Reliance Industries now has the largest exposure in the stock market's Margin Trading Facility (MTF) book. Its MTF exposure rose 60% to ₹4,711 crore on 2 November 2026, from ₹2,937 crore on 30 October, according to Livemint, citing National Stock Exchange (NSE) data.
In simple terms, traders used a lot more borrowed money to buy Reliance shares after the stock's biggest one-day rise in six years. Reliance took the top spot from HDFC Bank, which had held it for several months.
What happened
On Monday, 2 November, Reliance shares rose nearly 11.6% in a single session on very high trading volumes. The jump came after the company reported strong results for the July to September quarter, called Q2 FY27. You can read our report on Monday's rally for how that day went.
With MTF, an investor pays only part of the price of the shares and the broker lends the rest. The broker charges interest on that loan. For example, a buyer may put in ₹40,000 of their own money and borrow the rest to buy shares worth ₹1 lakh.
The MTF book is the total of these loans across all stocks. NSE data shows the full book at ₹1.45 lakh crore. The 10 stocks with the most exposure had ₹19,442 crore between them, and Reliance alone made up 24% of that. By our calculation, Reliance's ₹4,711 crore is about 3.2% of the full MTF book.
The trading numbers
| Item | Figure |
|---|---|
| MTF exposure, 30 October | ₹2,937 crore |
| MTF exposure, 2 November | ₹4,711 crore |
| Rise in exposure (our calculation) | ₹1,774 crore |
| Turnover, Monday 2 November | Over ₹11,000 crore |
| Turnover, Tuesday 3 November | Over ₹5,000 crore |
| Delivery buying, Monday | Over ₹6,000 crore |
| Delivery buying, Tuesday | Nearly ₹3,000 crore |
The table shows that trading and delivery buying stayed large on Tuesday but were lower than on Monday.
Livemint reported that Reliance was the most traded stock in the Nifty 500 index on both days. Delivery buying matters because it counts buyers who took the shares into their demat accounts instead of buying and selling on the same day.
What the Q2 results showed
The trading rush followed the quarterly numbers. Before the results, our Q2 preview looked at what brokerages expected.
| Measure | Q2 FY27 | Change from a year ago |
|---|---|---|
| Consolidated profit (with share of associates and joint ventures) | ₹29,550 crore | Up 33.8% from ₹22,092 crore |
| Profit for the company's owners | ₹25,548 crore | Up 40% |
| Revenue | ₹3,62,268 crore | Up 27.8% |
| EBITDA (a record) | ₹62,409 crore | Up 23.9% |
| O2C EBITDA | ₹25,203 crore | Up 67.9% |
| O2C revenue | ₹2,31,601 crore | Up 44.2% |
The table shows that the oil-to-chemicals business grew much faster than the group as a whole.
The quarterly profit was also higher than the ₹23,196 crore of the previous quarter. Livemint said this is a new high for India's largest listed company by market value. Oil-to-Chemicals (O2C) is Reliance's fuel and petrochemicals business. It gained from stronger global fuel cracks and better petrochemical margins. By our calculation, O2C made up about 40% of total EBITDA this quarter.
Reliance said its first-half performance puts the O2C business on course for an annualised EBITDA of over ₹80,000 crore. It also expects its new energy projects to start adding to earnings from FY28. These are the company's own expectations, not results.
Why it matters to a common investor
Borrowed money makes both gains and losses bigger. Take the same example. If shares worth ₹1 lakh fall 10%, the loss is ₹10,000. For a buyer who put in ₹40,000, that is a 25% loss on their own money, before interest. This example is only to explain the idea. It is not a Reliance figure.
If prices fall far enough, the broker can ask for more money. If the buyer cannot pay, the broker may sell the shares. When many traders hold the same stock on loans, this kind of forced selling can make a fall worse. A big jump in MTF exposure shows strong short-term interest. On its own, it does not tell you whether the company is good value.
There is a longer-term angle too. A second Livemint analysis points out that markets often value a group like Reliance at less than the combined worth of its businesses. This gap is called the holding-company discount. Reliance keeps oil-to-chemicals, digital and retail businesses under one company. The analysis looks at how Jio is unlocking some of this hidden value. Our explainer on the Jio Platforms IPO covers the basics of that share sale.
What analysts said
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, said the stock has "decisively broken above a prolonged downward sloping trendline". In his view, selling pressure may be giving way to fresh buying. He said the chart breakout, very high volumes, better earnings and value unlocking through Jio make Reliance "an interesting stock to watch".
Gaurav Garg, Head of Research at Lemonn, said buying interest seems to be returning after the earlier fall. He suggested that people who already own the stock keep their shares, and that new buyers wait for a clear move above ₹1,250–₹1,252.
Garg sees ₹1,215–₹1,220 as near-term support and ₹1,155–₹1,160 as the key support for longer positions. He said a lasting move above ₹1,252 could take the price towards ₹1,278–₹1,280, where he sees the next major selling zone. A fall below ₹1,215 may weaken the recovery. He warned against chasing the sharp one-day rally near resistance.
Motilal Oswal kept its 'buy' rating and revised its target price to ₹1,520. The brokerage estimates that Reliance trades at about a 54% holding-company discount on its 64.5% stake in JPL (Jio Platforms), and it calls that excessive. It said the energy business is driving a near-term earnings upgrade. But it sees a recovery in growth and profits at RRVL, the retail arm, as the key driver of the share price.
These are the views of individual analysts. They are not facts, and they can turn out to be wrong.
Risks to keep in mind
- Borrowed money: A large MTF position can lead to sharp falls if prices drop and traders are forced to sell.
- Fuel and chemical cycle: Most of the growth came from O2C. Fuel cracks and petrochemical margins depend on global prices, and they can weaken.
- Retail recovery: Motilal Oswal says retail is the key driver. If retail growth does not pick up, its view may not play out.
- Later payoffs: The company does not expect new energy to add to earnings until FY28. Plans can get delayed.
- Swings after a rally: After a big one-day jump, prices can move sharply either way.
What to watch next
- New NSE MTF data, to see whether borrowed buying in Reliance keeps rising or eases.
- Whether the price stays around the levels Garg flagged, such as ₹1,215 and ₹1,252.
- Global fuel cracks and petrochemical margins, which drove the O2C jump.
- Signs of faster growth in the retail business.
- Company filings on the BSE and NSE websites, which carry the official numbers. For other companies this season, see our results section.
Words explained
- Margin Trading Facility (MTF): A broker loan that lets you buy shares by paying only part of the price. You pay interest on the borrowed part.
- MTF exposure: The total money lent through MTF to buy one stock or all stocks.
- Turnover: The total value of shares traded in a period.
- Delivery buying: Purchases where the buyer takes the shares into their demat account instead of selling them the same day.
- EBITDA: Earnings before interest, tax, depreciation and amortisation. It shows how much a business earns from its main work before these costs.
- Fuel cracks: The gap between the price of crude oil and the price of fuels made from it. A wider gap usually means more profit for refiners.
- Margin: The share of revenue a business keeps as profit. If a shop sells goods for ₹100 and keeps ₹10, its margin is 10%.
- Holding-company discount: When the market values a parent company at less than the total worth of the businesses it owns.
- Target price: The price a brokerage thinks a share may reach in a set time. It is an estimate.
- Support and resistance: Price levels where chart readers expect buying (support) or selling (resistance) to slow a move.
Sources: Livemint.
This article is for information and education only. It is not investment advice. MarketUpDown is not registered with SEBI as an investment adviser or research analyst. Read our disclaimer.