MTF Insights — January 2025
India's combined NSE + BSE MTF book fell ₹5,187 crore (6.0%) in January 2025 to ₹81,319 crore on 31 Jan 2025 — the largest monthly fall since tracking began, and 42.6% higher than a year earlier. It set a record ₹87,383 crore on 03 Jan 2025 before easing. The book grew on 12 of 23 sessions. Reliance Industries saw the largest unwind, ₹417 crore.
IndiaMTF · 31 Dec 2024 to 31 Jan 2025 · Tracking MTF data and analytics since 01 Jan 2021
Stocks
Largest changes in funded value over the month, among stocks present in both month-end files. The share column is the change in shares under margin, adjusted for splits and bonuses — it shows whether more stock was genuinely borrowed against, rather than a price move.
| Biggest additions | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Central Depository Services (India)CDSL | ₹561 | +₹189 | +61.0% |
 Kalyan Jewellers IndiaKALYANKJIL | ₹229 | +₹144 | +230.7% |
 Sammaan CapitalSAMMAANCAP | ₹644 | +₹119 | +24.2% |
 Aditya Birla Fashion & RetailABFRL | ₹348 | +₹101 | +47.3% |
 Embassy DevelopmentsEMBDL | ₹497 | +₹101 | +18.7% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Reliance IndustriesRELIANCE | ₹1,874 | −₹417 | −18.5% |
 Bajaj FinanceBAJFINANCE | ₹176 | −₹264 | −61.5% |
| TATata MotorsTATAMOTORS | ₹1,452 | −₹146 | −6.3% |
 Maruti Suzuki IndiaMARUTI | ₹111 | −₹137 | −56.6% |
 Oil & Natural Gas CorporationONGC | ₹354 | −₹134 | −28.5% |
New to the top 500 (28)
Left the top 500 (28)
SRF₹77
Aavas Financiers₹69
The India Cements₹60
Navin Fluorine International₹60
Zensar Technologies₹55
ITI₹54
ZF Commercial Vehicle Control Systems India₹52
GlaxoSmithKline Pharmaceuticals₹44
Senco Gold₹43
Eicher Motors₹42AMAmi Organics₹42
Narayana Hrudayalaya₹42+16 moreDay by day
Change in the combined book on each trading day. The largest single-day addition was +₹653 Cr on 03 Jan 2025; the largest fall was −₹2,125 Cr on 13 Jan 2025.
Sectors
4 sectors grew while the book fell, led by Retail Trade.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Retail Trade | ₹1,251 | +₹126 | +11.2% |
| Health Technology | ₹1,875 | +₹60 | +3.3% |
| Transportation | ₹1,935 | +₹10 | +0.5% |
| Technology Services | ₹3,607 | +₹4 | +0.1% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Finance | ₹18,577 | −₹945 | −4.8% |
| Process Industries | ₹4,879 | −₹655 | −11.8% |
| Energy Minerals | ₹4,242 | −₹599 | −12.4% |
| Non-Energy Minerals | ₹5,086 | −₹597 | −10.5% |
| Consumer Durables | ₹2,361 | −₹511 | −17.8% |
NSE, BSE and concentration
NSE’s book moved −6.0% to ₹77,874 Cr and BSE’s −6.1% to ₹3,445 Cr, so BSE held 4.2% of the combined book. The ten largest positions held 13.4% of the whole book at month-end, 0.1 points more than a month earlier.
January in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| January 2025 | ₹81,319 | −6.0% |
| December 2024 | ₹86,506 | +8.0% |
| November 2024 | ₹80,065 | −0.6% |
| October 2024 | ₹80,577 | −5.6% |
| September 2024 | ₹85,395 | +0.3% |
| August 2024 | ₹85,113 | +10.7% |
Month-end is the last trading day in the archive for the month; changes compare 31 Dec 2024 with 31 Jan 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.