New Delhi, Feb. 6 -- India's economic engine, consumer spending, has stumbled, placing immense pressure on the Union Budget 2025-26 to reignite growth. The budget delivered a headline-grabbing tax relief for the middle class, fueling hopes of a consumption revival. But who was betting on this rebound? Was it the savvy institutional investor or the everyday retail participant? A closer look at December quarter shareholding data offers intriguing clues.

A Mint analysis of 2,513 listed companies reveals a fascinating convergence of sentiment. Retail investors with holdings up to Rs.2 lakh significantly boosted their stakes in both consumption and non-consumption firms during Q3FY25, increasing their holdings by just over 50% sequentially. T...