The Indian broader market indices offered little to celebrate over the past year. From its last peak on 26 September 2024 to date, the Nifty 50 has delivered virtually no return and witnessed a V-shaped recovery after touching its March 2025 low. Select large-caps benefited from stability in banking and industrials, but global uncertainty and FII outflows capped the upside. Meanwhile, the Nifty Mid-cap 150 and Nifty Small-cap 250 indices endured a far more turbulent phase, delivering negative returns of -2% and -12%, respectively. Mid-caps slipped into a period of consolidation after an extended multi-year rally, while small-caps faced meaningful drawdowns as frothy segments triggered a reset.

Published on December 9, 2025