Indian markets have seen a sharp decline so far in 2025 amid continued selling by foreign investors due to elevated valuations, slowing economy, weakening earnings growth, and global tariff wars following Trump’s election victory. Benchmark indices Sensex and Nifty have lost around 4.5 percent each year to date, while broader indices BSE MidCap and SmallCap have declined over 14 percent and 17 percent, respectively. Among the biggest losers in the unlisted market, Metropolitan Stock Exchange of India, which surged over 1100 percent in 2024, has declined over 40 percent in 2025 to Rs 7.5 per share. Despite the broader selloff, some unlisted stocks have bucked the trend. Nayara Energy has jumped 16 percent, while NCDEX has gained 5 percent. The decline in Indian markets is driven by both domestic and global factors, according to experts. However, there is a growing interest in exchange and exchange related eco-system stocks, which are less volatile due to its tradability and insulated from external factors.