Indian equity markets, until recently swaddled in a cocoon of self-perpetuating narratives, are now confronting a reality check. The narratives that once buoyed investor sentiment—domestic flows overriding foreign outflows, an undeterred growth trajectory, and insulation from global headwinds—have crumbled under the weight of harsh macroeconomic truths.Since September 2024, market capitalisation has plunged by ₹92 trillion, amounting to 45% of household annual income. The numbers speak for themselves: this is no ordinary correction, it is a reckoning.
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