The post-Covid euphoria surrounding direct equity investing has ebbed in 2025. Individual investors have turned net sellers in the domestic equity market, pulling out about ₹8,461 crore so far this year — a sharp reversal from the record purchases seen in 2024, according to a report by the National Stock Exchange of India (NSE).
Between 2020 and 2024, direct equity investments had remained firmly in the green.
The scaling back of direct equity purchases by individual investors coincides with a change in equity market dynamics. This calendar year has been tumultuous for markets. While the first few months saw the

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