The rally was supported by strong volumes, with nearly 3 crore shares changing hands within the first two hours of trade.
Sentiment around the stock has remained upbeat after recent brokerage initiations.
Last month, JPMorgan initiated coverage with an ‘Overweight’ rating and a price target of ₹210, calling Groww the most lucrative India-listed consumer internet platform.
The brokerage said the company’s consistent market share gains, strong positioning among aspirational investors, and robust cross-selling capabilities, which, along with operating leverage, could help it outpace industry growth.
It also said that while Groww may appear expensive as a discount broker, it looks attractive when valued as an internet platform.
Earlier, UBS had initiated coverage with a ‘Neutral’ rating and a price target of ₹185.
On the technical front, the stock’s Relative Strength Index (RSI) stood at 68.6, nearing the overbought zone.
Of the seven analysts tracking the stock, five have a ‘Buy’ rating, while one each have ‘Hold’ and ‘Sell’ recommendations.
Shares of Groww were trading 3.05% higher at ₹192.36, taking their one-month gains to over 22%.
