Ashu Madan, Managing Director at JM Financial, described 2025 as a muted year for India's stock market, citing weak investor interest and low participation. He noted the market is currently more of a trading space than an investing one, with few strong triggers expected in 2026 beyond the Union Budget. Madan expressed optimism for PSU banks, particularly SBI, and metal stocks like Tata Steel and SAIL, considering them attractive investment opportunities.