The analysis of data from the National Stock Exchange (NSE) reveals that the Indian stock market is now less concentrated than that of the United States. Between 2020 and 2025, India's Herfindahl-Hirschman Index (HHI) score, which measures market concentration, dropped from 167.9 to 80.9, while the US score rose from 95 to 164. This shift is attributed to a diversification in India's market, particularly following the COVID-19 pandemic, as sectors like financial services and information technology gained prominence. Notably, India's market has seen a significant reduction in the dominance of commodities, with financials now representing 25% of market capitalisation in 2025. The rise of tech-native startups and midcap firms has further diluted market concentration. In contrast, the US market has seen increased concentration in large technology firms, often referred to as the “Magnificent Seven.” Additionally, India's stock market has experienced a surge in initial public offerings (IPOs), with 103 IPOs raising ₹1.76 trillion (approximately $21 billion USD) in 2025, marking a record year for new listings.