New Delhi: Even with a quarter remaining in 2025, domestic institutional investors have net bought a record Rs 5.3 lakh crore of equities, surpassing the full-year total of Rs 5.22 lakh crore in 2024, according to the stock exchange data. Mutual funds were the largest driver of this buying spree, purchasing Rs 3.65 lakh crore, aided by monthly SIP inflows of more than Rs 25,000 crore, while their cash holdings remained elevated at Rs 1.98 lakh crore in August. Insurance companies and pension funds added more than Rs 1 lakh crore, with the remainder coming from portfolio managers, alternative funds, banks, and other institutions. Market onlookers doubt the sustainability of mutual fund inflows even as equity fund inflows were Rs 33,430 crore in August and Rs 42,702 crore in July. Meanwhile, foreign institutional investors (FIIs) remained net sellers, dumping Rs 1,80,443 crore so far in 2025 after selling Rs 1.21 lakh crore last year.