Retail favs: Reliance Power, Suzlon shares disappoint, Vodafone Idea, Tata Steel deliver in 2025

Among the top 15 retail stocks on Dalal Street, based on the number of investors holding up to Rs 2 lakh, nine are ending 2025 in the red. The year witnessed a broader trend of strong performance from large cap stocks, selective gains in mid-caps, and a decline in small cap stocks.

YES Bank, with 61.65 lakh retail investors, barely managed to meet Nifty returns at 9 per cent. Vodafone Idea cheered over 60 lakh retail investors with a solid 52 per cent surge. Suzlon Energy disappointed, falling 16.40 per cent in 2025. The stock stood at Rs 52.85 apiece intraday today against Rs 62.23 on December 31, 2024.
 
Among retail favourites, large-cap stocks Tata Steel Ltd soared 27 per cent, Reliance Industries rose 22 per cent, State Bank of India 22 per cent, and HDFC Bank gained 12 per cent.

"Growing investor preference towards large caps, by DIIs, due to trade tensions, high margin of safety and stability in financials leading to outperformance. While mid-caps performed on a selective basis driven by a pickup in earnings growth in Q2FY26 and the expectation of further revival in demand during H2FY26," Geojit Financial Services. 

The brokerage noted that many small caps stocks witnessed selling pressure due to higher valuation, a lack of earnings recovery and retail selling.

Losers included Reliance Power Ltd (down 21 per cent), IRFC (down 16 per cent), Tata Power Company (down 4.59 per cent). NHPC Ltd, NTPC Ltd, and JIO Financial Services Ltd fell 2 per cent each.

"After two years of a sharp rally, Nifty Midcap100 managed a modest 5 per cent return in 2025, while the Nifty Smallcap100 declined 6 per cent. Following a year of consolidation marked by global uncertainties and earnings moderation, we expect 2026 to be a year of recovery and steady growth," MOFSL said.

It said an improvement in corporate earnings, supportive domestic policies and a revival in private sector investments are likely to drive market performance through the year. Additionally, any resolution of the tariff stalemate with the US could act as an important external catalyst for markets, it said.