HDFC Bank's Q3 results triggered a brutal reaction: Bank Nifty gapped down 1,500 points and closed about 2,000 points lower on result day. It began six weeks of fragility in which Bank Nifty repeatedly fell 1,000+ points intraday.

One heavyweight's earnings made the whole market fragile for months — the modern counterpart to Reliance's export-tax day in 2022, and the clearest single-stock concentration-risk story of the era.

SEBI directed the AMFI to moderate inflows into mid-cap and small-cap mutual funds, citing froth. The market cracked: the Nifty fell 300+ points, closing below 22,000, Bank Nifty about 1,000, with the worst damage in smaller caps. The warning repeated through March, each time triggering a knee-jerk fall that recovered.

A rare case of the regulator itself moving the market — and the modern echo of the 2018 midcap-crash warning.

Two shocks landed in a single week: India scrapped the tax benefits for Mauritius-based FPIs, and Israel and Iran escalated. The Nifty fell roughly 1,000 points over the week — then recovered 70–80% of it the following week.

A sharp but short-lived double shock, and the best demonstration of the 2024 buy-the-dip regime's resilience.

Exit polls had projected a BJP landslide, and the Nifty gapped up ~3.25% on exit-poll day. On counting day, early trends shocked the market — the NDA looked short of a majority as the BJP fell from 303 to 240 seats — and the index crashed intraday.

But the NDA formed the government, the market recovered, and then launched a roughly 4,000-point rally over June–September, carrying the Nifty to its first-ever close above 26,000 on 30 September 2024. It was the wildest election day since 2009, and the modern capstone of the election-surprise series stretching back to 2004.

The Bank of Japan hiked rates, and the yen carry trade unwound violently. Japan's market fell 10–12% in a day, global markets crashed, and the Nifty fell 1,000+ points across three sessions, breaking below 24,000 intraday. Within about three weeks it had recovered the entire loss, back above 25,000 by 26 August.

The fastest global shock-transmission of 2024 — and the fastest full recovery. Proof that Tokyo can crash Dalal Street in a day.

After crossing 26,000 on 30 September 2024, the Nifty fell all the way to 21,750 — about -16% — through early 2025, with blue chips down 20–40% and mid/small caps far worse. FIIs sold roughly ₹64,000 crore in just the first half of October 2024, a pace matching the COVID panic month. The market then chopped sideways — it took 13 months, until 29 October 2025, before the Nifty reclaimed 26,000.

A grinding bear market with no single catalyst — FII outflows (record ₹8 lakh crore over 2.5 years), taxation and a valuation reset — and the 'lost year' that tested every investor's patience.