MTF Insights — March 2026
India's combined NSE + BSE MTF book fell ₹9,644 crore (8.1%) in March 2026 to ₹1,09,786 crore on 30 Mar 2026 — the largest monthly fall since tracking began, and 54.5% higher than a year earlier. The book grew on 3 of 19 sessions. Hindustan Aeronautics saw the largest unwind, ₹318 crore.
IndiaMTF · 27 Feb 2026 to 30 Mar 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 |
|---|---|---|---|
 HDFC BankHDFCBANK | ₹1,501 | +₹458 | +57.8% |
 Larsen & ToubroLT | ₹656 | +₹434 | +217.0% |
 Tourism Finance Corporation of IndiaTFCILTD | ₹615 | +₹211 | +49.9% |
| NINippon India ETF Nifty BeESNIFTYBEES | ₹410 | +₹198 | +105.0% |
 State Bank of IndiaSBIN | ₹458 | +₹127 | +37.2% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Hindustan AeronauticsHAL | ₹1,362 | −₹318 | −17.3% |
 BSEBSE | ₹590 | −₹257 | −30.1% |
 Waaree EnergiesWAAREEENER | ₹444 | −₹247 | −38.4% |
 Hindustan ZincHINDZINC | ₹527 | −₹210 | −26.1% |
| SINippon India ETF Silver BeESSILVERBEES | ₹888 | −₹208 | −15.2% |
New to the top 1,000 (27)
Indo Thai Securities₹45
Shilpa Medicare₹41MOIcicipramc - ICICIMOM30₹22
Jindal Photo₹20
Arfin India₹19
Jindal Poly Films₹18
3M India₹17
Happy Forgings₹16MIMiraeamc - MAM150ETF₹16
Patel Retail₹15
NIBE₹15LIBfam - Liquidbetf₹15+15 moreLeft the top 1,000 (27)
R M Drip and Sprinklers Systems₹121
Aditya Infotech₹59RNR&B Denims₹35
Gujarat Ambuja Exports₹19
PDS₹19
Torrent Pharmaceuticals₹17
India Pesticides₹16
Imagicaaworld Entertainment₹16
NRB Bearing₹16
ASK Automotive₹16AKAkzo Nobel India₹16
DEE Development Engineers₹16+15 moreBorrowing versus price
Of the 200 largest positions with price history for both month-ends, 50 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.
- HDFC Bankshares +57.8% · price −17.6%
- Vedantashares +6.0% · price −8.9%
- Patanjali Foodsshares +11.3% · price −9.5%
Shares under margin and the price both rose — leverage following the move.
- Lloyds Metals & Energyshares +6.3% · price +3.1%
- The Karnataka Bankshares +0.3% · price +9.9%
- Oil & Natural Gas Corporationshares +7.9% · price +1.8%
Shares were released from margin as the price fell — positions being cut or closed.
- Hindustan Aeronauticsshares −17.3% · price −10.9%
- Jio Financial Servicesshares −3.9% · price −12.3%
- Reliance Industriesshares −5.3% · price −3.6%
The price rose while shares under margin fell — gains being taken off the table.
- Adani Powershares −2.5% · price +7.4%
- Waaree Energiesshares −38.4% · price +14.8%
- Cupidshares −6.8% · price +2.2%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,341 Cr on 19 Mar 2026; the largest fall was −₹1,821 Cr on 16 Mar 2026.
Sectors
2 sectors grew while the book fell, led by Health Services.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Health Services | ₹563 | +₹71 | +14.5% |
| Energy Minerals | ₹2,523 | +₹2 | +0.1% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹8,824 | −₹1,312 | −12.9% |
| Finance | ₹20,060 | −₹1,086 | −5.1% |
| Electronic Technology | ₹7,244 | −₹1,004 | −12.2% |
| Producer Manufacturing | ₹8,909 | −₹952 | −9.7% |
| Non-Energy Minerals | ₹6,205 | −₹724 | −10.5% |
NSE, BSE and concentration
NSE’s book moved −8.3% to ₹1,05,920 Cr and BSE’s −0.8% to ₹3,866 Cr, so BSE held 3.5% of the combined book. The ten largest positions held 10.2% of the whole book at month-end, 0.1 points more than a month earlier.
March in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| March 2026 | ₹1,09,786 | −8.1% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 27 Feb 2026 with 30 Mar 2026. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.