2025 was a mixed year for Indian markets. Some sectors performed well, while others struggled. Midcaps and smallcaps moved up, but several key sectors stayed weak. Despite tax cuts, GST changes, domestic liquidity, and a weaker INR, the overall returns remained moderate. This video breaks down what shaped the markets in 2025 - valuations, earnings, interest rates, and India’s limited exposure to the global AI theme. We also discuss the early outlook for 2026: • Improving earnings expectations •
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