Capital market stocks' add ₹1.2 trn YTD as D-St rout fails to cloud appeal

Capital market shares have created Rs 1.2 trillion in value this year, even as the broader Dalal Street selloff has tested investor appetite. Through October 8, the Nifty Capital Markets index, which contains 17 brokers, asset managers and market infrastructure businesses, is up 13 per cent in 2026. That contrasts with the infrastructure sector, down 8.2 per cent over one month and 12.3 per cent over three months. Capital goods and engineering has been steadier, falling 0.3 per cent over one month while gaining 3.9 per cent across three months.

The divergence suggests investors may be separating businesses that earn from market participation from conventional cyclical infrastructure exposure. Brokers may benefit when trading activity rises, asset managers when assets and inflows expand, and exchanges and depositories when transactions, listings and account usage remain healthy. That leaves market infrastructure companies such as BSE and CDSL directly exposed, alongside listed broking and asset management businesses. The reading would gain support from sustained volumes, fund flows, issuance and earnings delivery. It would weaken if the market rout depresses retail activity, asset values or new listings, since those channels could slow revenue growth and compress valuations.