The Indian stock market is witnessing significant activity, with mid- and small-cap indices rallying towards record highs. Analysts have raised concerns about overvaluation risks in these segments. Meanwhile, India's market for initial public offerings (IPOs) is set for another strong year in 2025, with a robust pipeline of companies planning to raise over Rs 1.5 lakh crore. This follows a record-breaking year in 2024, where 75 companies raised over Rs 1.5 lakh crore through mainboard IPOs, including 12 IPOs by startups. Despite the positive outlook for IPOs, brokerages are forecasting modest returns for Indian equities in 2025 due to uncertainties around earnings growth and high valuations. The Nifty Smallcap 100 index has hit a record high, trading at 19677, marking its 14th consecutive session of gains. Notable stocks nearing all-time highs include HCLTECH, HDFCBANK, and LT, all less than 2% away from their previous peaks. Additionally, 28 stocks have reached a market capitalization of ₹1 lakh crore in the last six months, with significant gainers like Dixon (+74%), Mazagon Dock (+57%), and Suzlon (+40%).