MTF Insights — May 2026
India's combined NSE + BSE MTF book rose ₹10,983 crore (9.1%) in May 2026 to a record ₹1,31,317 crore on 29 May 2026 — the 2nd-largest monthly rise since tracking began, and 59.8% higher than a year earlier. The book grew on 14 of 19 sessions. State Bank of India added the most, ₹884 crore.
IndiaMTF · 30 Apr 2026 to 29 May 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 |
|---|---|---|---|
 State Bank of IndiaSBIN | ₹1,440 | +₹884 | +166.7% |
 ITCITC | ₹1,827 | +₹838 | +96.4% |
 Reliance IndustriesRELIANCE | ₹1,615 | +₹519 | +49.2% |
 Nazara TechnologiesNAZARA | ₹1,223 | +₹352 | +42.3% |
 Multi Commodity Exchange of IndiaMCX | ₹646 | +₹322 | +59.6% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 Hindustan AeronauticsHAL | ₹861 | −₹226 | −21.7% |
 Eternal (Zomato)ETERNAL | ₹914 | −₹197 | −18.1% |
 Solar Industries IndiaSOLARINDS | ₹260 | −₹157 | −39.5% |
| SINippon India ETF Silver BeESSILVERBEES | ₹692 | −₹152 | −19.9% |
| GONippon India ETF Gold BeESGOLDBEES | ₹432 | −₹151 | −26.1% |
New to the top 1,000 (41)
Craftsman Automation₹46
Shadowfax Technologies₹39HDHdfcamc - Hdfcnifban₹37
Ajanta Pharma₹29AQAqylon Nexus₹26
Kwality Wall's (India)₹25
Shilchar Technologies₹25
Sudeep Pharma₹25
Universal Cables₹24
Paramount Communications₹23LELe Merite Exports₹23+29 moreLeft the top 1,000 (41)
Jai Balaji Industries₹78
Ideaforge Technology₹56
KRN Heat Exchanger and Refrigeration₹55
Sterlite Technologies₹47
Indo Tech Transformers₹32
Rainbow Childrens Medicare₹26
V-Mart Retail₹25GSGujarat State Petro₹22
Vishnu Prakash R Punglia₹22MEIcicipramc - Metalietf₹20
Thangamayil Jewellery₹20
Vascon Engineers₹20+29 moreBorrowing versus price
Of the 200 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.
- HDFC Bankshares +16.6% · price −3.5%
- ITCshares +96.4% · price −8.9%
- Reliance Industriesshares +49.2% · price −7.7%
Shares under margin and the price both rose — leverage following the move.
- Nazara Technologiesshares +42.3% · price +5.4%
- Vodafone Ideashares +12.9% · price +36.9%
- BSEshares +25.3% · price +13.9%
Shares were released from margin as the price fell — positions being cut or closed.
- Infosysshares −3.7% · price −1.8%
- Hindustan Aeronauticsshares −21.7% · price −0.8%
- Mahindra & Mahindrashares −0.3% · price −1.7%
The price rose while shares under margin fell — gains being taken off the table.
- Eternal (Zomato)shares −18.1% · price +1.4%
- Suzlon Energyshares −0.1% · price +2.5%
- Dixon Technologies (India)shares −11.1% · price +3.2%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹2,004 Cr on 08 May 2026; the largest fall was −₹730 Cr on 18 May 2026.
Sectors
Finance supplied 22% of the month's increase on its own. 4 sectors shrank while the book grew 9.1%, led by Process Industries.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Finance | ₹25,096 | +₹2,449 | +10.8% |
| Consumer Non-Durables | ₹4,398 | +₹1,035 | +30.8% |
| Energy Minerals | ₹3,663 | +₹986 | +36.8% |
| Producer Manufacturing | ₹10,568 | +₹841 | +8.6% |
| Non-Energy Minerals | ₹6,805 | +₹654 | +10.6% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Process Industries | ₹5,635 | −₹196 | −3.4% |
| Health Services | ₹527 | −₹99 | −15.8% |
| Unclassified | ₹3,379 | −₹36 | −1.0% |
| Commercial Services | ₹1,485 | −₹11 | −0.8% |
NSE, BSE and concentration
NSE’s book moved +8.8% to ₹1,26,333 Cr and BSE’s +19.5% to ₹4,984 Cr, so BSE held 3.8% of the combined book. The ten largest positions held 11.3% of the whole book at month-end, 1.2 points more than a month earlier.
May in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| May 2026 | ₹1,31,317 | +9.1% |
| April 2026 | ₹1,20,334 | +9.6% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 30 Apr 2026 with 29 May 2026. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.