NSE: MFSL · 13 November 2026
MAX FINANCIAL SERV LTD F&O Intelligence
Data-mining view of cash participation, delivery, futures activity, open interest and recent positioning.
Last 3 Sessions: Cash Activity & Delivery
| Date | Cash Volume | Number of Trades | Shares Traded per Trade | Delivery % | Close / Change |
|---|---|---|---|---|---|
| 11 Nov | 19.40 L shares | 67,960 | 28.5 WittyTrades Proprietary |
59.68% | Rs 1,303.00 (+3.62%) |
| 12 Nov | 19.62 L shares | 86,136 | 22.8 WittyTrades Proprietary |
56.76% | Rs 1,375.00 (+5.53%) |
| 13 Nov | 22.76 L shares | 60,958 | 37.3 WittyTrades Proprietary |
65.04% | Rs 1,401.10 (+1.90%) |
Average number of shares traded per trade was 37.3 in the latest session versus a 29.5 3-session average. The latest average trade size was materially above its 3-session baseline, which can flag stronger larger-ticket or institutional-style participation. Latest delivery was 65.0% versus a 3-session average of 60.5%.
Last 3 Sessions: Futures vs Cash Participation
| Date | Near Future / Change | Futures Volume (Shares) | Cash Volume (Shares) | F&O/Cash Participation Ratio | Aggregate Futures OI | Positioning Read |
|---|---|---|---|---|---|---|
| 11 Nov | Rs 1,306.40 (+3.26%) | 14.52 L shares | 19.40 L shares | 0.75x WittyTrades Proprietary |
85.88 L shares (—) | Positioning unavailable |
| 12 Nov | Rs 1,369.60 (+4.84%) | 18.48 L shares | 19.62 L shares | 0.94x WittyTrades Proprietary |
80.91 L shares (-5.79%) | Short covering |
| 13 Nov | Rs 1,396.30 (+1.95%) | 20.92 L shares | 22.76 L shares | 0.92x WittyTrades Proprietary |
78.24 L shares (-3.30%) | Short covering |
How open interest shifted across expiries
| Expiry | Latest OI | 1-Day OI Change |
|---|---|---|
| 23 Nov | 77.33 L shares | -2.70 L |
| 29 Dec | 79,600 shares | +2,400 |
| 25 Jan | 10,800 shares | +400 |
The front expiry lost OI while later expiries gained OI, confirming contract migration. About 1.2% of aggregate OI sat beyond the front expiry. This is an expiry-structure observation, not a directional signal by itself.
- Whether aggregate futures OI expands or contracts alongside the next price move.
- Whether the WittyTrades F&O/Cash Participation Ratio remains elevated or normalises.
- Whether Shares Traded per Trade moves materially above or below its recent baseline.
- Whether delivery participation holds above or below the recent 3-session average of 60.5%.
- Whether later-expiry OI continues to absorb positions from the front contract as expiry approaches.
Higher Shares Traded per Trade can flag larger-ticket participation, but exchange trade-count data does not identify the buyer or seller category. The F&O/Cash Participation Ratio measures participation intensity and does not by itself distinguish directional trading, hedging or arbitrage.
- Max Financial Serv has risen 11.42% over 3 trading sessions; today's move is +1.90%.
- Max Financial Services announced its standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Consolidated revenue excluding investment income reached ₹17,484 crores, representing a 16% year-on-year increase, while consolidated profit after tax rose 137% to ₹219 crores. Subsidiary Axis Max Life Insurance posted an 11% growth in total Annualized Premium Equivalent (APE) at ₹4,638 crores and a 21% increase in the Value of New Business (VNB) to ₹1,180 crores.
- Trading volume was 2.17 times the 20-day average daily volume.
Max Financial Serv share price: 11.42% rise over 3 trading sessions
Max Financial Services Limited shares moved higher by 1.90% on Thursday, trading near the upper end of the day's range between an intraday low of ₹1,351.90 and a high of ₹1,401.10.
The broader financial sector faced headwinds during the session, with the Nifty Financial Services benchmark declining by 0.61% and the broader Nifty falling 0.61%. Despite the weak broader market backdrop, the stock outperformed its sector peers, building on its recent positive momentum that includes a 10.02% return over the past 5 trading days and a 9.12% gain over the last 20 trading days.
While no single fresh corporate announcement was published on Thursday to directly trigger the session's gains, the positive price action follows the company's robust financial disclosures for the half-year ended September 30, 2026. During that period, Max Financial Services reported a 16% growth in consolidated revenue excluding investment income at ₹17,484 crores, along with a 137% surge in consolidated profit after tax to ₹219 crores, supported by strong performance in its life insurance subsidiary, Axis Max Life Insurance.
