As Diwali ushers in Vikram Samvat 2082, investors reflected on a year where precious metals upstaged stocks.
Bullion’s dazzling 54% and 68% jumps — to Rs 1,26,500 and Rs 1,65,000 — made portfolios sparkle. Meanwhile, global chaos, wars, and shaky currencies kept everyone on edge.
Stocks, though, had a tough year, according to a report in a national daily.
Despite India’s strong economy, foreign investors packed their bags, pulling out Rs 3.5 lakh crore between Sep 2024 and Sep 2025, the report added.
China’s sudden stimulus tempted FIIs to its discounted markets, and Donald Trump’s US election win had global capital rushing back to America. By mid-2025, back-to-back US tariffs on Indian exports made things worse.
Policymakers stayed busy. The 2025 Union Budget made incomes up to Rs 12 lakh tax-free, pumping Rs 1.2 lakh crore into households.
RBI announced three rate cuts to ease borrowing. Thanks to record SIP inflows of Rs 28,265 crore in Aug 2025, markets didn’t collapse completely.
In the end, Sensex and Nifty barely moved, up just 3.9% and 4.4%. Mid-cap funds crawled up 3.5%, while small-caps, once everyone’s favorite, slipped 1.82%.
Experts said markets were buzzing but investors remained confused. Many were spreading their bets, a little gold, a little silver, a little mutual fund, showing no clear conviction anywhere.
Spending habits showed the same story. Families were delaying big buys and taking profits when they could. SIPs had become everyone’s comfort zone — steady, disciplined, and reliable, even when the market mood swung.
No doubt, gold and silver stole the show in Samvat 2081. Gold touched Rs 1,26,500 per 10 grams and silver hit Rs 1,65,000 per kg by early Oct 2025, both delivering over 50% returns.
Industry analysts said geopolitical tension and a weak dollar made gold and silver the go-to safe havens. They noted that silver also got a boost from tech and renewable demand, though high prices cooled wedding season demand.
Investors now preferred gold ETFs and sovereign bonds over heavy jewellery. Clearly, bullion had moved from locker item to portfolio hero. With stocks dull and bonds sleepy, gold and silver proved their worth as wealth protectors.
Stock Market: From Rally to Reality
Indian equities sprinted till Sep 2024, then stumbled. China’s surprise stimulus diverted FII money, Trump’s victory pulled funds to the US, and two rounds of US tariffs (25% each in July and August 2025) sealed the deal.
Market analysts observed that Samvat 2081 took markets from wild rallies to mild corrections. Sensex and Nifty stayed positive, but broader markets took heavier hits. They believed Samvat 2082 would depend on FII flows, earnings, and policy cues.
Another expert pointed out that global jitters and Trump’s tariffs hurt midcaps, but a pre-festive GST push helped keep investor sentiment afloat.
After three strong years, mutual funds also faced reality. Small-caps dipped 1.8%, mid- and flexi-caps barely managed 2–3%. The double-digit party was clearly over.
But domestic investors stayed loyal. Monthly SIP inflows hit a record ₹28,265 crore in Aug 2025. New fund offers, insurers, pension funds, and EPFO all chipped in, balancing out the Rs 3.5 lakh crore FII exit.
Financial analysts felt this year tested mutual fund patience. Global outflows hurt, but disciplined SIPs and domestic strength kept markets stable — a sign of market maturity.
Bank Deposits Prove Reliable Again
While gold glittered and stocks sulked, bank deposits stayed dependable. RBI’s three rate cuts in 2025 — 0.25% each in Feb and April, 0.50% in June — brought deposit rates to 6.8%. Safe, but not spicy.
Gujarat’s deposits grew from Rs 12.68 lakh crore in Sep 2024 to Rs 13.37 lakh crore by June 2025 — up 5.4%, according to SLBC. But compared to history, that’s a bit slow, as many investors preferred mutual funds and gold.
Bank officials said people were exploring more options. With rate cuts, FDs looked dull to those chasing higher returns. Still, for retirees and short-term planners, fixed deposits remained the trustworthy fallback.
Real Estate: Solid But…
Gujarat’s real estate love story continued, but with calm emotions this time. Realty experts said prime and emerging land pockets gave around 20% returns, some even higher. But built properties struggled due to interest costs and oversupply in cities like Ahmedabad.
Developers mentioned that redevelopment projects shone bright, with older societies in Ahmedabad fetching strong prices. Properties with redevelopment potential were commanding better rates.
Industry associations reported that commercial real estate made a comeback. Major cities saw new launches as brands expanded and BFSI firms opened more offices. Rental yields jumped 10–15% across key markets.
In short, gold ruled and stocks sulked.
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