MTF Insights — February 2026
India's combined NSE + BSE MTF book fell ₹2,109 crore (1.7%) in February 2026 to ₹1,19,430 crore on 27 Feb 2026 — the 7th-largest monthly fall since tracking began, and 60.1% higher than a year earlier. It set a record ₹1,21,778 crore on 01 Feb 2026 before easing. The book grew on 10 of 21 sessions. Nippon India ETF Silver BeES saw the largest unwind, ₹653 crore.
IndiaMTF · 30 Jan 2026 to 27 Feb 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 |
|---|---|---|---|
 InfosysINFY | ₹929 | +₹691 | +331.0% |
 Tata Consultancy ServicesTCS | ₹1,218 | +₹324 | +47.6% |
 Mahindra & MahindraM&M | ₹523 | +₹250 | +91.2% |
 HDFC BankHDFCBANK | ₹1,044 | +₹231 | +30.3% |
 Bharti AirtelBHARTIARTL | ₹554 | +₹209 | +62.6% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
| SINippon India ETF Silver BeESSILVERBEES | ₹1,096 | −₹653 | −29.9% |
| GONippon India ETF Gold BeESGOLDBEES | ₹782 | −₹377 | −31.1% |
 Bajaj FinanceBAJFINANCE | ₹320 | −₹287 | −47.3% |
| SIIcicipramc - IcicisilveSILVERIETF | ₹231 | −₹249 | −47.4% |
 Power Finance CorporationPFC | ₹459 | −₹211 | −33.5% |
New to the top 1,000 (33)
LTM₹97
eClerx Services₹54
AvenuesAI₹48
Spicejet₹46
Arisinfra Solutions₹45RNR&B Denims₹35
Rhetan TMT₹22NINippon India Mutual Fund - Permitted₹21
Sharat Industries₹21
Procter & Gamble Health₹20
Indigo Paints₹20
Jash Engineering₹19+21 moreLeft the top 1,000 (33)
Genus Power Infrastructures₹105INInfibeam Avenues₹47LTLtimindtree₹46
TVS Supply Chain Solutions₹43MEMiraeamc - Metal₹26
Schneider Electric Infrastructure₹23
Marico₹21
Vardhman Textiles₹21SIDspamc - Dspsilvetf₹21
Wonder Electricals₹21
ADF Foods₹20ARArisinfra Solutions₹20+21 moreBorrowing versus price
Of the 200 largest positions with price history for both month-ends, 68 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 +17.1% · price −15.3%
- Tata Consultancy Servicesshares +47.6% · price −15.6%
- Mazagon Dock Shipbuildersshares +2.5% · price −13.5%
Shares under margin and the price both rose — leverage following the move.
- Dixon Technologies (India)shares +1.0% · price +0.8%
- Patanjali Foodsshares +2.7% · price +1.5%
- Solar Industries Indiashares +0.9% · price +0.2%
Shares were released from margin as the price fell — positions being cut or closed.
- Reliance Industriesshares −8.0% · price −0.1%
- ITCshares −1.7% · price −2.7%
- Nippon India ETF Silver BeESshares −29.9% · price −11.8%
The price rose while shares under margin fell — gains being taken off the table.
- Jio Financial Servicesshares −4.4% · price +0.4%
- Vedantashares −12.1% · price +5.4%
- Trentshares −17.8% · price +3.0%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹911 Cr on 19 Feb 2026; the largest fall was −₹2,050 Cr on 02 Feb 2026.
Sectors
5 sectors grew while the book fell, led by Technology Services.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹10,136 | +₹2,070 | +25.7% |
| Communications | ₹1,574 | +₹289 | +22.5% |
| Finance | ₹21,146 | +₹252 | +1.2% |
| Commercial Services | ₹1,318 | +₹126 | +10.6% |
| Consumer Durables | ₹4,608 | +₹87 | +1.9% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Unclassified | ₹4,211 | −₹1,740 | −29.2% |
| Producer Manufacturing | ₹9,861 | −₹460 | −4.5% |
| Non-Energy Minerals | ₹6,930 | −₹432 | −5.9% |
| Transportation | ₹1,556 | −₹375 | −19.4% |
| Industrial Services | ₹4,005 | −₹338 | −7.8% |
NSE, BSE and concentration
NSE’s book moved −1.8% to ₹1,15,534 Cr and BSE’s +1.2% to ₹3,896 Cr, so BSE held 3.3% of the combined book. The ten largest positions held 10.0% of the whole book at month-end, 0.5 points less than a month earlier.
February in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| February 2026 | ₹1,19,430 | −1.7% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 30 Jan 2026 with 27 Feb 2026. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.