MTF Insights — September 2026
India's combined NSE + BSE MTF book rose ₹6,209 crore (4.1%) in September 2026 to a record ₹1,58,716 crore on 30 Sep 2026, and 59.6% higher than a year earlier. The book grew on 16 of 21 sessions. Reliance Industries added the most, ₹628 crore.
IndiaMTF · 31 Aug 2026 to 30 Sep 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 |
|---|---|---|---|
 Reliance IndustriesRELIANCE | ₹3,014 | +₹628 | +30.1% |
 Granules IndiaGRANULES | ₹628 | +₹502 | +332.5% |
 InfosysINFY | ₹1,471 | +₹325 | +36.2% |
 Ather EnergyATHERENERG | ₹547 | +₹293 | +93.7% |
 State Bank of IndiaSBIN | ₹1,132 | +₹263 | +32.5% |
| Biggest unwinds | Book (₹ Cr) | Change | Shares |
|---|---|---|---|
 HDFC BankHDFCBANK | ₹3,409 | −₹387 | −10.0% |
 Paisalo DigitalPAISALO | ₹290 | −₹224 | −48.8% |
 The Great Eastern Shipping CompanyGESHIP | ₹108 | −₹167 | −62.0% |
 Coal IndiaCOALINDIA | ₹307 | −₹141 | −32.8% |
| CMCentral Mine Planning & Design InstituteCMPDI | ₹134 | −₹128 | −48.3% |
New to the top 1,000 (37)
Gretex Corporate Services₹46DHDhoot Transmission₹40
HEG Advanced Materials₹36AQAqylon Nexus₹35MOMotilal Os NASDAQ100 ETF₹34
Alivus Life Sciences₹33
eMudhra₹33+25 moreLeft the top 1,000 (37)
HFCL₹519HEHEG₹141
Asahi India Glass₹32
Prime Securities₹31
Rossell Techsys₹31
Asian Granito India₹30
Shankara Buildpro₹28
Ramco Industries₹27
The Ramco Cements₹26
Home First Finance Company India₹26
NACL Industries₹26
Wheels India₹26+25 moreBorrowing versus price
Of the 200 largest positions with price history for both month-ends, 111 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.
- BSEshares +1.2% · price −5.8%
- Reliance Industriesshares +30.1% · price −7.0%
- Jio Financial Servicesshares +11.1% · price −10.1%
Shares under margin and the price both rose — leverage following the move.
- Adani Powershares +0.8% · price +3.0%
- Laurus Labsshares +5.9% · price +3.4%
- Lloyds Metals & Energyshares +2.5% · price +5.0%
Shares were released from margin as the price fell — positions being cut or closed.
- HDFC Bankshares −10.0% · price −0.0%
- Waaree Energiesshares −0.5% · price −8.9%
- Vedantashares −0.6% · price −6.9%
The price rose while shares under margin fell — gains being taken off the table.
- ITCshares −7.8% · price +2.8%
- Nazara Technologiesshares −4.7% · price +5.4%
- Patanjali Foodsshares −12.4% · price +5.2%
Most of their free float on margin
Shares under margin as a share of each stock’s free-float shares at month-end — how much of the stock that can actually trade is held on borrowed money — using the shareholding filing that was public at the time. Books under ₹25 crore are left out.
| Stock | Book (₹ Cr) | % of free float | Change |
|---|---|---|---|
 SBC ExportsSBC | ₹252 | 28.42% | −2.32 pts |
 Shringar House of MangalsutraSHRINGARMS | ₹111 | 20.62% | −0.83 pts |
 Tourism Finance Corporation of IndiaTFCILTD | ₹783 | 17.85% | −2.62 pts |
 Nazara TechnologiesNAZARA | ₹1,061 | 14.79% | −0.73 pts |
| COWaterways Leisure TourismCORDELIA | ₹105 | 14.30% | −2.26 pts |
 Motisons JewellersMOTISONS | ₹108 | 13.98% | +2.11 pts |
| GSGSP Crop ScienceGSPCROP | ₹77 | 13.52% | −0.56 pts |
 Mangalam CementMANGLMCEM | ₹196 | 13.46% | +0.44 pts |
Day by day
Change in the combined book on each trading day. The largest single-day addition was +₹1,543 Cr on 24 Sep 2026; the largest fall was −₹929 Cr on 18 Sep 2026.
Sectors
Technology Services supplied 22% of the month's increase on its own. 5 sectors shrank while the book grew 4.1%, led by Utilities.
| Largest additions | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Technology Services | ₹10,752 | +₹1,346 | +14.3% |
| Consumer Durables | ₹7,641 | +₹1,271 | +20.0% |
| Unclassified | ₹4,608 | +₹898 | +24.2% |
| Health Technology | ₹5,328 | +₹888 | +20.0% |
| Producer Manufacturing | ₹13,592 | +₹580 | +4.5% |
| Sectors that shrank | Book (₹ Cr) | Change | % |
|---|---|---|---|
| Utilities | ₹5,928 | −₹343 | −5.5% |
| Consumer Non-Durables | ₹4,378 | −₹260 | −5.6% |
| Transportation | ₹2,154 | −₹229 | −9.6% |
| Electronic Technology | ₹8,447 | −₹214 | −2.5% |
| Distribution Services | ₹1,779 | −₹141 | −7.4% |
NSE, BSE and concentration
NSE’s book moved +3.6% to ₹1,51,134 Cr and BSE’s +15.2% to ₹7,582 Cr, so BSE held 4.8% of the combined book. The ten largest positions held 11.9% of the whole book at month-end, 0.1 points more than a month earlier.
September in context
| Month | Book at month-end (₹ Cr) | Change |
|---|---|---|
| September 2026 | ₹1,58,716 | +4.1% |
| August 2026 | ₹1,52,507 | +6.9% |
| 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% |
Month-end is the last trading day in the archive for the month; changes compare 31 Aug 2026 with 30 Sep 2026. Sector figures sum each day’s largest positions on a fixed basis. See the methodology for every definition.