India Capital Market Watch: Retail participation remains resilient; recovery in F&O activity in June

Research evidence excerpt

India Capital Market Watch: Retail participation remains resilient; recovery in F&O activity in June

Accessible version

India Capital Market Watch

Retail participation remains resilient;

recovery in F&O activity in June

Industry Overview

Tracking India capital market activity level 02 July 2026

‘India Capital Market Watch’ provides a comprehensive view of retail participation, market Equity

activity, and investor engagement across different products such as derivatives, commodity, India

Mutual funds etc, helping gauge the earnings outlook for brokerage companies. Financial Services

While investor additions and derivative activity have moderated from recent peaks, we Madhur Sharma >> Research Analyst

continue to see growth in unique investors, resilient SIP inflows, recovery in MTF BofAS India

balances, and strong commodity market activity. F&O activity also recovered in June +91madhur.sharma2@bofa.com22 6632 8945

after some softness in Apr-May’26. This is likely to support healthy client acquisition,

trading order volume, and cross-sell opportunities for brokers in 1Q27. Groww appears

particularly well placed given its continued gains in active investor market share and

healthy F&O activity, which could translate into robust growth in trading volumes.

Trading activity recovering after a soft start to 1Q27 Groww (Billionbrains Garage

Unique investor base continued to expand but monthly additions moderated– Ventures): Engineered for Growwth:

Number of unique investors has continued to grow and reached 131 mn by May’26. India’s financial deepening proxy;

Investor additions stood at 1.1mn and 1.0mn in Apr'26 and May'26, respectively, below Initiate with Buy 15 April 2026

the 12M average of 1.4mn, suggesting some moderation following the strong growth