Uttar Pradesh surpassed Gujarat to take second place with most registered investors in stock market

The overall number of investors as of December 25, 2023, was 8.49 crore, up from 6.94 crore on December 31, 2022. According to the report, the investor base expanded from 7 crore to 8 crore in eight months.

With 1.48 crore registered investors, Maharashtra is the state where Uttar Pradesh has surpassed Gujarat to take second place. With 89.47 lakh investors, Uttar Pradesh has surpassed Gujarat to take second place. The state had a 33.8% increase in new investors.

Gujarat ranked third, with 76.68 lakh registered investors, a 17.2% increase in the number of registered investors.

Investor engagement in the stock market has increased significantly in several other states. West Bengal, Karnataka, Tamil Nadu, and Rajasthan emerge as the leading states, each with a registered investor base of more than 47 lakh people.

This significant increase in investor involvement can be linked to the recent market surge, which has increased interest in equity investing.

The Indian stock market has grown significantly in 2023, with both benchmark indices setting consecutive record highs based on strong domestic economic development and expectations of a worldwide interest rate cut in the future.

So far in 2023, the Nifty 50 has gained about 20%, while the BSE Sensex has gained more than 18%. The bullish momentum was also evident in broader markets, which outperformed the frontliners by a wide margin. This year, the Nifty Smallcap 100 index increased by more than 54%, while the Nifty Midcap 100 increased by more than 45%.

India's market capitalization has surpassed $4 trillion, placing it fourth in the world in terms of market capitalization. Meanwhile, the market cap to GDP ratio increased by 10% to 115 as of December 25, 2023, up from 105 on December 31, 2022.

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