Gujarat’s stock market investors are pulling back at an alarming rate, with the market’s chaos causing a serious dip in confidence, claimed a media report. In January 2025, individual investors from Gujarat recorded a turnover of Rs 1.6 lakh crore — a sharp 11.5% decline from December, marking the steepest drop among all states.
But it’s not just the turnover that’s sinking. The number of traders who placed at least one trade in January dropped by 24.6% in Gujarat, making it the least active state in the country. It seems like investors have run for cover, spooked by the market’s unpredictability. Experts are pointing to heightened market volatility and a bearish sentiment, which have made retail investors exit faster than a group of friends dodging an awkward conversation.
Maharashtra and Gujarat did the heavyweight lifting in individual investor turnover, generating Rs 2.7 lakh crore and Rs 1.6 lakh crore, respectively, in January. However, both states experienced sharp declines, with Gujarat and Rajasthan witnessing massive drops.
As it happens when markets swing at whim, even top players are caught off-guard. Together, Maharashtra and Gujarat accounted for 30% of the total turnover, with the former contributing 18.9% and Gujarat 10.8%. Uttar Pradesh followed with a 7.6% share, while Karnataka and Delhi made contributions of 6.7% and 6.6%, respectively. Even though Gujarat and Maharashtra are still in the lead, the slowdown is undeniable, and it’s clear the market is testing the limits of even the most seasoned investors.
The decline in investor participation isn’t just confined to Gujarat. Maharashtra had the highest number of individual traders, with 24.1 lakh traders (17.9% share), followed by Gujarat with 16 lakh traders (11.9% share), and Uttar Pradesh with 13.1 lakh traders (9.8% share). However, Gujarat faced the sharpest drop in active traders, a 24.6% decline — the steepest in the entire country.
However, Maharashtra and Gujarat together still account for nearly 30% of the country’s active traders. But even as these states dominate, the number of active traders across India is slowly shrinking. Smaller states like Madhya Pradesh and Bihar have contributed 4% and 3.6%, respectively, to the overall turnover, but it’s clear that larger states are struggling to regain their footing as the market keeps shifting like quicksand.
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