New Delhi, Jan. 15 -- If you've been tracking promoter activity over the past few years, you would have noticed that 2025 took the trend to a new extreme. Promoter selling crossed Rs.1.5 trillion last year, setting a fresh all-time high and extending a three-year streak of over Rs.1 trillion in annual sell-downs.

Large numbers like these often unsettle investors. But seasoned market participants know that promoter transactions need context. Not every sale signals distress.

Even as overall promoter holdings across listed companies have trended lower, a quieter and more telling counter-trend has emerged. Some promoters have been buying shares from the open market, signalling conviction in their businesses at a time when uncertainty remain...