Dalal Street in 2025: Modest Returns, Major Shifts Beneath the Surface

Despite single-digit headline gains, 2025 was a year of constant churn and recalibration for Indian markets as investors navigated global uncertainties and domestic transitions.

📊 Market Performance

• Nifty 50: +10.5% in 2025

• Sensex: +9.1%

• Both indices underperformed most major global markets, masking frequent bouts of volatility during the year.

⭐ Top Gainers & Laggards

Top Sensex performers:

• Maruti Suzuki

• Bajaj Finance

• Bharat Electronics (defence PSU, benefitting from sectoral tailwinds)

Major laggards:

• Trent (Zudio operator, Tata Group)

• TCS

• HCL Technologies

The underperformance of IT and select consumption plays contrasted with strength in autos, finance, and defence.

🚀 IPO Boom Redefined

• ~365 IPOs raised nearly ₹2 lakh crore

• 94% of funds came from large IPOs

• ₹5,000 crore became the new benchmark for a “large” IPO

• ₹10,000 crore IPO plans no longer surprised investors

• SME IPOs: Over 250 listings, a record since SME platforms began

💰 Mutual Funds Near a Milestone

• AUM (end-Nov 2025): ₹80.8 lakh crore (~$900 billion), up 21% YoY

• Monthly SIP inflows:

  • Dec 2024: ₹26,459 crore

  • Nov 2025: ₹29,445 crore

• December data awaited, but the industry is closing in on the $1 trillion AUM mark

🪙 Year of Precious Metals

• Silver: +174% (best-performing major asset)

• Gold: +78%, hitting all-time highs
  Drivers included:

• Geopolitical tensions

• Central bank buying

• ETF inflows

• Weak US dollar

• For silver, a widening supply-demand gap

₿ Crypto Loses Momentum

• Bitcoin, after a stellar 2024, ended 2025 marginally lower

• Softer US rates and political support failed to revive sustained momentum

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🔎 Bottom Line

2025 will be remembered less for headline index returns and more for:

• A structural IPO boom

• Retail investing maturity via SIPs

• A historic rally in precious metals

• Clear sectoral rotations and global risk sensitivity

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