India’s Nifty 50 index posted roughly 6% returns year-to-date, lagging broader market exuberance despite a record wave of IPOs raising around US$14.2 billion in 2025. Analysts say retail investors chased listing gains while long-term value builders stayed on the sidelines. Though oversubscriptions were seen in sectors like manufacturing and fintech, institutional buying remains shallow. Experts expect momentum to improve if corporate earnings rise and liquidity stabilises. Elevated small-cap volatility underscores caution among advisors about speculative exposure in the current cycle.