MTF Insights — July 2025
India's combined NSE + BSE MTF book rose ₹7,834 crore (8.9%) in July 2025 to ₹95,739 crore on 31 Jul 2025 — the 4th-largest monthly rise since tracking began, and 24.6% higher than a year earlier. It set a record ₹95,801 crore on 25 Jul 2025 before easing. The book grew on 18 of 23 sessions. Tata Consultancy Services added the most, ₹655 crore.
IndiaMTF · 30 Jun 2025 to 31 Jul 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 |
|---|---|---|---|
 Tata Consultancy ServicesTCS | ₹1,243 | +₹655 | +125.2% |
 TrentTRENT | ₹803 | +₹544 | +228.9% |
 Reliance IndustriesRELIANCE | ₹1,025 | +₹359 | +52.2% |
 Bharat ElectronicsBEL | ₹840 | +₹269 | +39.6% |
 Axis BankAXISBANK | ₹442 | +₹243 | +130.8% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Dixon Technologies (India)DIXON | ₹248 | −₹379 | −61.3% |
 Varun BeveragesVBL | ₹401 | −₹302 | −44.2% |
 Hindustan UnileverHINDUNILVR | ₹78 | −₹135 | −64.7% |
 InterGlobe AviationINDIGO | ₹136 | −₹130 | −49.7% |
 NTPCNTPC | ₹371 | −₹128 | −26.0% |
New to the top 500 (39)
Ventive Hospitality₹126
Tega Industries₹88
Hubtown₹85
Marathon Nextgen Realty₹81
Belrise Industries₹80
Aditya Birla Lifestyle Brands₹73
Afcons Infrastructure₹69
360 One Wam₹69ITNippon India ETF It₹65
Redington₹64
Five-Star Business Finance₹61
Brigade Enterprises₹56+27 moreLeft the top 500 (39)
Valor Estate₹275
Godrej Consumer Products₹66
Aptus Value Housing Finance India₹65
Mankind Pharma₹55
C.E. Info Systems₹52
Sobha₹51
Motherson Sumi Wiring India₹49
Balkrishna Industries₹49
Niva Bupa Health Insurance Company₹48
Alkem Laboratories₹47
Acutaas Chemicals₹45
International Gemological Institute₹45+27 moreBorrowing versus price
Of the 198 largest positions with price history for both month-ends, 121 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.
- Tata Consultancy Servicesshares +125.2% · price −12.3%
- Reliance Industriesshares +52.2% · price −7.4%
- Mazagon Dock Shipbuildersshares +2.2% · price −14.6%
Shares under margin and the price both rose — leverage following the move.
- Jio Financial Servicesshares +3.0% · price +0.8%
- Nazara Technologiesshares +1.3% · price +4.1%
- Laurus Labsshares +9.5% · price +20.6%
Shares were released from margin as the price fell — positions being cut or closed.
- Hindustan Aeronauticsshares −5.4% · price −6.9%
- State Bank of Indiashares −6.7% · price −2.9%
- Canara Bankshares −7.1% · price −6.1%
The price rose while shares under margin fell — gains being taken off the table.
- Varun Beveragesshares −44.2% · price +14.2%
- Kaynes Technology Indiashares −7.4% · price +1.3%
- Dixon Technologies (India)shares −61.3% · price +12.4%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹4,027 Cr on 16 Jul 2025; the largest fall was −₹3,373 Cr on 15 Jul 2025.
Sectors
Finance supplied 26% of the month's increase on its own. 4 sectors shrank while the book grew 8.9%, led by Consumer Non-Durables.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Finance | ₹20,691 | +₹2,010 | +10.8% |
| Technology Services | ₹7,412 | +₹1,683 | +29.4% |
| Process Industries | ₹4,885 | +₹638 | +15.0% |
| Retail Trade | ₹1,693 | +₹547 | +47.8% |
| Consumer Durables | ₹3,226 | +₹318 | +10.9% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Consumer Non-Durables | ₹2,867 | −₹261 | −8.3% |
| Electronic Technology | ₹5,744 | −₹204 | −3.4% |
| Transportation | ₹1,460 | −₹174 | −10.6% |
| Commercial Services | ₹877 | −₹122 | −12.2% |
NSE, BSE and concentration
NSE’s book moved +8.6% to ₹91,909 Cr and BSE’s +17.5% to ₹3,830 Cr, so BSE held 4.0% of the combined book. The ten largest positions held 10.8% of the whole book at month-end, 0.4 points more than a month earlier.
July in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| July 2025 | ₹95,739 | +8.9% |
| June 2025 | ₹87,905 | +7.0% |
| May 2025 | ₹82,183 | +14.0% |
| April 2025 | ₹72,082 | +1.4% |
| March 2025 | ₹71,064 | −4.7% |
| February 2025 | ₹74,586 | −8.3% |
Month-end is the last trading day in the archive for the month; changes compare 30 Jun 2025 with 31 Jul 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.