Retail investment into the Indian equity markets through direct as well as indirect channels picked up meaningfully during the pandemic, and continued thereafter. This led to Indian equities staying afloat in 2022, the year when global equities suffered badly, thanks to the Russia–Ukraine war and the Fed tightening. Retail investor behaviour in India in and around the pandemic is examined through their activity (turnover) and net investments. These indicators are analysed using NSE’s proprietary data and juxtaposed with institutional activity. Retail risk-taking rises with market performance, shows high variability within the segment, and exhibits behavioural finance traits like exuberance and buyers’ remorse. Despite the recent correction in economic activity, retail investor participation remains well above pre-pandemic levels.