Nifty 50, MF resilience, Rupee fall, Bitcoin correction: The highs and lows of equity, precious metal, crypto and currency markets in 2025

India’s equity markets in 2025 displayed a mixed trajectory, shaped by valuation pressures, slowing earnings growth, and a weakening rupee. Foreign investors largely withdrew from the secondary market, while domestic mutual funds and retail participants continued to provide steady inflows.

The rising share of Systematic Investment Plan (SIP) assets in overall industry assets under management (AUM) underscored retail investors’ discipline, while the surge in new demat accounts reflected growing confidence in equities. Performance across segments was uneven: large cap stocks outperformed as investors prioritised stability, whereas mid- and small-caps struggled under stretched valuations and margin compression.

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Beyond equities, precious metals dominated. Silver stood out as the year’s star performer, whereas gold followed closely. Bitcoin remained volatile amid mass liquidations and macroeconomic uncertainty.

A sustained earnings slowdown fuelled market volatility, with Nifty 50 growth stuck in single digits for six straight quarters.

Nifty 50 EPS growth (in %)

Foreign inflows into the primary market stayed resilient, but the secondary market saw outflows in eight of twelve months.

FPI flows - Primary and Secondary market (Rs.crore)

Robust domestic mutual fund participation softened the impact of volatility in 2025.
Net equity investments (MFs)- Rs. crore

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Strong fundamentals drove large cap resilience, while small caps struggled with earnings challenges.

The surge in demat accounts reflects a shift in India’s savings from physical to financial assets.

Number of demat accounts (in crore)

Rising SIP contributions signal the maturity and discipline of retail investors in 2025.

SIP AUM as % of Industry AUM

The rupee fell below 91 in December, marking a sharp depreciation in 2025 amid higher US interest rates, tariffs, and trade uncertainty.

Rupee (inverse scale)

Bitcoin witnessed sharp swings during the year. It corrected meaningfully after registering record highs in October.

Bitcoin (USD)