The month of July saw India’s benchmark indices underperforming, while equity markets across the globe, including the U.S. S&P, NASDAQ, and UK FTSE recorded gains, according to Sebi’s latest monthly bulletin.
Most equity markets across the globe rallied and ended in green, with the U.S. S&P 500 and tech focused NASDAQ, fuelled by stronger than expected Q2 earnings, reaching their all-time high levels. Similarly, UK FTSE, France CAC 40 and Germany DAX in Europe recorded gains in July, though these were erased when returns were adjusted to the U.S. dollar terms.
The Indian equity market, in contrast to major global indices, underperformed in July 2025. “On a dollar-adjusted basis, the Sensex and Nifty 50 declined by 5 per cent, while Hong Kong’s Hang Seng advanced by 2.9 per cent,” says Sebi’s report.
Apart from India, Japan, Brazil, and South Africa also recorded negative gains, with Brazil’s benchmark IBOVESPA recording -7.1% returns when adjusted to the U.S. dollar.