation and points to a structural deepening of household engagement with capital markets, gradually reducing the sensitivity of Indian equities to global shocks and episodic FPI outflows,” the report said.