A month in which almost everything fell
Between 16 September and 16 October 2026 the Nifty 50 slipped 0.31%, from 23,217.60 to 23,146.15. Beneath that, 70 of 592 Direct Growth equity funds rose over the same month, which is 12%. The other 522 fell. Here are the categories, with each fund's one-month return from its NAV, and the median for the category.
| Category | Funds | Rose | Median 1 month | Median 3 months | Median year to date |
|---|---|---|---|---|---|
| Large Cap | 35 | 8 | −0.54% | −2.86% | −6.51% |
| Value | 24 | 3 | −0.79% | −3.72% | −4.45% |
| Focused | 28 | 6 | −0.93% | −2.29% | −2.65% |
| Contra | 4 | 0 | −0.97% | −3.66% | −6.01% |
| Flexi Cap | 46 | 7 | −1.00% | −2.50% | −2.09% |
| ELSS | 49 | 5 | −1.06% | −3.21% | −3.22% |
| Multi Cap | 33 | 0 | −1.29% | −2.11% | +0.94% |
| Dividend Yield | 12 | 0 | −1.31% | −2.87% | −5.06% |
| Small Cap | 36 | 3 | −1.51% | +0.30% | +11.74% |
| Large & Mid Cap | 36 | 1 | −1.68% | −3.22% | −1.84% |
| Sectoral/Thematic | 255 | 36 | −1.72% | −3.15% | −1.23% |
| Mid Cap | 34 | 1 | −2.61% | −3.82% | +1.11% |
No multi cap, dividend yield or contra fund rose. The categories were not far apart: all 12 medians sit between −0.54% and −2.61%. The only positive three-month median among them is small cap, at +0.30%, and its year-to-date median is the strongest in the table, +11.74%. Our beta by category post explains why mid and small caps move more than large caps in either direction.
Funds against their indices
| Index, 16 Sep to 16 Oct | Change |
|---|---|
| Nifty 50 | −0.31% |
| Nifty 500 | −1.16% |
| Nifty Smallcap 250 | −1.26% |
| Nifty Next 50 | −1.96% |
| Nifty Midcap 150 | −2.83% |
The median mid cap fund (−2.61%) lost a little less than its index; the median small cap fund (−1.51%) lost a little more than its index; the median large cap fund (−0.54%) lost more than the Nifty 50. The index figures are price returns, with dividends excluded, and the funds' are NAV returns after costs, so a gap of a few tenths of a point is within what the two methods produce. The index fund comparisons show the passive versions.
The thematic exception
Sectoral and thematic funds are the only group with winners to speak of: 36 of 255 rose. The five best were technology or digital funds:
| Fund | 1 month |
|---|---|
| HDFC Technology Fund | +6.73% |
| Kotak Technology Fund | +5.60% |
| ICICI Prudential Technology Fund | +4.86% |
| Aditya Birla Sun Life Digital India Fund | +4.04% |
| quant Teck Fund | +3.63% |
The Nifty IT index rose 9.75% in the month, and 11.72% in the final week alone, from 28,574.90 on 9 October to 31,924.10 on 16 October; it had slipped 1.76% before that. In the same month the Nifty Metal fell 4.76%, Nifty Auto 4.18%, Nifty Energy 2.67%, Nifty Pharma 1.39% and Nifty Bank 0.80%. The worst thematic funds lost between 5% and 8%, mostly in healthcare.
The spread within the category is wide: the 255 funds ranged from −8.20% to +6.73%, almost 15 points, against 5.5 points in the large cap category (−2.55% to +2.92%). Our sector indices review for the quarter and thematic funds review give the longer view.
What the numbers do not tell you
One month is a small window. Fund-level ranks over 30 days reverse often; the three-month and year columns carry more information about a category.
Medians hide spread. The median mid cap fund fell 2.61%, yet one of 34 rose.
The thematic group is a mix. It holds funds in tech, healthcare, banking, consumption and international themes, so its median is an average of unlike things.
None of this is a recommendation to buy or sell any fund.
Frequently asked questions
How many equity funds rose in the month to 16 October 2026?
Of 592 Direct Growth equity funds with a one-month record, 70 (12%) gained between 16 September and 16 October 2026. 36 of the 70 were sectoral or thematic funds, led by technology. No contra, dividend yield or multi cap fund rose.
Which category fell the most?
Mid cap funds, with a median one-month return of −2.61% across 34 funds; only one rose. The Nifty Midcap 150 index fell 2.83% over the same month. Large cap funds fell least among the diversified categories, with a median of −0.54% against the Nifty 50's −0.31%.
Why did technology funds gain?
The Nifty IT index rose 9.75% in the month, from 29,087.65 to 31,924.10, and the five best thematic funds were technology or digital funds, up 3.63% to 6.73%. The index rose 11.72% in the last week alone.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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