Capital Markets Landscape
A bird’s eye view of Indian Capital Markets
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Indian equity markets have delivered double-digit growth of 14% in INR terms and 10% in USD terms in the last two years, keeping India among the more resilient markets in the global pack.
Movement in global equity indices during the last two years (June’2023 = 100)
Source: LSEG Datastream, NSE EPR
Note: Data for Shanghai Stock Exchange available till October 2025.
FPI flows continue to remain volatile in the equity market weighed down by lingering global uncertainty, elevated equity valuations and sustained weakness in the INR to record low levels. Sustained buying by DIIs aggregating US$ ~60 bn during April to November 2025 have aided in stabilising the markets. Individual investors have been net sellers so far this fiscal.
Monthly Trends in equity fund flows across FPIs, DIIs and individual investors
Source: NSDL, LSEG Datastream and NSE EPR
Equity fund-raising stood at US$ 23.5 bn in H1FY26 while the debt-fund raising has registered a uptick of 6% YoY crossing US$ 58 bn.
Trends in absolute fund mobilisation across equity, debt and REITs-InvITs in India
Source:SEBI, LSEG Datastream, NSE EPR
Mutual fund AAUM climbed to a record high level of US$903 billion in october 2025 with cumulative inflows of US$87.8 billion in FY26 so far (April-October), supported by record SIP flows. Equity AAUM is now over 10% of overall Indian equity market.
Trends in net fund flows and average assets under management of mutual funds
Source: AMFI, CMIE Economic Outlook, LSEGH Datastream, NSE EPR
Total demat accounts in India has crossed 210 million while the MF folios has breached the 250 million milestone as of October 2025.
Trends in number of demat accounts and MF folios
Source: CMIE Economic Outlook, NSE EPR
Source: MSCI Index Factsheet