India's stock markets in 2025 saw record highs in SIP inflows and mutual fund investments, signaling robust retail interest. Despite rangebound indices, primary markets thrived with over 365 IPOs raising a record Rs 1.95 lakh crore. Domestic institutions, particularly DIIs and equity mutual funds, significantly increased investments, absorbing supply. This occurred as FIIs made their largest annual exit of Rs 1.58 lakh crore, influenced by valuations and global rate uncertainty. The year was characterized by a shift towards domestic liquidity and concentrated equity bets rather than broad index gains.