According to a November 2025 monthly market outlook from ICICI Prudential, India’s benchmark index returns are at just around 5 percent year-to-date, placing it among the world’s weakest performers in major equity markets. The report attributes the under-performance to global liquidity tightening, export-headwinds, high valuations and internal sector rotation. However, analysts note that corporate earnings are gaining momentum, policy reforms are increasing and domestic volatility has eased. 

The outlook signals improved growth potential for H2 2025, with expectations of rising earnings visibility and structural reforms boosting investor interest.