Angel One, Groww rally up to 38% in 2026 despite broader market sell-off: What’s driving gains?

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Groww, Angel One, BSE, and Motilal Oswal Financial Services were among the capital market stocks that made significant strides on Dalal Street this year, logging double-digit gains even as the broader market remained under pressure.
The performance of these companies is closely tied to higher trading volumes, increased investor participation and stronger inflows, with primary market activity emerging as a key driver amid growing caution towards listed stocks.
Investors are increasingly participating in IPOs, and the trend was not limited to retail participants, as overseas investors shifted their attention to the primary market, investing ₹8,551 crore in September while withdrawing ₹35,860 crore from the secondary market.
The higher participation has led to an increase in new demat accounts, which touched a seven-month high in August and also marked a third consecutive month of growth after a prolonged period of moderation between January 2025 and May 2026.
NSDL and CDSL together added nearly 3.27 million demat accounts in August, the highest monthly addition since January 2026. The total number of demat accounts stood at 237.7 million at the end of the month.
Proceeds from IPOs in India reached almost $10 billion during July-September, the highest ever for the quarter, thanks to blockbuster offerings by National Stock Exchange of India Ltd. and SBI Funds Management Ltd.
So far in 2026, 220 companies across the mainboard and SME segments have successfully listed their shares on stock exchanges, adding to the size of the Indian stock market. This follows a record 376 listings in 2025.
With Jio Platforms expected to launch its IPO in the coming months, market participants expect the pace of demat additions to pick up further. Meanwhile, recent media reports also suggested that Coca-Cola Co. is considering filing a draft prospectus in December for an initial public offering (IPO) of its Indian bottling unit.
Anand Rathi shares emerged as the top performer in the pack, zooming 38% in 2026 so far.
It was followed by Angel One, which surged 26%, while Motilal Oswal Financial Services and BSE advanced 26.34% and 25.56%, respectively.
Billionbrains Garage Ventures, the parent company of trading platform Groww, gained 23% so far in the current year.
Tracking the gains in individual counters, the Nifty Capital Market index climbed 13% in 2026, outperforming the Nifty 50, which slumped 13% during the same period.
Meanwhile, in its September report, global brokerage firm Phillip Capital initiated coverage on Groww and Angel One with ‘buy’ ratings and set target prices of ₹245 and ₹388, respectively.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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