Highlights
Indian Stock Market Activity Rebounds Slightly in August 2025
The Indian stock market experienced a slight uptick in its active user base in August 2025. After two months of decline, the number of active clients increased by 0.5%, reaching 46.19 million compared to 45.96 million in July. Groww continues to dominate the stock broking sector, boasting 12.07 million active clients and commanding a market share of 26.26%, although it saw a month-on-month decrease of 2.26% from 12.35 million clients in July.
In August, Zerodha held onto its second position with 7.26 million clients, translating to a 15.8% market share, despite experiencing a month-on-month decline of 2.3%. Angel One follows close behind with a market share of 15.33%, having seen a 2.1% drop in its user count, thereby remaining just below Zerodha.
Upstox reported another significant decline, with its user base falling by 3.9% month-on-month in August, following a 3.77% drop in July, bringing its market share to 5.17% with 2.38 million clients.
Traditional brokers maintained steady positions during this time, with ICICIDirect housing 1.97 million users and a 4.28% share, HDFC Securities at 1.54 million with a 3.35% share, and Kotak Securities reporting 1.42 million users and a 3.10% market share.
Emerging broker Dhan attained the 9th place with a market share of 2.15%, serving 1 million clients. INDmoney saw a decrease of 4.6% month-on-month, bringing it down to 7.7 lakh users. Conversely, Paytm Money continued its upward trajectory for the second consecutive month, reaching 7.6 lakh clients and capturing a market share of 1.65%.
Mirae Asset and PhonePe’s Share.Market also faced notable declines, with their client numbers falling by 11% and 6.39%, respectively, bringing their user bases to 3.8 lakh and 3.1 lakh.
Current Market Environment
In recent months, the Indian stock market has struggled relative to its global counterparts, primarily due to ongoing foreign institutional investor outflows and the ramifications of recently imposed US tariffs, adding to the existing uncertainty.