MTF Insights — May 2025
India's combined NSE + BSE MTF book rose ₹10,101 crore (14.0%) in May 2025 to ₹82,183 crore on 30 May 2025 — the largest monthly rise since tracking began, and 18.1% higher than a year earlier. The book grew on 16 of 21 sessions. Dixon Technologies (India) added the most, ₹438 crore.
IndiaMTF · 30 Apr 2025 to 30 May 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 |
|---|---|---|---|
 Dixon Technologies (India)DIXON | ₹606 | +₹438 | +251.6% |
 InterGlobe AviationINDIGO | ₹492 | +₹404 | +412.2% |
 Mazagon Dock ShipbuildersMAZDOCK | ₹655 | +₹335 | +64.4% |
 Suzlon EnergySUZLON | ₹509 | +₹258 | +78.8% |
 Cochin ShipyardCOCHINSHIP | ₹324 | +₹238 | +201.3% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Bajaj FinanceBAJFINANCE | ₹372 | −₹150 | −29.4% |
 Tata SteelTATASTEEL | ₹305 | −₹100 | −28.6% |
 Canara BankCANBK | ₹414 | −₹96 | −21.7% |
 DLFDLF | ₹131 | −₹79 | −39.3% |
 Larsen & ToubroLT | ₹362 | −₹77 | −19.3% |
New to the top 500 (39)
Chambal Fertilizers & Chemicals₹126
Redington₹60
Techno Electric & Engineering Company₹54
Nykaa₹51
Vishal Mega Mart₹50
Balkrishna Industries₹50
Jubilant Foodworks₹49
Aether Industries₹49GSGujarat State Petro₹48
Avanti Feeds₹48
Godfrey Phillips India₹47
Navin Fluorine International₹46+27 moreLeft the top 500 (39)
Borrowing versus price
Of the 196 largest positions with price history for both month-ends, 30 saw investors add shares under margin while the price fell. Share counts, not funded value, are compared here, because funded value moves with the price on its own; both are adjusted for splits and bonuses, and stocks with a demerger in the month are left out.
Investors added shares under margin while the price fell — leverage building into weakness.
- Varun Beveragesshares +35.0% · price −8.9%
- Dixon Technologies (India)shares +251.6% · price −10.7%
- RECshares +44.0% · price −4.2%
Shares under margin and the price both rose — leverage following the move.
- Jio Financial Servicesshares +1.7% · price +10.1%
- Hindustan Aeronauticsshares +15.5% · price +10.8%
- State Bank of Indiashares +22.9% · price +3.0%
Shares were released from margin as the price fell — positions being cut or closed.
- IndusInd Bankshares −10.0% · price −2.6%
- Indus Towersshares −2.0% · price −5.9%
The price rose while shares under margin fell — gains being taken off the table.
- Reliance Industriesshares −8.6% · price +1.1%
- Vedantashares −5.2% · price +3.9%
- Central Depository Services (India)shares −1.1% · price +15.9%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,989 Cr on 20 May 2025; the largest fall was −₹635 Cr on 09 May 2025.
Sectors
1 sector shrank while the book grew 14.0%, led by Unclassified.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Producer Manufacturing | ₹8,085 | +₹1,480 | +22.4% |
| Electronic Technology | ₹5,007 | +₹1,360 | +37.3% |
| Utilities | ₹4,092 | +₹852 | +26.3% |
| Consumer Non-Durables | ₹2,754 | +₹822 | +42.5% |
| Finance | ₹17,057 | +₹690 | +4.2% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Unclassified | ₹2,259 | −₹41 | −1.8% |
NSE, BSE and concentration
NSE’s book moved +14.3% to ₹79,087 Cr and BSE’s +6.5% to ₹3,096 Cr, so BSE held 3.8% of the combined book. The ten largest positions held 10.4% of the whole book at month-end, 0.6 points less than a month earlier.
May in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| May 2025 | ₹82,183 | +14.0% |
| April 2025 | ₹72,082 | +1.4% |
| March 2025 | ₹71,064 | −4.7% |
| February 2025 | ₹74,586 | −8.3% |
| January 2025 | ₹81,319 | −6.0% |
| December 2024 | ₹86,506 | +8.0% |
Month-end is the last trading day in the archive for the month; changes compare 30 Apr 2025 with 30 May 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.