The Indian stock market, represented by the Sensex, experienced a period of relative calm in 2025, finishing the year up 8% with a maximum drawdown of only 9%. This stoic performance, rare in recent decades, is attributed to strong domestic capital inflows, particularly through SIPs, which are insulating the market from external shocks like US tariffs and geopolitical tensions. Experts suggest this indicates a structural shift, with domestic money effectively absorbing new share supply and keeping the market range-bound rather than fragile.