MTF Insights — October 2025
India's combined NSE + BSE MTF book rose ₹13,835 crore (13.9%) in October 2025 to a record ₹1,13,281 crore on 31 Oct 2025 — the largest monthly rise since tracking began, and 40.6% higher than a year earlier. The book grew on 13 of 21 sessions. Anant Raj added the most, ₹515 crore.
IndiaMTF · 30 Sep 2025 to 31 Oct 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 |
|---|---|---|---|
 Anant RajANANTRAJ | ₹785 | +₹515 | +138.2% |
 ICICI BankICICIBANK | ₹679 | +₹411 | +145.8% |
| SINippon India ETF Silver BeESSILVERBEES | ₹592 | +₹401 | +131.2% |
 InfosysINFY | ₹956 | +₹335 | +42.2% |
 Dixon Technologies (India)DIXON | ₹567 | +₹319 | +112.3% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Reliance IndustriesRELIANCE | ₹774 | −₹437 | −40.8% |
 Shriram FinanceSHRIRAMFIN | ₹123 | −₹253 | −71.2% |
 Sammaan CapitalSAMMAANCAP | ₹533 | −₹141 | −29.1% |
 Axis BankAXISBANK | ₹119 | −₹126 | −55.7% |
 Larsen & ToubroLT | ₹248 | −₹116 | −38.7% |
New to the top 500 (37)
Tata Motors Passenger Vehicles₹845
INOX Green Energy Services₹127
Siemens Energy India₹110
Sai Silks (Kalamandir)₹106SIIcicipramc - Icicisilve₹104
EPACK Durable₹98HDHdfcamc - Hdfcsilver₹94
National Securities Depository₹87
KEI Industries₹87
Fortis Healthcare₹84
Tube Investments of India₹80
Sapphire Foods India₹76+25 moreLeft the top 500 (37)
Veranda Learning Solutions₹96
Prestige Estates Projects₹96
Grasim Industries₹74
Brigade Enterprises₹70
AU Small Finance Bank₹67
Ola Electric Mobility₹66
Sunteck Realty₹61
Cummins India₹61
Eveready Industries India₹58
360 One Wam₹57
Karur Vysya Bank₹55+25 moreBorrowing versus price
Of the 200 largest positions with price history for both month-ends, 63 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.
- Hindustan Aeronauticsshares +7.0% · price −1.4%
- Mazagon Dock Shipbuildersshares +13.6% · price −1.2%
- Anant Rajshares +138.2% · price −7.7%
Shares under margin and the price both rose — leverage following the move.
- Jio Financial Servicesshares +4.9% · price +4.6%
- Trentshares +9.0% · price +0.4%
- Nazara Technologiesshares +7.3% · price +4.9%
Shares were released from margin as the price fell — positions being cut or closed.
- LICshares −1.3% · price −0.6%
- NTPCshares −1.5% · price −1.0%
- JSW Energyshares −7.4% · price −0.6%
The price rose while shares under margin fell — gains being taken off the table.
- Tata Consultancy Servicesshares −1.7% · price +5.9%
- Central Depository Services (India)shares −10.3% · price +8.8%
- BSEshares −22.0% · price +21.5%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹6,963 Cr on 01 Oct 2025; the largest fall was −₹748 Cr on 27 Oct 2025.
Sectors
2 sectors shrank while the book grew 13.9%, led by Unclassified.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Producer Manufacturing | ₹10,716 | +₹1,665 | +18.4% |
| Electronic Technology | ₹7,386 | +₹1,449 | +24.4% |
| Technology Services | ₹9,514 | +₹1,438 | +17.8% |
| Consumer Durables | ₹4,080 | +₹1,298 | +46.7% |
| Process Industries | ₹6,134 | +₹902 | +17.2% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Unclassified | ₹1,893 | −₹536 | −22.1% |
| Energy Minerals | ₹2,485 | −₹371 | −13.0% |
NSE, BSE and concentration
NSE’s book moved +10.6% to ₹1,09,993 Cr; no BSE figure was published for one of the two month-ends. The ten largest positions held 10.0% of the whole book at month-end, 1.2 points less than a month earlier.
October in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| October 2025 | ₹1,13,281 | +13.9% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 30 Sep 2025 with 31 Oct 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.