CY2025 So Far: A Resilient First Half, With Trade Talk Outcomes to Shape the Second

The Indian equity market ended the first half of 2025 on a strong footing, despite delivering negative returns in two out of the six months. Indian equities largely mirrored the performance of their European and U.S. counterparts. The benchmark Nifty 50 returned approximately 8 per cent—outpacing the U.S., Japan, and Europe, though trailing behind South Korea, Brazil, and Germany. As a result, India's valuation premium over other emerging markets remained elevated.