MTF Insights — December 2025
India's combined NSE + BSE MTF book rose ₹1,500 crore (1.3%) in December 2025 to ₹1,17,480 crore on 31 Dec 2025, and 35.8% higher than a year earlier. It set a record ₹1,17,796 crore on 30 Dec 2025 before easing. The book grew on 11 of 22 sessions. Vedanta added the most, ₹359 crore.
IndiaMTF · 28 Nov 2025 to 31 Dec 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 |
|---|---|---|---|
 VedantaVEDL | ₹966 | +₹359 | +42.4% |
 BSEBSE | ₹925 | +₹317 | +49.9% |
 Patanjali FoodsPATANJALI | ₹518 | +₹307 | +166.2% |
 Lloyds Metals & EnergyLLOYDSME | ₹528 | +₹293 | +123.7% |
 Dixon Technologies (India)DIXON | ₹938 | +₹272 | +56.8% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Embassy DevelopmentsEMBDL | ₹58 | −₹416 | −87.0% |
 Tata Consultancy ServicesTCS | ₹892 | −₹268 | −24.3% |
 InfosysINFY | ₹352 | −₹172 | −34.2% |
 Coal IndiaCOALINDIA | ₹332 | −₹158 | −33.4% |
 Tata SteelTATASTEEL | ₹388 | −₹140 | −26.1% |
New to the top 1,000 (30)
Tata Motors₹164
Groww₹121
EFC (I)₹60AKAkzo Nobel India₹50
Tata Capital₹45
Piramal Finance₹29
Physicswallah₹25
TruAlt Bioenergy₹24SIZerodhaamc - Silvercase₹23
Solarworld Energy Solutions₹22
GM Breweries₹21SESbi-etf Gold₹21+18 moreLeft the top 1,000 (30)
SBI Life Insurance Company₹28
The Phoenix Mills₹26
Magellanic Cloud₹25CRCreative Newtech₹22
Torrent Pharmaceuticals₹20
eClerx Services₹20
Kross₹18
Ceigall India₹18
Apollo Pipes₹17
Knowledge Marine & Engineering Works₹17
Shilpa Medicare₹15+18 moreBorrowing versus price
Of the 200 largest positions with price history for both month-ends, 75 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 +0.0% · price −3.4%
- Mazagon Dock Shipbuildersshares +1.8% · price −7.1%
- Bharat Electronicsshares +21.5% · price −3.0%
Shares under margin and the price both rose — leverage following the move.
- Nazara Technologiesshares +7.8% · price +7.0%
- Vedantashares +42.4% · price +14.9%
- Indian Railway Finance Corporationshares +7.3% · price +6.0%
Shares were released from margin as the price fell — positions being cut or closed.
- Jio Financial Servicesshares −1.2% · price −3.7%
- Power Finance Corporationshares −4.8% · price −2.0%
- RECshares −6.3% · price −1.1%
The price rose while shares under margin fell — gains being taken off the table.
- Trentshares −7.3% · price +0.7%
- Tata Motors Passenger Vehiclesshares −4.5% · price +3.0%
- Tata Consultancy Servicesshares −24.3% · price +2.2%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,191 Cr on 29 Dec 2025; the largest fall was −₹893 Cr on 19 Dec 2025.
Sectors
Electronic Technology supplied 56% of the month's increase on its own. 5 sectors shrank while the book grew 1.3%, led by Technology Services.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Electronic Technology | ₹9,215 | +₹842 | +10.0% |
| Unclassified | ₹2,607 | +₹628 | +31.7% |
| Non-Energy Minerals | ₹6,526 | +₹492 | +8.2% |
| Process Industries | ₹6,183 | +₹236 | +4.0% |
| Industrial Services | ₹4,511 | +₹158 | +3.6% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹8,151 | −₹583 | −6.7% |
| Consumer Non-Durables | ₹2,927 | −₹282 | −8.8% |
| Health Technology | ₹3,274 | −₹268 | −7.6% |
| Utilities | ₹4,883 | −₹206 | −4.1% |
| Energy Minerals | ₹2,207 | −₹188 | −7.8% |
NSE, BSE and concentration
NSE’s book moved +1.2% to ₹1,13,899 Cr and BSE’s +4.6% to ₹3,581 Cr, so BSE held 3.0% of the combined book. The ten largest positions held 9.7% of the whole book at month-end, 0.2 points less than a month earlier.
December in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| December 2025 | ₹1,17,480 | +1.3% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 28 Nov 2025 with 31 Dec 2025. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.