MTF Flows: Fresh Buying vs Liquidation
Net margin flow over the last 20 sessions: −₹1,590 Cr, the 8th percentile of all 20-session windows since 2017 · Heavy deleveraging.
1.43 days
Book vs cash turnover
1-year median 1.11 · 99th pct
2.36%
Fresh margin intensity
median 3.70%
5.58%
Gross MTF footprint
median 7.14%
-0.86%
Buy vs sell balance
2th percentile
4.08%
Daily churn
(new + closed) ÷ opening book
MTF's footprint on the cash market
5-session averages, last three years. Fresh intensity: new MTF buying ÷ NSE cash turnover. Gross footprint: (new + closed) ÷ turnover. Balance: (new − closed) ÷ turnover; above zero leverage is being built, below zero it is being unwound. NSE on both sides.
The book in days of cash turnover
Net flow by period
| Week ending | Fresh (NSE) | Liquidated (NSE) | Net (NSE + BSE) | Net, % of opening book | Book at end |
|---|---|---|---|---|---|
| 23 Oct 2026 | ₹8,992 Cr | ₹10,660 Cr | −₹1,694 Cr | -1.13% | ₹1.54 lakh Cr |
| 16 Oct 2026 | ₹17,817 Cr | ₹17,937 Cr | −₹136.25 Cr | -0.08% | ₹1.56 lakh Cr |
| 9 Oct 2026 | ₹16,221 Cr | ₹18,284 Cr | −₹2,038 Cr | -1.37% | ₹1.56 lakh Cr |
| 2 Oct 2026 | ₹14,299 Cr | ₹13,932 Cr | +₹437.22 Cr | +0.24% | ₹1.58 lakh Cr |
| 25 Sep 2026 | ₹19,651 Cr | ₹17,176 Cr | +₹3,070 Cr | +1.68% | ₹1.57 lakh Cr |
| 18 Sep 2026 | ₹14,462 Cr | ₹15,662 Cr | −₹1,182 Cr | -0.81% | ₹1.54 lakh Cr |
| 11 Sep 2026 | ₹21,539 Cr | ₹19,216 Cr | +₹2,457 Cr | +1.59% | ₹1.56 lakh Cr |
| 4 Sep 2026 | ₹21,162 Cr | ₹20,034 Cr | +₹1,419 Cr | +0.78% | ₹1.53 lakh Cr |
| 28 Aug 2026 | ₹22,856 Cr | ₹20,347 Cr | +₹2,571 Cr | +1.76% | ₹1.52 lakh Cr |
| 21 Aug 2026 | ₹22,519 Cr | ₹21,009 Cr | +₹1,595 Cr | +1.07% | ₹1.49 lakh Cr |
| 14 Aug 2026 | ₹26,716 Cr | ₹24,662 Cr | +₹2,173 Cr | +1.48% | ₹1.48 lakh Cr |
| 7 Aug 2026 | ₹30,160 Cr | ₹27,460 Cr | +₹2,784 Cr | +1.98% | ₹1.45 lakh Cr |
| 31 Jul 2026 | ₹23,924 Cr | ₹25,429 Cr | −₹1,524 Cr | -1.09% | ₹1.43 lakh Cr |
| 24 Jul 2026 | ₹21,211 Cr | ₹19,254 Cr | +₹2,144 Cr | +1.44% | ₹1.44 lakh Cr |
| 17 Jul 2026 | ₹24,480 Cr | ₹21,766 Cr | +₹2,872 Cr | +2.03% | ₹1.42 lakh Cr |
| 10 Jul 2026 | ₹24,272 Cr | ₹25,218 Cr | −₹910.85 Cr | -0.70% | ₹1.39 lakh Cr |
| 3 Jul 2026 | ₹24,873 Cr | ₹24,058 Cr | +₹920.80 Cr | +0.61% | ₹1.40 lakh Cr |
| 26 Jun 2026 | ₹22,234 Cr | ₹19,232 Cr | +₹3,158 Cr | +2.30% | ₹1.39 lakh Cr |
| 19 Jun 2026 | ₹30,676 Cr | ₹27,904 Cr | +₹2,990 Cr | +2.17% | ₹1.36 lakh Cr |
