MTF Insights — November 2025
India's combined NSE + BSE MTF book rose ₹2,699 crore (2.4%) in November 2025 to ₹1,15,980 crore on 28 Nov 2025, and 44.9% higher than a year earlier. It set a record ₹1,16,700 crore on 21 Nov 2025 before easing. The book grew on 13 of 19 sessions. Kaynes Technology India added the most, ₹346 crore.
IndiaMTF · 31 Oct 2025 to 28 Nov 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 |
|---|---|---|---|
 Kaynes Technology IndiaKAYNES | ₹806 | +₹346 | +87.6% |
 Tata SteelTATASTEEL | ₹528 | +₹336 | +161.8% |
 Premier EnergiesPREMIERENE | ₹657 | +₹301 | +89.4% |
 Power Finance CorporationPFC | ₹867 | +₹225 | +39.5% |
 Eternal (Zomato)ETERNAL | ₹706 | +₹195 | +39.3% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 InfosysINFY | ₹524 | −₹432 | −45.9% |
 Tata Consultancy ServicesTCS | ₹1,160 | −₹267 | −19.7% |
 BSEBSE | ₹608 | −₹229 | −31.3% |
 ICICI BankICICIBANK | ₹492 | −₹187 | −27.6% |
 Reliance IndustriesRELIANCE | ₹627 | −₹147 | −21.4% |
New to the top 500 (30)
Utkarsh Small Finance Bank₹103
Grasim Industries₹94
LG Electronics India₹87
Intellect Design Arena₹87SESequent Scientific₹83
Paisalo Digital₹79
MTAR Technologies₹76
Whirlpool of India₹74
K.P.R. Mill₹71
Page Industries₹70
CEAT₹70
Karur Vysya Bank₹68+18 moreLeft the top 500 (0)
None this month.
Borrowing versus price
Of the 200 largest positions with price history for both month-ends, 103 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 +12.6% · price −2.9%
- Mazagon Dock Shipbuildersshares +0.6% · price −1.8%
- Trentshares +7.4% · price −9.5%
Shares under margin and the price both rose — leverage following the move.
- Yes Bankshares +1.6% · price +0.8%
- Vodafone Ideashares +3.2% · price +14.1%
- Zee Entertainment Enterprisesshares +3.4% · price +0.9%
Shares were released from margin as the price fell — positions being cut or closed.
- Jio Financial Servicesshares −7.5% · price −0.2%
- Anant Rajshares −2.1% · price −10.5%
- Rail Vikas Nigamshares −0.1% · price −1.4%
The price rose while shares under margin fell — gains being taken off the table.
- Tata Consultancy Servicesshares −19.7% · price +2.6%
- Central Depository Services (India)shares −3.7% · price +1.9%
- Reliance Industriesshares −21.4% · price +5.5%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,223 Cr on 18 Nov 2025; the largest fall was −₹1,068 Cr on 26 Nov 2025.
Sectors
Electronic Technology supplied 37% of the month's increase on its own. 5 sectors shrank while the book grew 2.4%, led by Technology Services.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Electronic Technology | ₹8,374 | +₹987 | +13.4% |
| Non-Energy Minerals | ₹6,034 | +₹755 | +14.3% |
| Utilities | ₹5,089 | +₹399 | +8.5% |
| Consumer Durables | ₹4,465 | +₹385 | +9.4% |
| Finance | ₹21,086 | +₹348 | +1.7% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹8,734 | −₹780 | −8.2% |
| Process Industries | ₹5,947 | −₹188 | −3.1% |
| Producer Manufacturing | ₹10,533 | −₹183 | −1.7% |
| Energy Minerals | ₹2,395 | −₹90 | −3.6% |
| Health Technology | ₹3,542 | −₹72 | −2.0% |
NSE, BSE and concentration
NSE’s book moved +2.3% to ₹1,12,556 Cr and BSE’s +4.1% to ₹3,424 Cr, so BSE held 3.0% of the combined book. The ten largest positions held 9.9% of the whole book at month-end, 0.2 points less than a month earlier.
November in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| November 2025 | ₹1,15,980 | +2.4% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 31 Oct 2025 with 28 Nov 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.