The milestone crowns a record year for the domestic primary market where IPO mobilisation is set to cross Rs 1.7 trillion.
Investing in gold trumped most other asset classes in terms of compounded annualised returns over the long term, suggests a report by FundsIndia.
Retail investors are moving away from a buy-and-hold approach and towards more informed short-term positioning, recent investment patterns show.
The Nifty 50 index could rise around 24 per cent from current levels to 32,032 by December 2026 in a bull-case scenario, Kotak Securities said in a recent note. "We value Nifty at a 10 per cent premium (at 22x) to the 10-year average price-to-earnings of 20x on 2027-28 estimated (E) earnings per share (EPS) of Rs 1,456, and arrive at a December 2026 Nifty target of 32,032," the analysts wrote.
Equity markets fell on Monday, with benchmark indices recording their worst session in over two months amid caution ahead of the US Federal Reserve's (Fed's) policy announcement and renewed uncertainty over the US-India trade deal. Sustained selling by foreign portfolio investors (FPIs) also weighed on sentiment.
Unless the primary market momentum slows, smallcap stocks will stay subdued.
The Reserve Bank of India (RBI) on Friday delivered a 25 basis point (bps) repo rate cut analysts expected, driven by the strong 8.2 per cent GDP growth in the September quarter. However, analysts do not expect a runaway market rally as the impact of US tariffs continues.
Companies are primarily using funds raised through fresh equity issuance to repay existing debt, followed by allocation for capital expenditure, according to a study by Bank of Baroda of over 200 filings with the market regulator between April and October 2025. The report stated that of these filings with the Securities and Exchange Board of India (Sebi) - covering both funds already raised in FY26 and future intent - 189 companies provided clear data on the purpose of the fund-raising.
So far this year, the rupee has fallen by 4.2 per cent, the worst among its Asian peers.
Market experts say India's IPO ecosystem has matured to support both primary and secondary issuance, rendering the mix less consequential.
Analysts at Morgan Stanley have updated their outlook for the Indian markets, and they now expect the Sensex to hit the 107,000 mark by December 2026 in a bull-case scenario, translating into an upside of 26 per cent from current levels.
The average daily turnover (ADTV) in the derivatives market rose to a 12-month high in October, touching 506 trillion - up nearly 46 per cent since June - as volatility picked up and concerns over further regulatory tightening eased. Derivatives activity had slumped earlier this year after the Securities and Exchange Board of India (Sebi) capped weekly expiries to two days and discontinued weekly contracts on non-benchmark indices.
After a year of modest returns, equity investors may anticipate gains of 10-15 per cent in Samvat 2082, which began on October 21. Although valuations have moderated from their peaks a year earlier, they remain above long-term averages, potentially limiting sharp upsides.
UBS has turned bullish on emerging markets (EM), including India, as it finds benign macro trends, positive momentum in earnings revisions, and resilient EM currencies helping these economies sustain higher valuations and attracting flows. Among regions, it has upgraded Mainland China to 'attractive' and China Tech to 'most attractive', while downgrading Philippines to 'neutral'.
More than a third of 83 mainboard IPOs this year ended their debut sessions in the red, with losses of up to 35 per cent.
'The primary market's rhythm mirrors investor confidence. While sentiment may appear cautious, it reflects maturity, not weakness.'
'Defence, capital goods, engineering, capital market-related stocks, autos, and cement sectors are my bullish bets for Samvat 2082.'
'Equities may not outperform every year, but if they do so seven times out of 10, it's an asset class worth relying on.'
'The pace of gold's ascent is striking, with prices rising from $3,500/oz to $4,000/oz in just 36 days -- far quicker than the historical average of 1,036 days taken to achieve similar $500/oz gains.'
The strong domestic flow offset selling by foreign portfolio investors who pulled out $23.3 billion (Rs 2.03 trillion) from domestic equity markets in CY25.
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