| 12 Jun 2026 | ₹20,514 Cr | ₹21,607 Cr | −₹1,033 Cr | -0.85% | ₹1.33 lakh Cr |
| 5 Jun 2026 | ₹24,798 Cr | ₹22,140 Cr | +₹2,856 Cr | +2.10% | ₹1.34 lakh Cr |
| 29 May 2026 | ₹24,986 Cr | ₹22,022 Cr | +₹3,105 Cr | +2.40% | ₹1.31 lakh Cr |
| 22 May 2026 | ₹20,731 Cr | ₹19,509 Cr | +₹1,263 Cr | +1.00% | ₹1.28 lakh Cr |
| 15 May 2026 | ₹25,687 Cr | ₹23,645 Cr | +₹2,571 Cr | +1.70% | ₹1.27 lakh Cr |
| 8 May 2026 | ₹31,511 Cr | ₹27,560 Cr | +₹4,053 Cr | +3.40% | ₹1.24 lakh Cr |
| 1 May 2026 | ₹15,846 Cr | ₹14,191 Cr | +₹1,725 Cr | +1.45% | ₹1.20 lakh Cr |
| 24 Apr 2026 | ₹30,645 Cr | ₹23,341 Cr | +₹7,481 Cr | +6.82% | ₹1.19 lakh Cr |
| 17 Apr 2026 | ₹23,182 Cr | ₹21,531 Cr | +₹1,762 Cr | +1.56% | ₹1.11 lakh Cr |
| 10 Apr 2026 | ₹20,953 Cr | ₹21,300 Cr | −₹369.54 Cr | -0.33% | ₹1.09 lakh Cr |
| 3 Apr 2026 | ₹8,456 Cr | ₹10,066 Cr | −₹1,687 Cr | -1.50% | ₹1.10 lakh Cr |
| 27 Mar 2026 | ₹12,580 Cr | ₹15,599 Cr | −₹2,938 Cr | -2.73% | ₹1.11 lakh Cr |
| 20 Mar 2026 | ₹13,249 Cr | ₹14,743 Cr | −₹1,516 Cr | -1.33% | ₹1.14 lakh Cr |
| 13 Mar 2026 | ₹14,901 Cr | ₹15,843 Cr | −₹936.37 Cr | -0.83% | ₹1.16 lakh Cr |
| 6 Mar 2026 | ₹12,553 Cr | ₹15,143 Cr | −₹2,632 Cr | -2.24% | ₹1.17 lakh Cr |
| 27 Feb 2026 | ₹16,315 Cr | ₹16,599 Cr | −₹267.32 Cr | -0.24% | ₹1.19 lakh Cr |
| 20 Feb 2026 | ₹14,960 Cr | ₹15,867 Cr | −₹980.29 Cr | -0.78% | ₹1.20 lakh Cr |
| 13 Feb 2026 | ₹21,542 Cr | ₹19,986 Cr | +₹1,652 Cr | +1.35% | ₹1.21 lakh Cr |
| 6 Feb 2026 | ₹24,297 Cr | ₹26,637 Cr | −₹2,329 Cr | -1.99% | ₹1.19 lakh Cr |
| 30 Jan 2026 | ₹19,719 Cr | ₹18,863 Cr | +₹1,039 Cr | +0.73% | ₹1.22 lakh Cr |
| 23 Jan 2026 | ₹19,629 Cr | ₹18,717 Cr | +₹954.15 Cr | +0.79% | ₹1.20 lakh Cr |
| 16 Jan 2026 | ₹13,846 Cr | ₹13,739 Cr | +₹105.98 Cr | +0.09% | ₹1.20 lakh Cr |
| 9 Jan 2026 | ₹21,425 Cr | ₹19,031 Cr | +₹2,476 Cr | +2.11% | ₹1.20 lakh Cr |
| 2 Jan 2026 | ₹18,801 Cr | ₹18,190 Cr | +₹659.52 Cr | +0.54% | ₹1.17 lakh Cr |
| 26 Dec 2025 | ₹14,892 Cr | ₹13,055 Cr | +₹1,875 Cr | +1.65% | ₹1.16 lakh Cr |
| 19 Dec 2025 | ₹12,777 Cr | ₹12,608 Cr | +₹176.79 Cr | +0.15% | ₹1.15 lakh Cr |
| 12 Dec 2025 | ₹12,999 Cr | ₹14,221 Cr | −₹1,181 Cr | -1.09% | ₹1.14 lakh Cr |
| 5 Dec 2025 | ₹13,985 Cr | ₹14,306 Cr | −₹332.07 Cr | -0.28% | ₹1.16 lakh Cr |
| 28 Nov 2025 | ₹13,900 Cr | ₹14,537 Cr | −₹720.68 Cr | -0.56% | ₹1.16 lakh Cr |
| 21 Nov 2025 | ₹17,981 Cr | ₹16,202 Cr | +₹1,837 Cr | +1.60% | ₹1.17 lakh Cr |
