MTF declines for first time in six months as leveraged positions ease

Outstanding margin trading positions fell 4.65 per cent to ₹1.44 trillion in October, ending five months of growth as investors moderated leveraged exposure, NSE data showed

Margin trading facility (MTF) positions declined for the first time in six months in October, indicating a moderation in the build-up of leveraged positions after a sustained expansion in recent months.

 

The outstanding MTF book value fell 4.65 per cent month-on-month to ₹1.44 trillion as of October 30, down from ₹1.51 trillion at the end of September, according to data from the National Stock Exchange (NSE). This marked the first monthly contraction since March, when positions had declined 8.32 per cent.

 

MTF positions had risen consistently between April and September, increasing from ₹1.16 trillion to ₹1.51 trillion during the period. The facility saw particularly strong growth in May and August, when outstanding positions increased 8.75 per cent and 6.83 per cent, respectively.

 

 

The October decline comes after a period of sustained expansion in margin-funded investing. MTF allows investors to buy shares by paying a portion of the transaction value upfront, with the broker funding the balance. A reduction in outstanding positions could indicate some unwinding of leveraged exposure or a pause in fresh additions to such positions.

 

The MTF book had crossed ₹1 trillion in September 2025 and continued to expand through the subsequent months, barring contractions in February and March this year.

 

As of October 30, HDFC Bank had the largest MTF position among individual stocks, at ₹3,007 crore, followed by Reliance Industries at ₹2,938 crore. BSE stood third with ₹2,386 crore, while Jio Platforms and Jio Financial Services accounted for ₹2,351 crore and ₹1,737 crore, respectively.

 MARGIN TRADING FACILITY 

As on - MONTH END	Margin Trading Position Value Rs Cr	% Chg MoM
Jan 2026	117,689	3.3
Feb 2026	115,534	(1.8)
Mar 2026	105,920	(8.3)
Apr 2026	116,163	9.7
May 2026	126,333	8.8
Jun 2026	135,044	6.9
Jul 2026	136,592	1.1
Aug 2026	145,925	6.8
Sep 2026	151,134	3.6
Oct 2026	144,108	(4.6)

 Top 5 MTF Position overall (As on Oct 30) 

Company	Qty in Mn	Value Rs Cr
HDFC Bank	39.4	3,007
Reliance Industries	23.0	2,938
BSE	6.7	2,386
Jio Platforms	17.0	2,351
Jio Fin Services	69.7	1,737

 Source: NSE Compiled by Business Standard Research Bureau