22.76 lakh shares traded by 13 November 2026 · 03:30 PM IST. This compares with a 20-day average daily volume of 10.47 lakh shares (2.17 times). The five-day average daily volume was 12.19 lakh shares. Separately, the NSE report for 13 November 2026 showed 14.80 lakh shares delivered, representing 65.04% of that day’s traded volume. The same report recorded 60,958 trades.
The stock gained 1.90% on heavy cash volumes exceeding twice its 20-day average, outperforming a declining Nifty Financial Services index. This upward movement appears consistent with ongoing buying interest following robust half-yearly earnings reported in late October.
Latest Company Developments
Max Financial Services announced its standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Consolidated revenue excluding investment income reached ₹17,484 crores, representing a 16% year-on-year increase, while consolidated profit after tax rose 137% to ₹219 crores. Subsidiary Axis Max Life Insurance posted an 11% growth in total Annualized Premium Equivalent (APE) at ₹4,638 crores and a 21% increase in the Value of New Business (VNB) to ₹1,180 crores.
Demonstrates sustained top-line growth and improved profitability across core life insurance operations.
The company disclosed that NSE Sustainability Ratings & Analytics Limited assigned an independent ESG rating of '70' on a scale of 0-100. This reflects an improvement from the rating of 62 recorded in the previous fiscal year, highlighting enhanced performance across environmental, social, and governance parameters.
Signals strengthening non-financial governance standards which are increasingly relevant for institutional asset allocators.
Max Financial Services submitted a regulatory disclosure regarding the receipt of a Final Order from the Securities and Exchange Board of India (SEBI) in connection with a Show Cause Notice issued previously on October 24, 2024. The filing was duly communicated to stock exchanges in compliance with listing regulations.
Brings regulatory certainty regarding past inquiries, clearing compliance overhangs for the holding company structure.
'Approval of unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026 '.
'Disclosure under the extant provisions of the SEBI (Listing Obligations and Disclosure Requirements Regulations), 2015 ( SEBI Listing Regulations ) on receipt of Final Order from SEBI in relation to the Show Cause Notice issued on October 24, 2024'.
Ownership & Transaction Activity
Mutual Fund Holdings
Mutual funds held 35.49% on 30 September 2026. This compares with 36.76% on 30 June 2026, a change of -1.27 percentage points.
The filing reported 40 MF/UTI holders.
Historical Bulk / Block Deals
What to Watch Next
- Sustainability of delivery-backed volume above the 20-day average
- Execution and growth momentum in Axis Max Life Insurance proprietary and partnership channels
- Management commentary regarding new product lines such as Smart Retirement Income and Smart Term Plan Plus
- Solvency ratio trajectory, which stood at 197% as of September 30, 2026
Other Dated Coverage
- Max Financial Serv Share Price Today: Why MFSL Is Falling 0.99% | 30 October 2026 — 30 October 2026
- Max Financial Serv Share Price Today: Why MFSL Is Falling 2.53% | 22 October 2026 — 22 October 2026
- Max Financial Serv Share Price Today: Why MFSL Is Falling 1.34% | 19 October 2026 — 19 October 2026
More Max Financial Serv news and dated analysis →
Frequently Asked Questions
What is the latest Max Financial Serv company news?
Max Financial Services announced its standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Consolidated revenue excluding investment income reached ₹17,484 crores, representing a 16% year-on-year increase, while consolidated profit after tax rose 137% to ₹219 crores. Subsidiary Axis Max Life Insurance posted an 11% growth in total Annualized Premium Equivalent (APE) at ₹4,638 crores and a 21% increase in the Value of New Business (VNB) to ₹1,180 crores.
How strong was Max Financial Serv’s trading volume?
22.76 lakh shares traded, 2.17 times the 20-day average daily volume. The price and volume data are dated 13 November 2026 · 03:30 PM IST.
Do the mutual-fund figures show buying today?
They show holdings on 30 September 2026. Quarterly holdings do not identify purchases made on the article date.
Research & analysis: WittyTrades Research Desk
Reviewed by: Mohanish Sanghavi — SEBI Registered Research Analyst
SEBI Registration No.: INH000008172 · BSE Enlistment No.: 5430
Disclaimer: Investments in securities markets are subject to market risks. Registration with SEBI and NISM certification do not guarantee performance or returns. This article is for information and education, not personalised investment advice or a recommendation to buy, sell or hold.