Indian markets have fallen back to 2024 levels. The Nifty 50 is now at about 22,422 and the Sensex at about 71,910, its lowest close since March after four straight losing sessions. These are levels last seen in early 2024: on 1 January 2024 the Sensex touched about 72,500 and the Nifty about 21,800. From the record highs of late 2025 (about 86,000 on the Sensex and 26,300 on the Nifty), the indices are down roughly 16% and 15%. This article explains what is behind the declin