<h1>Market capitalisation growth drove substantial investor wealth gains despite volatility and sharp foreign portfolio outflows.</h1> Markets recorded substantial aggregate gains in 2024 as BSE-listed firms' market capitalisation expanded sharply and investor wealth rose markedly. The rally was driven by expectations of macroeconomic easing, interest-rate shifts, domestic political outcomes, robust retail participation and IPO activity, but volatility persisted due to global risk events, significant foreign institutional outflows, valuation pressures, and episodic corrections later in the year.