2025 was a testing year for markets, shaped by global uncertainty and uneven returns. For investors, it reinforced the importance of balance, discipline, and looking beyond short-term market narratives.

In this note from the MD’s Desk, Mr Nikhil Khandelwal reflects on how global and Indian markets navigated the year, the implications of consolidation for future returns, and the investment themes Systematix is tracking as markets move into 2026.