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In a massive surge on a monthly basis, the total number of demat accounts in December increased to 139 million while new account additions surged to 4.2 million, data analysed by brokerage Motilal Oswal said on Tuesday.
The average monthly additions has been around 2.1 million in FY23 at 50% compared to the previous month, which witnessed 2.8 million new demat accounts.
Also, the number of active clients at NSE increased 3.6% month-on-month to 36.2 million in December.
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Currently, the top five discount brokers account for 62.1% of total NSE active clients compared to 61.6% in November 2023.
The report also highlighted the performance matrices of key discount brokers.
Zerodha reported a marginal month-on-month (MoM) increase in its client count to 6.7 million, with market share declining by 30bp to 18.6%.
Another key firm, ANGELONE reported a 4.7% MoM increase in its client count to 5.3 million, with a 20bps increase in market share to 14.8%.
Upstox reported a 2.5% MoM increase in its client count to 2.3 million, with a marginal decline in market share to 6.3% while Groww reported a 7.2% MoM increase in its client count to 7.6 million, with a rise in market share to 21%.
The current market context looks ideal with all factors viz. macro, earnings, rates, liquidity, inflation, policy momentum looking picture perfect. This is off-course ably complemented by flows, Motilal Oswal said.
We remain firm believers in the medium- term India story and expect these trends to strengthen with multiple themes at play (financialization of savings, private capex revival, rising discretionary consumption, strengthening of real estate cycle, and the massive creation of digital and physical infrastructure), it added.
That being said, we believe the journey will not be linear and will be interspersed with regular bouts of volatility as valuations are full, and any adverse change in the current benign liquidity backdrop or geopolitical situation can result in episodes of sharp corrections, said Motilal Oswal in a note.
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