| 14 Nov 2025 | ₹19,500 Cr | ₹19,488 Cr | +₹72.33 Cr | +0.01% | ₹1.15 lakh Cr |
| 7 Nov 2025 | ₹15,549 Cr | ₹14,114 Cr | +₹1,537 Cr | +1.30% | ₹1.15 lakh Cr |
| 31 Oct 2025 | ₹21,239 Cr | ₹20,195 Cr | +₹1,083 Cr | +0.96% | ₹1.13 lakh Cr |
| Month | Fresh (NSE) | Liquidated (NSE) | Net (NSE + BSE) | Net, % of opening book | Book at end |
|---|---|---|---|---|---|
| 2026-10 | ₹46,827 Cr | ₹51,457 Cr | −₹4,696 Cr | -3.06% | ₹1.54 lakh Cr |
| 2026-09 | ₹82,622 Cr | ₹77,343 Cr | +₹6,280 Cr | +3.62% | ₹1.59 lakh Cr |
| 2026-08 | ₹1.07 lakh Cr | ₹97,577 Cr | +₹9,873 Cr | +6.86% | ₹1.53 lakh Cr |
| 2026-07 | ₹1.10 lakh Cr | ₹1.08 lakh Cr | +₹2,016 Cr | +1.22% | ₹1.43 lakh Cr |
| 2026-06 | ₹1.07 lakh Cr | ₹98,606 Cr | +₹9,456 Cr | +6.91% | ₹1.41 lakh Cr |
| 2026-05 | ₹1.03 lakh Cr | ₹92,736 Cr | +₹10,992 Cr | +8.76% | ₹1.31 lakh Cr |
| 2026-04 | ₹96,198 Cr | ₹85,984 Cr | +₹10,524 Cr | +9.64% | ₹1.20 lakh Cr |
| 2026-03 | ₹56,168 Cr | ₹65,773 Cr | −₹9,636 Cr | -8.31% | ₹1.10 lakh Cr |
| 2026-02 | ₹77,114 Cr | ₹79,089 Cr | −₹1,925 Cr | -1.68% | ₹1.19 lakh Cr |
| 2026-01 | ₹82,462 Cr | ₹78,546 Cr | +₹4,186 Cr | +3.44% | ₹1.22 lakh Cr |
| 2025-12 | ₹65,611 Cr | ₹64,183 Cr | +₹1,586 Cr | +1.27% | ₹1.17 lakh Cr |
| 2025-11 | ₹66,931 Cr | ₹64,341 Cr | +₹2,725 Cr | +2.35% | ₹1.16 lakh Cr |
| 2025-10 | ₹88,047 Cr | ₹76,614 Cr | +₹11,762 Cr | +11.50% | ₹1.13 lakh Cr |
| 2025-09 | ₹1.44 lakh Cr | ₹1.37 lakh Cr | +₹7,246 Cr | +7.73% | ₹99,446 Cr |
| 2025-08 | ₹1.07 lakh Cr | ₹1.04 lakh Cr | +₹3,299 Cr | +3.59% | ₹93,860 Cr |
| 2025-07 | ₹1.41 lakh Cr | ₹1.32 lakh Cr | +₹9,052 Cr | +10.70% | ₹91,909 Cr |
| 2025-06 | ₹1.45 lakh Cr | ₹1.39 lakh Cr | +₹5,985 Cr | +7.57% | ₹84,646 Cr |
| 2025-05 | ₹1.31 lakh Cr | ₹1.21 lakh Cr | +₹9,926 Cr | +14.35% | ₹79,087 Cr |
| 2025-04 | ₹96,684 Cr | ₹95,029 Cr | +₹1,655 Cr | +2.43% | ₹69,176 Cr |
| 2025-03 | ₹89,132 Cr | ₹92,378 Cr | −₹3,246 Cr | -4.55% | ₹68,070 Cr |
| 2025-02 | ₹75,842 Cr | ₹82,206 Cr | −₹6,363 Cr | -8.17% | ₹71,327 Cr |
| 2025-01 | ₹1.01 lakh Cr | ₹1.06 lakh Cr | −₹4,918 Cr | -5.94% | ₹77,874 Cr |
| 2024-12 | ₹1.08 lakh Cr | ₹1.02 lakh Cr | +₹6,379 Cr | +8.29% | ₹82,836 Cr |
| 2024-11 | ₹85,225 Cr | ₹85,731 Cr | −₹505.30 Cr | -0.65% | ₹76,970 Cr |
| 2024-10 | ₹98,326 Cr | ₹1.03 lakh Cr | −₹4,381 Cr | -5.34% | ₹77,482 Cr |
| 2024-09 | ₹99,641 Cr | ₹99,257 Cr | +₹384.44 Cr | +0.47% | ₹82,020 Cr |
