MTF Insights — March 2025
India's combined NSE + BSE MTF book fell ₹3,522 crore (4.7%) in March 2025 to ₹71,064 crore on 28 Mar 2025 — the 5th-largest monthly fall since tracking began, and 24.4% higher than a year earlier. The book grew on 9 of 19 sessions. Reliance Industries saw the largest unwind, ₹310 crore.
IndiaMTF · 28 Feb 2025 to 28 Mar 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 |
|---|---|---|---|
 IndusInd BankINDUSINDBK | ₹421 | +₹169 | +152.5% |
| ZOZomatoZOMATO | ₹644 | +₹147 | +38.7% |
 InfosysINFY | ₹262 | +₹123 | +103.2% |
 AtulATUL | ₹121 | +₹87 | +300.1% |
 BSEBSE | ₹320 | +₹70 | +35.0% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Reliance IndustriesRELIANCE | ₹1,334 | −₹310 | −18.7% |
 State Bank of IndiaSBIN | ₹593 | −₹292 | −33.9% |
 Hindustan AeronauticsHAL | ₹960 | −₹266 | −23.9% |
 Varun BeveragesVBL | ₹501 | −₹241 | −28.5% |
 VedantaVEDL | ₹568 | −₹197 | −25.7% |
New to the top 500 (30)
Cochin Shipyard₹58
Zensar Technologies₹54LIBfam - Liquidbetf₹54
ITC Hotels₹54
Azad Engineering₹50
Protean eGov Technologies₹49
Transrail Lighting₹47
Blue Star₹46
Reliance Power₹44
Cartrade Tech₹43
Devyani International₹42
Jindal Stainless₹41+18 moreLeft the top 500 (30)
Kalyani Steels₹57GONippon India ETF Gold BeES₹52BANippon India ETF Bank BeES₹46
SKF India₹42
SBI Life Insurance Company₹39
Best Agrolife₹38
Kesoram Industries₹38
C.E. Info Systems₹37
Share India Securities₹37
JSW Steel₹36
Birla Corporation₹35
Aarti Pharmalabs₹34+18 moreDay by day
Change in the combined book on each trading day. The largest single-day addition was +₹3,013 Cr on 28 Mar 2025; the largest fall was −₹3,106 Cr on 13 Mar 2025.
Sectors
5 sectors grew while the book fell, led by Technology Services.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹3,647 | +₹364 | +11.1% |
| Consumer Durables | ₹2,376 | +₹152 | +6.8% |
| Consumer Services | ₹1,544 | +₹59 | +4.0% |
| Producer Manufacturing | ₹6,295 | +₹39 | +0.6% |
| Communications | ₹725 | +₹23 | +3.3% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Finance | ₹16,214 | −₹1,253 | −7.2% |
| Energy Minerals | ₹3,158 | −₹476 | −13.1% |
| Utilities | ₹3,136 | −₹424 | −11.9% |
| Electronic Technology | ₹3,712 | −₹389 | −9.5% |
| Non-Energy Minerals | ₹4,140 | −₹386 | −8.5% |
NSE, BSE and concentration
NSE’s book moved −4.6% to ₹68,070 Cr and BSE’s −8.1% to ₹2,994 Cr, so BSE held 4.2% of the combined book. The ten largest positions held 12.1% of the whole book at month-end, 1.5 points less than a month earlier.
March in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| March 2025 | ₹71,064 | −4.7% |
| February 2025 | ₹74,586 | −8.3% |
| January 2025 | ₹81,319 | −6.0% |
| December 2024 | ₹86,506 | +8.0% |
| November 2024 | ₹80,065 | −0.6% |
| October 2024 | ₹80,577 | −5.6% |
Month-end is the last trading day in the archive for the month; changes compare 28 Feb 2025 with 28 Mar 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.