New Delhi, July 5: As the Indian stock market keeps touching new highs amid a record bull run, over 42.4 lakh new demat accounts were opened in the month of June, the highest account opening rate since February.
In May, 36 lakh new demat accounts were opened, according to data from the Central Depository Service and National Securities Depository. The total demat accounts are now at more than 16.2 crore. This is the fourth time when new demat openings crossed 40 lakh in a single month.
The feat was earlier achieved in December 2023, January 2024 and February this year. On Thursday, Sensex and Nifty made a new all-time high of 80,392 and 24,401 respectively. According to market experts, the return of FIIs to the domestic market and the expectation of a rate cut in September are supporting market sentiment.
After a run-up of 7 per cent in the last month, analysts expect the market to consolidate at a higher zone. “In the coming week, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings.
On the macro front, investors will look out for inflation data that will be released by India, the US, and China,” said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.
IANS