| 2024-08 | ₹1.01 lakh Cr | ₹93,596 Cr | +₹7,835 Cr | +10.60% | ₹81,721 Cr |
| 2024-07 | ₹1.38 lakh Cr | ₹1.34 lakh Cr | +₹4,042 Cr | +5.73% | ₹73,908 Cr |
| 2024-06 | ₹1.23 lakh Cr | ₹1.19 lakh Cr | +₹4,052 Cr | +6.08% | ₹70,593 Cr |
| 2024-05 | ₹99,315 Cr | ₹96,880 Cr | +₹2,435 Cr | +3.79% | ₹66,605 Cr |
| 2024-04 | ₹96,097 Cr | ₹86,300 Cr | +₹9,797 Cr | +17.98% | ₹64,187 Cr |
| 2024-03 | ₹55,311 Cr | ₹60,212 Cr | −₹4,900 Cr | -8.19% | ₹54,503 Cr |
| 2024-02 | ₹97,517 Cr | ₹93,113 Cr | +₹4,404 Cr | +7.94% | ₹59,816 Cr |
| 2024-01 | ₹1.10 lakh Cr | ₹1.04 lakh Cr | +₹5,763 Cr | +11.60% | ₹55,432 Cr |
| 2023-12 | ₹94,824 Cr | ₹90,265 Cr | +₹4,559 Cr | +10.09% | ₹49,690 Cr |
| 2023-11 | ₹57,837 Cr | ₹56,498 Cr | +₹1,339 Cr | +3.05% | ₹45,196 Cr |
| Year | Fresh (NSE) | Liquidated (NSE) | Net (NSE + BSE) | Net, % of opening book | Book at end |
|---|---|---|---|---|---|
| 2026 | ₹8.68 lakh Cr | ₹8.35 lakh Cr | +₹37,071 Cr | +29.08% | ₹1.54 lakh Cr |
| 2025 | ₹12.52 lakh Cr | ₹12.14 lakh Cr | +₹38,709 Cr | +45.98% | ₹1.17 lakh Cr |
| 2024 | ₹12.12 lakh Cr | ₹11.77 lakh Cr | +₹35,305 Cr | +71.05% | ₹82,836 Cr |
| 2023 | ₹5.68 lakh Cr | ₹5.47 lakh Cr | +₹21,109 Cr | +75.58% | ₹49,690 Cr |
| 2022 | ₹3.75 lakh Cr | ₹3.72 lakh Cr | +₹3,877 Cr | +16.33% | ₹27,971 Cr |
| 2021 | ₹3.05 lakh Cr | ₹2.90 lakh Cr | +₹14,418 Cr | +189.94% | ₹23,737 Cr |
| 2020 | ₹1.44 lakh Cr | ₹1.42 lakh Cr | +₹2,128 Cr | +39.47% | ₹7,479 Cr |
| 2019 | ₹75,347 Cr | ₹73,825 Cr | +₹1,521 Cr | +41.89% | ₹5,392 Cr |
| 2018 | ₹64,525 Cr | ₹64,371 Cr | +₹153.98 Cr | +4.45% | ₹3,632 Cr |
| 2017 | ₹22,051 Cr | ₹17,733 Cr | +₹4,318 Cr | +4,262.70% | ₹3,461 Cr |
Monthly net flow as % of the opening book
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +3.4 | -1.7 | -8.3 | +9.6 | +8.8 | +6.9 | +1.2 | +6.9 | +3.6 | -3.1 | ||
| 2025 | -5.9 | -8.2 | -4.5 | +2.4 | +14.3 | +7.6 | +10.7 | +3.6 | +7.7 | +11.5 | +2.4 | +1.3 |
| 2024 | +11.6 | +7.9 | -8.2 | +18.0 | +3.8 | +6.1 | +5.7 | +10.6 | +0.5 | -5.3 | -0.7 | +8.3 |
| 2023 | -0.6 | -5.5 | -4.7 | +0.0 | +5.9 | +5.3 | +13.3 | +16.9 | +9.9 | +4.8 | +3.0 | +10.1 |
| 2022 | +9.8 | -5.0 | -1.4 | +14.5 | -9.9 | -4.5 | -4.1 | +6.6 | +9.5 | -2.4 | +0.9 | +4.4 |
| 2021 | +21.3 | +12.5 | -1.2 | +6.4 | +15.3 | +13.7 | +5.0 | -1.5 | +12.8 | +13.3 | +5.5 | +1.2 |
| 2020 | +20.2 | +2.2 | -50.3 | +10.8 | +9.2 | +41.9 | +20.1 | +15.5 | -15.7 | +11.6 | +0.4 | +5.7 |
