Ahmedabad: Gujarat’s stock market activity presented a sharp divergence in January: even as the number of active investors fell steeply amid heightened volatility, total trading turnover rose.Monthly equity cash turnover by individual investors from the state increased 3.1% month-on-month (MoM) to Rs 1.50 lakh crore in January 2026. However, participation declined 28.9% to 15.70 lakh investors compared to December 2025, according to a report by the National Stock Exchange (NSE).The drop in participation coincided with a correction of around 3,000 points in the BSE Sensex during the month, which market experts say kept many retail investors on the sidelines. Yet higher activity among seasoned traders ensured that overall traded value remained elevated.“Increased volatility in January led to a decline in the number of active traders, but trading volumes stayed high,” said Vanesh Panchal, director of an Ahmedabad-based broking firm. “Whenever volatility rises, hardcore traders tend to step up activity, boosting liquidity. We are also seeing a shift in interest towards large-cap stocks, which have shown relative strength, even as mid- and small-cap counters remain subdued.”Gujarat ranked second in equity cash turnover after Maharashtra, which recorded Rs 2.9 lakh crore in January, up 8.7% MoM. Together with Uttar Pradesh, Karnataka and Tamil Nadu, the two states accounted for nearly half (49.8%) of total turnover nationally.Despite the fall in active participation, Gujarat retained its position as the second-largest contributor to individual investor activity, accounting for 11.4% share (15.7 lakh investors). Maharashtra led with around 23 lakh investors (16.7% share), followed by Uttar Pradesh at 13.2 lakh investors.On the investor addition front, Gujarat ranked third in January, adding 1.5 lakh new investors, although this was 8.8% lower on a MoM basis.The data indicates that while smaller retail participation thinned amid market uncertainty, higher-value trades by experienced participants drove up overall turnover.
