MTF Insights — July 2026
India's combined NSE + BSE MTF book rose ₹1,920 crore (1.4%) in July 2026 to ₹1,42,671 crore on 31 Jul 2026, and 49.0% higher than a year earlier. It set a record ₹1,44,410 crore on 28 Jul 2026 before easing. The book grew on 9 of 23 sessions. BSE added the most, ₹633 crore.
IndiaMTF · 30 Jun 2026 to 31 Jul 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 |
|---|---|---|---|
 BSEBSE | ₹1,902 | +₹633 | +52.0% |
 HDFC BankHDFCBANK | ₹2,455 | +₹608 | +36.8% |
 Larsen & ToubroLT | ₹1,129 | +₹511 | +83.5% |
 Axis BankAXISBANK | ₹401 | +₹283 | +246.9% |
 Bharat ElectronicsBEL | ₹1,552 | +₹273 | +23.7% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 InfosysINFY | ₹1,375 | −₹715 | −36.3% |
 Tata Consultancy ServicesTCS | ₹1,013 | −₹687 | −44.0% |
 HCL TechnologiesHCLTECH | ₹224 | −₹460 | −69.3% |
 Persistent SystemsPERSISTENT | ₹180 | −₹391 | −71.1% |
 Mahindra & MahindraM&M | ₹554 | −₹321 | −38.1% |
New to the top 1,000 (46)
Thangamayil Jewellery₹64
ICRA₹40
Suryoday Small Finance Bank₹39
Stylam Industries₹33
Oriental Hotels₹32
Landmark Cars₹30
DCM Shriram₹29SASai Parenterals₹28
PDS₹28
KSH International₹28
Smartworks Coworking Spaces₹28+34 moreLeft the top 1,000 (46)
MTAR Technologies₹89
Bliss GVS Pharma₹82MOIcicipramc - ICICIMOM30₹52GUGujarat Gas₹34NEUTIAMC-NEXT50BETA₹29
NACL Industries₹28
Triveni Engineering & Industries₹27PHNipponamc - Netfpharma₹26CLClean Max Enviro Energy Solutions₹24
Vindhya Telelinks₹24
Ramco Systems₹24
West Coast Paper Mills₹23+34 moreBorrowing versus price
Of the 199 largest positions with price history for both month-ends, 96 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 +36.8% · price −6.2%
- BSEshares +52.0% · price −5.7%
- Bharat Electronicsshares +23.7% · price −5.8%
Shares under margin and the price both rose — leverage following the move.
- Zee Entertainment Enterprisesshares +6.5% · price +10.7%
- Tata Steelshares +40.0% · price +0.9%
- Anant Rajshares +14.2% · price +19.8%
Shares were released from margin as the price fell — positions being cut or closed.
- ITCshares −0.6% · price −2.1%
- Mazagon Dock Shipbuildersshares −0.5% · price −4.6%
- Nippon India ETF Silver BeESshares −0.5% · price −3.0%
The price rose while shares under margin fell — gains being taken off the table.
- Reliance Industriesshares −0.3% · price +1.1%
- Jio Financial Servicesshares −7.7% · price +8.5%
- Infosysshares −36.3% · price +13.0%
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,422 Cr on 14 Jul 2026; the largest fall was −₹876 Cr on 29 Jul 2026.
Sectors
Finance supplied 88% of the month's increase on its own. 5 sectors shrank while the book grew 1.4%, led by Technology Services.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Finance | ₹26,578 | +₹1,682 | +6.8% |
| Industrial Services | ₹5,112 | +₹788 | +18.2% |
| Producer Manufacturing | ₹12,298 | +₹668 | +5.7% |
| Electronic Technology | ₹9,225 | +₹377 | +4.3% |
| Utilities | ₹5,562 | +₹272 | +5.1% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹10,264 | −₹2,946 | −22.3% |
| Consumer Durables | ₹5,740 | −₹633 | −9.9% |
| Unclassified | ₹3,588 | −₹444 | −11.0% |
| Energy Minerals | ₹4,576 | −₹142 | −3.0% |
| Consumer Services | ₹2,589 | −₹108 | −4.0% |
NSE, BSE and concentration
NSE’s book moved +1.1% to ₹1,36,592 Cr and BSE’s +6.5% to ₹6,079 Cr, so BSE held 4.3% of the combined book. The ten largest positions held 10.9% of the whole book at month-end, 0.1 points less than a month earlier.
July in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| July 2026 | ₹1,42,671 | +1.4% |
| June 2026 | ₹1,40,751 | +7.2% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 30 Jun 2026 with 31 Jul 2026. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.