| 2019 | +5.9 | -7.0 | -6.2 | +14.5 | +0.3 | -1.5 | -3.0 | -6.7 | +6.5 | +5.3 | +24.5 | +5.4 |
| 2018 | +23.1 | +1.8 | -5.0 | -3.8 | +3.3 | -7.6 | +2.1 | +10.1 | -7.3 | -18.1 | +4.2 | +7.6 |
| 2017 | +9.8 | -8.2 | +2,397.3 | +20.3 | +16.9 | +47.1 | +11.9 |
By weekday
MonTueWedThuFri
By calendar month
JanFebMarAprMayJunJulAugSepOctNovDec
By day of month
151015202531
Margin flushes
Sessions when the share of the book liquidated was in the top 2% of all sessions up to that day, and the book shrank. Largest first.
| Date | Liquidated (NSE) | % of book | Net flow | Book | Nifty 50 that day |
|---|---|---|---|---|---|
| 20 Sep 2019 | ₹931.87 Cr | 23.20% | −₹445.42 Cr | ₹3,572 Cr | +5.32% |
| 9 Jul 2018 | ₹1,065 Cr | 22.88% | −₹874.40 Cr | ₹3,781 Cr | +0.74% |
| 1 Jun 2020 | ₹814.16 Cr | 21.71% | −₹28.52 Cr | ₹3,721 Cr | +2.57% |
| 5 Jun 2020 | ₹859.86 Cr | 21.25% | −₹38.36 Cr | ₹4,008 Cr | +1.13% |
| 13 Mar 2020 | ₹1,023 Cr | 20.93% | −₹678.79 Cr | ₹4,211 Cr | +3.81% |
| 28 May 2020 | ₹822.97 Cr | 20.25% | −₹193.95 Cr | ₹3,870 Cr | +1.88% |
| 23 Jun 2020 | ₹924.80 Cr | 19.60% | −₹63.75 Cr | ₹4,656 Cr | +1.55% |
| 30 Apr 2020 | ₹667.96 Cr | 19.39% | −₹54.25 Cr | ₹3,391 Cr | +3.21% |
| 19 Jun 2020 | ₹824.75 Cr | 17.96% | −₹58.58 Cr | ₹4,534 Cr | +1.51% |
| 29 May 2020 | ₹675.85 Cr | 17.46% | −₹120.48 Cr | ₹3,749 Cr | +0.95% |
| 17 Apr 2020 | ₹526.73 Cr | 16.67% | −₹109.27 Cr | ₹3,050 Cr | +3.05% |
| 12 Mar 2020 | ₹852.94 Cr | 15.78% | −₹514.96 Cr | ₹4,890 Cr | -8.30% |
| 21 Sep 2018 | ₹723.08 Cr | 15.53% | −₹268.64 Cr | ₹4,387 Cr | -0.81% |
| 9 Apr 2020 | ₹468.62 Cr | 15.11% | −₹196.94 Cr | ₹2,905 Cr | +4.15% |
Figures for the 22 Oct 2026 session · last updated 2026-10-26 20:38 IST · Source: Exchange data · 10/10 data checks passed.
How to read this page. Everything here describes what the exchanges have already disclosed about margin-funded (MTF) positions. It is not a forecast, a recommendation, or a signal to buy or sell. Words such as "crowded", "fragile" or "underwater" name a pattern in the numbers, nothing more. Margin funding carries the risk of losses larger than the money you put in.
Flash Finance is not a SEBI-registered investment adviser and is not affiliated with NSE, BSE or SEBI. Exchange data may be revised by the exchange. Verify anything you intend to act on against the exchange's own records.
