New data from Axis Direct reveals a seismic shift in India’s retail market, with younger, mobile-first traders, particularly from Tier 2 and Tier 3 cities, now forming the majority of investors, signalling a transformation in trading behaviours and demographics.
Axis Direct’s latest investor data suggests India’s retail market is being reshaped by younger, mobile-first traders, with Generation Z accounting for half of all investors in the first half of calendar 2026. Millennials made up 35%, while the remaining 15% fell into other age groups, underscoring how sharply the centre of gravity has shifted towards younger participants.
The brokerage said digital channels now dominate activity, with 76% of investors trading online and 60% using mobile apps. Mobile trading rose 20% year on year, reinforcing the move towards app-based investing. Axis Direct also said that half of new customers came from Tier 2 and Tier 3 cities, while women accounted for 27% of new acquisitions, about half of them from Gen Z.
The figures also point to a more self-directed style of investing. Nearly half of unique trading customers came from an unmapped base, and among them 90% traded online while 67% said the mobile app was their main tool. That pattern fits a broader global trend: a February 2026 eToro study found most retail investors actively review their portfolios and invest monthly, with younger investors leading the way, while a March 2026 CFA Institute survey found that more than 90% of wealthy Gen Z and millennial investors use paid financial advice in some form.
Despite the rise in participation, the amounts being invested appear steady. Axis Direct said average monthly systematic investment plan contributions stayed between ₹3,000 and ₹4,000, while lumpsum investments remained around ₹90,000 to ₹1 lakh. Banks, finance and information technology were the most actively traded sectors, and the firm said investors were showing greater conviction by staying invested through volatility, buying during declines and gradually taking more risk as markets recovered.
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