As Indian equities mark their ninth consecutive year of positive returns—a record-breaking streak—the financial world is buzzing with speculation about what lies ahead in 2025. The year gone by saw historic benchmarks, including the highest funds raised in a single calendar year and a steadily expanding pool of domestic investors. However, as the calendar turns, the big question remains: will the rally continue, and which market segments are poised to lead?

A recent CNBC-TV18 poll, titled “Outlook 2025,” gathered insights from 61 fund managers, high-net-worth individuals (HNIs), and market dealers. The results indicate a strong lean toward large-cap stocks for the year ahead.

A majority of 52.5% of respondents believe that 2025 will be dominated by large caps, highlighting their stability and growth potential in the face of global uncertainties.

While large caps take centre stage, 31.1% of respondents remain optimistic about midcaps, believing they will offer substantial growth opportunities. Small-cap stocks, on the other hand, are expected to provide lucrative possibilities for 13.1% of the participants.

However, 3.3% of respondents expressed confidence in microcaps, reflecting a more conservative stance toward the riskiest segment of the market.

The ongoing debate over whether broader markets will continue to outperform remains central to investor sentiment heading into 2025. The poll, however, suggests a general trend toward safer and more stable investment avenues, with investors preparing for potential market volatility.