March, measured
The Nifty 50 closed February at 25,178.65 and its last session of March, on the 30th, at 22,331.40. That is a fall of 11.31% in a month.
Most equity funds did a little better. Measured between their NAVs on the same two days, the median diversified equity fund fell 10.81%, and 215 of 311 fell by less than the index.
Every figure here is for a fund's Direct plan, Growth option, and is a plain percentage change between 27 February and 30 March 2026, unless a column says otherwise. "Diversified" means every equity category except sector and theme funds.
Category by category
| Category | Funds | Fell least | Median | Fell most |
|---|---|---|---|---|
| Small Cap | 34 | −6.88% | −9.24% | −11.51% |
| Dividend Yield | 11 | −9.23% | −10.24% | −12.12% |
| Multi Cap | 32 | −7.42% | −10.42% | −12.03% |
| Mid Cap | 32 | −4.00% | −10.51% | −11.72% |
| Value | 22 | −6.95% | −10.79% | −12.87% |
| Flexi Cap | 43 | −7.28% | −10.88% | −12.05% |
| ELSS | 39 | −5.17% | −10.91% | −12.63% |
| Large & Mid Cap | 33 | −7.96% | −11.09% | −13.29% |
| Large Cap | 34 | −6.56% | −11.33% | −12.52% |
| Focused | 28 | −7.85% | −11.38% | −13.53% |
| Aggressive hybrid | 28 | −7.03% | −8.62% | −10.21% |
| Balanced advantage | 37 | +0.25% | −6.62% | −9.62% |
| Arbitrage | 36 | +0.73% | +0.58% | +0.46% |
The order was not the one their volatility would suggest. Small-cap funds, the most volatile diversified category over the past three years (a median 17.02% a year, against 13.00% for large caps), fell least, and large-cap funds were among the worst. The indices say the same: in March the Nifty Smallcap 250 fell 10.03%, the Nifty Midcap 150 11.06% and the Nifty 50 11.31%.
The spread inside each diversified category was narrow, between about 3 and 8 points from best to worst. In a month like this, most funds simply went down with the market.
The ten that fell least
| Fund (Direct, Growth) | Category | 27 Feb to 30 Mar | 30 Mar to 8 Apr |
|---|---|---|---|
| Quant Mid Cap | Mid Cap | −4.00% | +5.76% |
| Motilal Oswal ELSS Tax Saver | ELSS | −5.17% | +7.24% |
| Samco Large Cap | Large Cap | −6.56% | +3.34% |
| Baroda BNP Paribas Small Cap | Small Cap | −6.88% | +5.80% |
| DSP Value | Value | −6.95% | +4.34% |
| Quant Small Cap | Small Cap | −7.16% | +8.33% |
| Samco Small Cap | Small Cap | −7.16% | +5.95% |
| Parag Parikh Flexi Cap | Flexi Cap | −7.28% | +5.71% |
| Mahindra Manulife Small Cap | Small Cap | −7.33% | +7.63% |
| Bank of India Mid Cap | Mid Cap | −7.35% | +6.48% |
At the other end, Quant Focused fell 13.53% and Tata Large & Mid Cap 13.29%.
Among sector funds the gap was far wider. Healthcare funds fell least, led by Aditya Birla Sun Life Pharma and Healthcare at −3.21%; the eight healthcare and pharma funds at the top of the list all fell less than 4.4%. The bottom of the list belonged to banking and financial services funds: of the 25 such funds, the worst five each fell a little over 15%, and the median one 14.18%. The Nifty Bank index lost 16.94% over the month and the Nifty IT index only 5.04%.
Falling less, rising less
The market has bounced since. The Nifty 50 closed at 23,997.35 on Wednesday 8 April, up 7.46% from 30 March, though still 4.69% below its February close.
The funds that held up best in March have, so far, bounced least. Across the 311 diversified funds, the correlation between the March change and the change from 30 March to 8 April is −0.39. The tenth that fell least has rebounded a median 6.66%; the tenth that fell most, 8.04%.
The net position on 8 April: the median fund is still 4.08% below its 27 February NAV, and only 7 of 311 are back above it, Quant Mid Cap and Motilal Oswal ELSS Tax Saver among them.
What this does not tell you
One month is a small sample. A fund that fell least in March may have fallen more in January, or may fall more next time. A month's ranking is not a measure of how defensive a portfolio is.
These are NAV changes, not explanations. Holding more cash, owning different sectors or a single large position can each produce a smaller fall, and the NAV alone can't tell which.
The rebound is nine days old. Nothing here says where prices go next, and none of it is advice to buy or sell any fund.
Where to go from here
The low-drawdown equity screen ranks funds by their worst fall over three years rather than one month. For the market side of the month, read the March 2026 market recap, and for funds built to cushion falls, balanced advantage funds in the March fall.
If the month tested your nerve, the psychology of a market crash is worth ten minutes.
Frequently asked questions
How much did equity mutual funds fall in March 2026?
Between their NAVs of 27 February and 30 March 2026, the median diversified equity fund (Direct plan, Growth option) fell 10.81%, across 311 funds. The Nifty 50 price index fell 11.31% between the same two closes.
Which equity fund fell least in March 2026?
Among 311 diversified equity funds, Quant Mid Cap Fund's Direct Growth plan fell least between 27 February and 30 March 2026, by 4.00%. Motilal Oswal ELSS Tax Saver fell 5.17% and Samco Large Cap 6.56%. Among sector funds, healthcare funds fell least, between 3.21% and 4.39%.
Have funds recovered their March losses?
Not yet. By 8 April 2026 the median diversified equity fund was still 4.08% below its 27 February NAV, and only 7 of 311 were back above it. The Nifty 50 closed at 23,997.35 on 8 April, 4.69% below its 27 February close.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
Keep reading
Arbitrage funds vs liquid funds: the 2026 scorecard
The median arbitrage fund returned 6.68% in the year to 30 September 2026, against 6.46% for liquid funds. Where each came out ahead, and what it cost.
Balanced advantage funds in 2026's falling market
The Nifty 50 fell 13.4% from 31 December 2025 to 30 September 2026. The median balanced advantage fund lost 1.7%, and its worst dip was 8.7%.
Direct vs regular plans: the 1.16-point equity fee gap
A regular equity plan costs a median 1.16 points a year more than its direct twin, on AMFI's September 2026 data. Over ten years, direct ended 10.2% ahead.