MTF Insights — January 2026
India's combined NSE + BSE MTF book rose ₹4,059 crore (3.5%) in January 2026 to a record ₹1,21,539 crore on 30 Jan 2026, and 49.5% higher than a year earlier. The book grew on 14 of 20 sessions. Nippon India ETF Silver BeES added the most, ₹1,054 crore.
IndiaMTF · 31 Dec 2025 to 30 Jan 2026 · 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 |
|---|---|---|---|
| SINippon India ETF Silver BeESSILVERBEES | ₹1,748 | +₹1,054 | +72.3% |
 ITCITC | ₹1,227 | +₹837 | +259.9% |
| GONippon India ETF Gold BeESGOLDBEES | ₹1,159 | +₹828 | +188.4% |
 Reliance IndustriesRELIANCE | ₹1,329 | +₹757 | +132.8% |
 HDFC BankHDFCBANK | ₹813 | +₹495 | +159.4% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 ICICI BankICICIBANK | ₹259 | −₹273 | −51.4% |
 Bharat ElectronicsBEL | ₹913 | −₹270 | −24.7% |
 Premier EnergiesPREMIERENE | ₹346 | −₹251 | −37.3% |
 BSEBSE | ₹706 | −₹219 | −24.3% |
 Tata SteelTATASTEEL | ₹227 | −₹160 | −42.3% |
New to the top 1,000 (36)
Viyash Scientific₹83FMIcicipramc - Icicifmcg₹47GOKotak Gold ETF₹42GOMiraeamc - Magoldetf₹36NINippon India ETF Gold BeES₹35GOZerodhaamc - Goldcase₹31
R M Drip and Sprinklers Systems₹31
Emmvee Photovoltaic Power₹30
SBI Life Insurance Company₹29
Sundaram Finance₹28MEMiraeamc - Metal₹26PHNipponamc - Netfpharma₹26+24 moreLeft the top 1,000 (36)
Embassy Developments₹58
Lenskart Solutions₹21
Bharat Wire Ropes₹20HNNippon India ETF Hangseng BeES₹20
Spicejet₹20
Servotech Renewable Power System₹19
Mahindra Logistics₹18
Ajmera Realty & Infra India₹18
Nitco₹18
Metropolis Healthcare₹17
INOX India₹17+24 moreBorrowing versus price
Of the 198 largest positions with price history for both month-ends, 89 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 +0.7% · price −13.7%
- Reliance Industriesshares +132.8% · price −11.1%
- ITCshares +259.9% · price −20.1%
Shares under margin and the price both rose — leverage following the move.
- Nippon India ETF Silver BeESshares +72.3% · price +33.0%
- Nippon India ETF Gold BeESshares +188.4% · price +19.1%
- Nazara Technologiesshares +4.5% · price +4.0%
Shares were released from margin as the price fell — positions being cut or closed.
- Yes Bankshares −6.0% · price −0.9%
- Tata Consultancy Servicesshares −0.0% · price −2.6%
- Tata Motors Passenger Vehiclesshares −10.6% · price −4.7%
The price rose while shares under margin fell — gains being taken off the table.
- Hindustan Aeronauticsshares −9.3% · price +5.3%
- Mazagon Dock Shipbuildersshares −1.2% · price +3.3%
- Vedantashares −1.4% · price +12.8%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,557 Cr on 29 Jan 2026; the largest fall was −₹1,034 Cr on 02 Jan 2026.
Sectors
Unclassified supplied 82% of the month's increase on its own. 5 sectors shrank while the book grew 3.5%, led by Electronic Technology.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Unclassified | ₹5,950 | +₹3,343 | +128.2% |
| Consumer Non-Durables | ₹3,876 | +₹949 | +32.4% |
| Non-Energy Minerals | ₹7,362 | +₹836 | +12.8% |
| Energy Minerals | ₹2,844 | +₹637 | +28.9% |
| Health Technology | ₹3,496 | +₹222 | +6.8% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Electronic Technology | ₹8,542 | −₹673 | −7.3% |
| Utilities | ₹4,490 | −₹393 | −8.0% |
| Finance | ₹20,894 | −₹331 | −1.6% |
| Producer Manufacturing | ₹10,322 | −₹241 | −2.3% |
| Industrial Services | ₹4,343 | −₹168 | −3.7% |
NSE, BSE and concentration
NSE’s book moved +3.3% to ₹1,17,689 Cr and BSE’s +7.5% to ₹3,850 Cr, so BSE held 3.2% of the combined book. The ten largest positions held 10.5% of the whole book at month-end, 0.8 points more than a month earlier.
January in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| January 2026 | ₹1,21,539 | +3.5% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 31 Dec 2025 with 30 Jan 2026. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.