In September 2024, individual trading turnover across India’s top 10 states continued to decline, reflecting a broad-based cooling in market participation. Overall, these states saw a 4.8% month-on-month (MoM) drop in total turnover, reaching INR 13.6 lakh crore, although this decline was less severe than August’s 21.2% fall. Maharashtra, Gujarat, and Uttar Pradesh retained their top spots, with turnovers of INR 3.5 lakh crore, INR 2 lakh crore, and INR 1.3 lakh crore, respectively. Notably, Telangana had the steepest decline, with a 6.9% drop, followed by Uttar Pradesh and Haryana, which fell by 5.8% and 5.7%, respectively.
While turnover fell, the count of active individual investors showed a modest increase. The number of individuals who traded at least once in September rose by 3.1% MoM to 1.3 crore, recovering from August’s 2.1% decline. Maharashtra led with 29.3 lakh active investors, though it saw a slight decrease (0.1% MoM). Gujarat and Rajasthan saw notable upticks, with active investors increasing by 16% and 8.5% to 23.7 lakh and 10.5 lakh, respectively. Meanwhile, Uttar Pradesh, West Bengal, and Karnataka experienced marginal declines in investor activity.
The distribution of turnover and active investors remained largely concentrated in a few key states. The top 10 states accounted for 78% of the total turnover, virtually unchanged from the previous month. Karnataka, ranked fifth by contribution to individual turnover, saw a slight increase in its share, while the top four states saw marginal declines. For active investor counts, the share of the top 10 states rose slightly to 76.9%, with Maharashtra’s share falling by 39 basis points to 17.9%. Gujarat, however, saw the largest gain in investor share, rising 174 basis points to 14.5%, as it strengthened its position as the second-largest active investor base after Maharashtra.
Regionally, Mumbai and Delhi districts continued to lead with turnovers of INR 2.2 lakh crore (down 6.6% MoM) and INR 1.8 lakh crore (down 5.2% MoM), respectively. Jaipur, which had seen a steep decline in August, recorded another notable drop, with individual turnover decreasing by 10.4% MoM.
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