MTF Insights — September 2025
India's combined NSE + BSE MTF book rose ₹1,261 crore (1.3%) in September 2025 to ₹99,446 crore on 30 Sep 2025, and 16.5% higher than a year earlier. It set a record ₹1,04,359 crore on 26 Sep 2025 before easing. The book grew on 15 of 22 sessions. Trent added the most, ₹348 crore.
IndiaMTF · 29 Aug 2025 to 30 Sep 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 |
|---|---|---|---|
 TrentTRENT | ₹958 | +₹348 | +69.3% |
 Waaree EnergiesWAAREEENER | ₹482 | +₹252 | +90.2% |
 BSEBSE | ₹944 | +₹245 | +41.7% |
 Tega IndustriesTEGA | ₹354 | +₹237 | +183.1% |
 InfosysINFY | ₹621 | +₹184 | +44.0% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Ola Electric MobilityOLAELEC | ₹66 | −₹489 | −88.3% |
 Hindustan AeronauticsHAL | ₹1,270 | −₹348 | −23.5% |
 VedantaVEDL | ₹579 | −₹273 | −33.1% |
 State Bank of IndiaSBIN | ₹392 | −₹204 | −35.3% |
 Bajaj FinanceBAJFINANCE | ₹248 | −₹196 | −47.0% |
New to the top 500 (40)
Swan Corp₹283GONippon India ETF Gold BeES₹123
UPL₹86
Supreme Industries₹70
Cohance Lifesciences₹68
One Mobikwik Systems₹67
Le Travenues Technology₹67
TVS Motor Company₹67
Cartrade Tech₹64
Moschip Technologies₹61
Cummins India₹61
Godrej Consumer Products₹60+28 moreLeft the top 500 (40)
Cholamandalam Investment and Finance Company₹97
EPACK Durable₹94
Ingersoll Rand (India)₹76ITItd Cementation India₹64
KEI Industries₹64
Accelya Solutions India₹61
Tube Investments of India₹58
JSW Steel₹54
J.Kumar Infraprojects₹54
Triveni Engineering & Industries₹53+28 moreBorrowing versus price
Of the 199 largest positions with price history for both month-ends, 59 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.
- Jio Financial Servicesshares +10.6% · price −5.9%
- Tata Consultancy Servicesshares +17.2% · price −6.4%
- Trentshares +69.3% · price −11.7%
Shares under margin and the price both rose — leverage following the move.
- Reliance Industriesshares +2.2% · price +0.5%
- Central Depository Services (India)shares +2.8% · price +2.4%
- Cochin Shipyardshares +25.2% · price +11.3%
Shares were released from margin as the price fell — positions being cut or closed.
- Nazara Technologiesshares −3.9% · price −12.3%
- Zee Entertainment Enterprisesshares −5.1% · price −3.2%
- Lloyds Enterprisesshares −5.7% · price −12.0%
The price rose while shares under margin fell — gains being taken off the table.
- Hindustan Aeronauticsshares −23.5% · price +9.6%
- Mazagon Dock Shipbuildersshares −5.1% · price +6.1%
- Bharat Electronicsshares −15.9% · price +9.4%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,362 Cr on 02 Sep 2025; the largest fall was −₹4,512 Cr on 30 Sep 2025.
Sectors
Retail Trade supplied 40% of the month's increase on its own. 5 sectors shrank while the book grew 1.3%, led by Finance.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Retail Trade | ₹2,116 | +₹502 | +31.1% |
| Technology Services | ₹8,075 | +₹493 | +6.5% |
| Process Industries | ₹5,232 | +₹327 | +6.7% |
| Consumer Non-Durables | ₹2,968 | +₹266 | +9.8% |
| Distribution Services | ₹1,226 | +₹194 | +18.8% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Finance | ₹20,217 | −₹770 | −3.7% |
| Non-Energy Minerals | ₹4,415 | −₹756 | −14.6% |
| Energy Minerals | ₹2,856 | −₹499 | −14.9% |
| Producer Manufacturing | ₹9,051 | −₹193 | −2.1% |
| Unclassified | ₹2,428 | −₹152 | −5.9% |
NSE, BSE and concentration
NSE’s book moved +6.0% to ₹99,446 Cr; no BSE figure was published for one of the two month-ends. The ten largest positions held 11.2% of the whole book at month-end, 0.1 points less than a month earlier.
September in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| September 2025 | ₹99,446 | +1.3% |
| August 2025 | ₹98,185 | +2.6% |
| July 2025 | ₹95,739 | +8.9% |
| June 2025 | ₹87,905 | +7.0% |
| May 2025 | ₹82,183 | +14.0% |
| April 2025 | ₹72,082 | +1.4% |
Month-end is the last trading day in the archive for the month; changes compare 29 Aug 2025 with 30 Sep 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.