The Indian stock market is experiencing a significant surge, with the National Stock Exchange (NSE) Nifty index trading 428.1 points higher at 22827.25, while the BSE Sensex has jumped 1330.33 points to reach 75177.48 as of April 11, 2025. This remarkable growth reflects a broader trend in the market, which has seen a substantial increase in active clients and trading activity over the past year.
Among the top gainers in the Nifty index are Hindalco Industries Ltd., which rose by 4.85 percent, followed closely by Tata Steel Ltd. at 4.41 percent and JSW Steel Ltd. at 4.25 percent. Other notable performers include Kotak Mahindra Bank Ltd. and Trent Ltd., which saw increases of 3.87 percent and 3.85 percent, respectively. However, not all stocks are thriving; Asian Paints Ltd. experienced a decline of 0.86 percent, and Nestle India Ltd. fell by 0.82 percent, indicating a mixed performance across sectors.
In a broader context, the NSE has reported a 21 percent increase in its active client base, which has now reached 49.2 million in the financial year 2025 (FY25). This growth comes on the heels of a robust first half of the financial year, where active clients executing at least one trade in the past 12 months totaled 40.8 million at the end of FY24. The rise in active clients is largely attributed to the booming stock market, which has drawn in new investors eager to capitalize on the gains.
Groww Invest Tech has emerged as a leader in this space, witnessing a staggering 36 percent surge in its active clients, bringing the total to nearly 13 million. This growth has allowed Groww to increase its market share by 286 basis points to 26.3 percent, solidifying its position as a dominant player in the brokerage sector. In contrast, Zerodha, once the market leader and known for its profitability, has seen its market share dip by 184 basis points to 16 percent.
Angel One has also made significant strides, recording a 24 percent year-on-year rise in active clients, reaching 7.58 million, just shy of Zerodha’s 7.9 million. Meanwhile, Upstox reported a modest growth of 9.2 percent, bringing its client base to 2.75 million. Collectively, these top four discount brokers—Groww, Zerodha, Angel One, and Upstox—command a substantial 63.3 percent market share, up from 62.4 percent the previous year.
Interestingly, Moneylicious Securities (Dhan) has posted the fastest growth among the top ten brokerages, with its active clients more than doubling to around 1 million. This trend reflects the increasing interest in stock trading among the Indian populace.
In FY25, domestic brokerages added a record 41.1 million demat accounts, pushing the total number of accounts to 192.4 million—the highest annual increase ever recorded. However, this figure may overstate the number of unique investors, as individuals can hold multiple accounts. Estimates suggest that India’s distinct investor base is approximately 120 million.
The capital markets have gained traction since the pandemic, driven by streamlined account-opening processes, a largely bullish trend, and lower trading costs. However, FY25 has presented a rollercoaster experience for equity investors. The Nifty index rose by 5.3 percent, while the Sensex gained 7.5 percent, marking their weakest annual showing since FY23. The Nifty Midcap 100 and Nifty Smallcap 100 indices fared slightly better, with increases of 7.5 percent and 5.4 percent, respectively.
The first half of FY25 was particularly strong for the Sensex, which soared nearly 15 percent. However, this momentum was interrupted by lackluster corporate earnings in the subsequent quarters—July-September and October-December—coupled with high valuations and sustained selling by foreign portfolio investors (FPIs), leading to a market pullback.
Despite these challenges, the recent uptick in the stock market is encouraging for investors. Analysts remain optimistic about the potential for recovery as the market adjusts to these fluctuations. With the increasing number of active clients and the growing interest in stock trading, the future of India’s capital market looks promising.
As the market continues to evolve, investors are advised to stay informed about market trends and economic indicators. The recent performance of key stocks and indices highlights the importance of strategic investment decisions in navigating the complexities of the financial landscape.
In summary, the Indian stock market is currently witnessing a significant upswing, driven by a surge in active clients and strong performances from key sectors. While challenges remain, the overall sentiment remains positive, suggesting that investors may find new opportunities in the coming months.
