New Demat Creations Hit 13-Month High in June As Market Indices Jump Upto 7%

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New Demat Creations Hit 13-Month High in June As Market Indices Jump Upto 7%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Amid a sharp upswing in Indian benchmark indices, the influx of new investors jumping onto the market rally wagon hit a new multi-month high in June.

A total of more than 2.36 million demat accounts were created last month, hitting a strong 13-month peak, and witnessing the highest inflow of new investors in Indian markets since May 2022, as per Central Depository Service and National Securities Depository data.

The number of new demat accounts opened in May 2023 stood at 2.1 million, a jump from 1.6 million new accounts created in the previous month.

Headline indices Nifty50 and Sensex surged 3.5% and 3.35% respectively in June, with the gauge of the top 50 Indian companies surpassing the 19,500 mark for the first time.

In the June 2023 quarter, the two indices recorded a healthy double-digit growth, with Nifty rising 10.5% and Sensex jumping 11.52% in the April-June period. In fact, Nifty50 has grown sharply by almost 15% from the lows recorded in March.

Not just the headlines, a rally was witnessed in broader market indices too, outperforming their benchmark peers, as NIFTY Midcap 100 jumped 5.9% in June 2023, while the NIFTY Smallcap 100 index spiked 6.6% during the month.

In the June quarter, the two indices rallied 18.3% and 20%, respectively.

At 10:30 am on Friday, Nifty50 and Sensex traded 0.15% lower each, after ending with gains in the previous session.

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