New Delhi: India’s primary market activity remained robust in FY26 even as a sharp global energy shock and rising geopolitical tensions unsettled financial markets, according to NSE’s Market Pulse: March 2026.
Mainboard IPO momentum stayed strong, with 99 listings between April and February raising Rs 1.65 lakh crore—surpassing last year’s 79 issues that mobilised Rs 1.62 lakh crore. In contrast, SME IPO activity moderated, with 105 issues raising Rs 5,121 crore versus 163 issues and over Rs 7,000 crore in FY25.
Overall, 204 companies raised Rs 1.70 lakh crore through IPOs so far this fiscal, broadly matching last year’s fundraising despite fewer listings. The SME segment, however, showed signs of maturity, with average issue size rising to about Rs 50 crore from Rs 13 crore in FY20.
Investor participation continued to expand, with NSE’s registered base reaching 12.8 crore in February, led by strong youth engagement. Investors below 30 years accounted for over 38 per cent of the base and more than half of new additions, while Maharashtra became the first state to cross 2 crore investors.
The strong domestic market activity comes amid heightened global uncertainty. Crude oil prices surged past $100 per barrel following the escalation of the Iran–Israel–US conflict, triggering a broad risk-off sentiment. Global equities corrected sharply in March, with MSCI World and emerging market indices falling 5 per cent and 8.8 per cent, respectively, while commodities strengthened and emerging market currencies weakened.
Indian equities mirrored the trend, with the Nifty 50 declining 8.1 per cent in March and 11.4 per cent year-to-date as of mid-March. Foreign investors resumed selling, though domestic institutional inflows provided some cushion.
Despite external headwinds, India’s macroeconomic fundamentals remain resilient. GDP growth stood at 7.8 per cent year-on-year in Q3 FY26, supported by strong consumption, investment and services activity. High-frequency indicators such as GST collections, credit growth and PMI data remain robust.
However, rising crude prices pose risks to inflation and the current account deficit, complicating the policy outlook. The evolving global environment, coupled with energy-driven uncertainties, is likely to shape market conditions in the near term, even as India’s growth trajectory remains
broadly intact.