MTF insights - March 2026: Top traded stocks using margin funding

The month of March 2026 was one of the most volatile months India's equity markets have seen in recent years. The conviction of all market participants in their trading strategies was put to the test by record FII outflows, escalating Middle East geopolitical tensions, and sharp corrections in benchmark indices.As a result, the margin trading facility (MTF) activity among Indian investors slipped into a risk‑off mode in March 2026, although blue-chips and some large-cap stocks continued to dominate the list of the most‑traded stocks using leveraged funding. But the industry-wide MTF book faced net liquidation of approximately ₹9,663 crore, as many traders de-risked these MTF positions due to increased volatility in equities.While the MTF book is still above ₹1 lakh crore, which means investors are still maintaining leveraged delivery positions as an integral part of their portfolio. Here we will explore the MTF insights from March 2026 in more detail.The industry MTF book in March 2026The industry MTF book stands at ₹1,05,870.30 crore as of 2nd April 2026, whereas it was at ₹1,15,533.86 crore as of 2nd March 2026. This means there was a liquidation of ₹9,663.56 crore, which indicated that more MTF positions were liquidated than created.The National Stock Exchange of India remained the leader in the MTF market, accounting for more than 95% of the total volumes. NSE's March MTF book rose by 58.6% year-on-year to ₹1.09 trillion, even as it declined marginally on a quarter-on-quarter basis. Additionally, CareEdge Ratings reported that the recent moderation in the MTF book is due to weaker market conditions, elevated volatility, and geopolitical uncertainties, which have led to a cautious approach and some pullback in leveraged positions. What is MTF, and why does this data matter?The Margin Trading Facility enables investors to buy eligible Group 1 securities listed on NSE and BSE by paying only a fraction of the total purchase value, usually between 20-30%, with the remaining balance being financed by the broker. The amount that is funded by the broker is subject to interest between T+1 day and the day the position is closed or squared off. MTF data provides insights into which stock investors have high confidence that they are leveraging positions for over days, weeks, or months by not only paying initial capital but also interest expenses as well. Top traded stocks using MTF in March 2026The following are the stocks that received the maximum amounts of funds under the MTF in the Indian stock markets: Company Funded Qty Mar'26 Change % Funded Amt (Cr) Change % Margin on Dhan HDFCBANK 16,943,711 +53.28% 1,435.84 +40.93% 4.55x RELIANCE 9,556,362 +25.49% 1,337.55 +21.07% 4.55x HAL 2,852,183 -19.86% 1,260.03 -21.06% 4.17x JIOFIN 42,397,205 -0.75% 1,193.78 -4.31% 4.35x ITC 28,056,618 -6.90% 960.17 -9.99% 4.55x TCS 3,207,941 -15.06% 945.12 -17.28% 4.55x VEDL 15,162,625 +6.72% 926.47 +8.65% 4.13x NAZARA 33,069,745 -1.55% 924.71 -2.26% 2.94x PATANJALI 16,946,003 +10.19% 909.65 +8.40% 4.35x MAZDOCK 3,302,551 -14.30% 908.59 -15.94% 3.36x SILVERBEES 35,900,476 -16.06% 877.41 -20.24% 2.42x CDSL 5,887,857 -5.83% 850.31 -8.80% 3.86x DIXON 676,567 -5.19% 822.90 -8.36% 3.68x BEL 18,146,546 +5.89% 754.61 +6.44% 4.35x SUZLON 144,117,745 -8.92% 746.99 -11.14% 3.77x ETERNAL 27,954,116 -11.75% 745.83 -14.46% 3.83x KAYNES 1,498,679 -7.14% 685.90 -9.59% 2.5x TRENT 1,451,872 -14.50% 670.17 -16.57% 3.93x YESBANK 312,882,415 -11.85% 667.09 -14.25% 4.17x RECLTD 17,689,765 -9.21% 666.80 -10.89% 4.04x LT 1,786,366 +88.46% 660.43 +77.17% 4.55x INFY 4,481,530 -18.18% 637.45 -19.10% 4.55x GOLDBEES 49,797,056 -34.12% 619.28 -36.55% 3.34x SAMMAANCAP 40,579,626 +10.35% 616.91 +8.71% 2.28x TATAMOTORS 13,118,003 +5.13% 589.30 -4.12% 4.33x Where leveraged buyers added new MTF positionsIn addition to total funded holdings, the MTF snapshot also provides insights regarding the breakout stocks in which investors added new margin-funded positions in March. Some of the best additions included: Company Liq Qty Change % Liq Amt (Cr) Change % Margin on Dhan JUBLFOOD 1,414,595 +48.44% 58.63 +27.80% 4.33x FORCEMOT 18,324 +105.39% 37.11 +105.02% 2.86x BANKINDIA 2,032,656 -3.74% 27.87 -7.24% 4.0x RELIANCE 185,182 +25.49% 22.62 +21.07% 4.55x KALYANKJIL 381,308 -17.99% 16.20 -17.87% 3.49x BSE 41,192 -29.75% 14.31 -29.19% 3.21x SHYAMMETL 166,764 +54.71% 13.91 +46.26% 3.33x INDOTHAI 420,598 +421.86% 12.43 +462.21% 2.0x PNB 1,168,069 +22.79% 11.90 +18.90% 4.31x M&M 38,071 +13.28% 11.10 +7.54% 4.46x Which stocks saw the highest number of MTF exits?On the flip side, March 2026 also experienced some significant liquidations in MTF-funded positions. The top‑exited stocks by funded value: Company Liq Qty Change % Liq Amt (Cr) Change % Infosys -410,502 -18.18% -54.29 -19.10% Vedanta -489,263 +6.72% -32.35 +8.65% TCS -107,296 -15.06% -27.61 -17.28% Bharti Airtel -150,181 -10.41% -27.13 -12.61% Wipro -1,143,924 -15.80% -23.76 -17.53% Dixon Tech -17,872 -5.19% -19.60 -8.36% Tourism Fin Corp -2,818,394 +19.40% -19.42 +18.10% ONGC -490,772 -34.99% -13.83 -35.56% HAL -33,696 -19.86% -13.24 -21.06% HCL Tech -90,949 -17.75% -12.77 -18.37% To wrap upThe March 2026 MTF data highlights that Indian retail investors are using margin funding selectively and are risk-averse, even though they have substantial leveraged positions in core large-cap names. Although the overall MTF book reduced in March 2026 due to the heightened market volatility, investors still continued to hold blue-chip stocks like HDFC Bank and Reliance Industries, indicating their belief in the long-term fundamentals of these stocks despite the short-term fluctuations.At the same time, the liquidations in IT and PSU‑linked stocks indicate that investors are willing to de‑risk when valuations or sentiment become stretched. These monthly insights will be significant to traders and analysts who want to know how leverage is being used in the Indian equity market as MTF becomes an increasingly visible barometer of retail sentiment.

MTF insights - March 2026: Top traded stocks using margin funding

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