Equity Cash Turnover Hits 16-Month High Of ₹23.9 Lakh Crore In January 2026

The February 2026 issue of Market Pulse from the National Stock Exchange of India said that equity cash turnover reached ₹23.9 lakh crore in January 2026, the highest level in 16 months. The report said that the average daily turnover (ADT) in the cash segment rose to ₹1.2 lakh crore in January, which is a 27% increase from the previous month and a 24% increase from the previous year. 

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Mainboard equities accounted for 67% of the incremental ADT and represented 89% of total cash market turnover. Mainboard turnover rose 19% MoM, as per the report.

The exchange reported that exchange-traded funds recorded a 174% MoM increase in turnover in January, extending cumulative growth since January 2025 to 699%. Sovereign Gold Bonds saw a 95% MoM rise in turnover. In contrast, NSE Emerge equities declined 19% MoM, while InvITs and REITs recorded declines of 50% and 49%, respectively.

The average trade size in the cash market rose to ₹33,559 in January, marking a 56-month high, according to Market Pulse.

Trading Concentration In Top Securities

The combined turnover of the top 10 traded securities in the cash market increased to ₹4.39 lakh crore in January from ₹2.29 lakh crore in December 2025, reflecting a 91.6% MoM rise, the report stated. Their share of total market turnover increased to 18.4% from 11.0%, a rise of 7.35 percentage points.

Overall market turnover rose 15% MoM to ₹23.91 lakh crore in January, with 67% of the incremental increase attributed to the top 10 securities, according to the exchange.

Among individual securities, ITC recorded a 327% MoM increase in turnover. Nippon India ETF Gold BeES rose 236.8%, while Nippon India Silver ETF gained 178.9%. Eternal’s turnover increased 106% MoM. HDFC Bank rose 71.8% and ICICI Bank gained 65.4%, as per the report.

Derivatives And Commodities Activity

In derivatives, equity futures ADT increased 29% MoM to ₹1.5 lakh crore, a 15-month high. Index futures ADT rose 22% MoM to ₹29,120 crore. In equity options, ADT climbed 35% MoM, with NIFTY 50 options accounting for 91% of index options ADT, according to Market Pulse.

Currency futures ADT rose 7% MoM but remained 36% lower YoY, consistent with the May 2024 directive issued by the Reserve Bank of India requiring exchange-traded currency positions to be backed by underlying exposure.

In commodities, futures ADT increased 17% MoM to ₹56.7 crore, while options premium turnover rose 46% MoM to ₹42.1 crore. On a YoY basis, commodity futures turnover expanded nearly 27 times, as per the exchange report.

The January figures reflect the highest cash market turnover in 16 months, based on official data published in the February 2026 Market Pulse report by the National Stock Exchange of India.