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Below the Quote on Year-ender by Mr. Pranav Haridasan, MD and CEO, Axis Securities

"2025 wasn’t an easy year for Indian capital markets. Performance lagged, global peers raced ahead, and investors were reminded that even strong stories go through uncomfortable phases. But it was also a year that quietly strengthened the system growth held up, inflation eased, external balances were manageable, and domestic savings kept faith with markets.

Below the headline numbers, the market structure actually got stronger. Primary markets stayed active, the listed universe widened, domestic institutions held steady, retail participation didn’t fade, and technology-driven investing became more mainstream. In many ways, the market became broader, deeper, and a little more mature.

As we step into 2026, the outlook is constructive, but with both feet on the ground. India’s growth engine, policy continuity, capex momentum and earnings visibility provide comfort. At the same time, geopolitics, slower global growth, potential unwinds in crowded trades like the AI risk trade, and shifting global yield dynamics  including developments in Japan  mean volatility will stay part of the journey.

So, 2026 begins with a simple reality: India remains one of the most compelling long-term stories, but this is a market that now demands discipline, diversification and respect for global risk. A challenging 2025 may well have set the stage for a steadier and potentially mean-reverting year ahead."

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