Investor Type
Foreign Institutional Investors (FIIs)
What They Did
Sold over ₹1.34 lakh crore of equity in 2026
Why
Risk-off, rising bond yields, weak rupee
FIIs offloaded equity most heavily in March 2026, right after the war began, as global risk appetite collapsed.
Investor Type
Domestic Institutions (DIIs)
What They Did
Kept buying, cushioning the fall
Why
Long-term mandates, valuation comfort
Mutual funds and insurers absorbed a large share of FII selling, softening the market's overall decline.
Investor Type
Large Lump-Sum Gold Buyers
What They Did
Temporarily blocked by AMCs (June 2026)
Why
Physical gold shortage, new import GST
Six major fund houses paused large gold scheme subscriptions as physical supply couldn't keep pace with demand.
Investor Type
Retail SIP / Micro-Investors
What They Did
Uninterrupted small monthly buys
Why
Rupee-cost averaging, ₹100–₹500 entry points
Small SIP and ETF purchases kept running throughout the war, even when large lump-sum gold buying was restricted.