By THE NEWSMAN OF INDIA.COM| Calendar year 2025 marked a phase of resilience and measured growth for the National Stock Exchange (NSE), with Indian capital markets navigating global volatility while delivering steady gains, robust fund mobilisation and deeper investor participation .

Market performance and valuations
Benchmark indices closed the year on a positive note. Nifty 50 rose from 23,645 at the end of 2024 to 26,130 as on December 31, 2025, registering a gain of 2,485 points or 10.5 percent. Nifty 500 advanced 6.7 percent, while Nifty Midcap 150 gained 5.4 percent. In contrast, Nifty Smallcap 250 declined 6.0 percent, reflecting selective risk appetite. The total market capitalisation of NSE-listed companies increased from Rs 439 lakh crore to Rs 474 lakh crore, a rise of 7.9 percent, while the market cap-to-GDP ratio moderated from 138 percent to 135 percent .

Primary markets and fund mobilisation
Fund mobilisation remained strong in 2025, with total funds raised across equity, debt and business trusts reaching Rs 19,63,979 crore, up 10 percent from the previous year. Equity fundraising stood at Rs 4,19,319 crore, while total debt raised increased 13 percent to Rs 15,10,799 crore. The year saw 220 IPOs across mainboard and SME platforms, raising Rs 1,78,029 crore. Mainboard IPOs increased to 103, raising Rs 1,72,245 crore, with the largest issue being Tata Capital Limited at Rs 15,512 crore .

Secondary market activity and global standing
Despite moderation in trading volumes, NSE retained a strong global position. In equity derivatives, NSE ranked first globally with a 53.2 percent share of contracts traded. Cash market turnover declined 14.5 percent year-on-year, while equity options premium turnover fell 24.6 percent. Commodity derivatives, however, recorded sharp growth, with commodity futures turnover rising over 4,000 percent year-on-year .

Rising investor participation
Investor participation continued to expand. Total unique registered investors reached 12.5 crore as of December 30, 2025, with 1.6 crore new investors added during the year. The total investor base grew 14.4 percent to 1,246 lakh accounts. Uttar Pradesh and Maharashtra led new investor registrations, together accounting for over 25 percent of additions. Region-wise, South India recorded the highest growth at 16.9 percent .

NSE International Exchange and new milestones
NSE International Exchange (NSE IX) crossed the landmark of US $1 trillion in notional turnover in 2025, recording US $1,160 billion for the year. GIFT Nifty contracts achieved a cumulative turnover of around US $1.13 trillion in CY2025, with the highest monthly turnover recorded in October at US $106.22 billion. The number of unique client codes increased to 69,644 by end-2025 .

A year of consolidation and depth
Overall, NSE’s 2025 performance reflected consolidation after rapid post-pandemic expansion, marked by stable index returns, strong capital formation, widening investor outreach and growing international presence. The data underscores the exchange’s central role in India’s financial ecosystem, even as markets adapt to evolving global and domestic dynamics.

Disclaimer:
This article is based on official NSE data for CY2025 and prepared in good faith. While due care has been taken for accuracy, the figures are subject to revision. The publication is not responsible for any inadvertent errors or omissions.