New Delhi, Dec. 29 -- In 2025, the Indian stock market overcame fears of an unravelling and held its ground. But it also sent a cautious signal, moving largely within a narrow range. During the year, the bellwether BSE Sensex stayed within a 15% band and ended up about 8%. At current levels, it is barely 1% below its all-time high, hit in September 2024.

As 2026 approaches, market direction will hinge on the interplay between fundamentals-corporate earnings and valuations-and the flow of funds. Here are five demand-supply questions that will be critical in shaping where Indian equities go next.

Every bull market has a dominant theme that fuels share prices and anchors sentiment-be it the IT services and dotcom boom of 2000 or the commod...