India: 10 major Nifty/Sensex market crashes or corrections, 2016–2026
| # | Period / event | Nifty peak | Nifty bottom | Fall | Main reason | Recovery to previous peak |
|---|---|---|---|---|---|---|
| 1 | COVID-19 crash, 2020 | 12,430 (Jan 2020) | 7,511 (Mar 2020) | −39.6% | COVID-19 pandemic, lockdowns and global economic shock | ~246 days |
| 2 | 2026 correction | 26,329 (Jan 2026) | ~18,900 (Mar 2026) | ~−28% | Global risk-off conditions, geopolitical/economic uncertainty and changing rate expectations | Not fully recovered at the time of the cited data |
| 3 | 2021–23 bear-market cycle | 18,604 (Oct 2021) | ~15,183 (Jun 2022)* | ~−18% | Inflation, rate hikes, Russia–Ukraine war and global tightening | Recovery subsequently occurred |
| 4 | 2018 bear market | 11,760 (Jan 2018) | ~9,998 (Oct 2018) | ~−15% | Oil-price rise, rupee weakness, NBFC/IL&FS stress and global volatility | ~8 months |
| 5 | 2024–25 correction | 26,277 (Sep 2024) | ~21,964 (Feb 2025) | ~−16% | Foreign selling, slowing earnings/growth, high valuations and global trade uncertainty | Recovered substantially during 2025 |
| 6 | 2015–16 correction, continuing into 2016 | 9,119 (Mar 2015) | 6,826 (Feb 2016) | ~−25% | China concerns, commodity/oil weakness and global risk aversion | ~14 months |
| 7 | 2023 banking/Adani-related correction | ~18,812 (Dec 2022) | ~16,828 (Mar 2023) | ~−10.5% | Adani-related volatility, global banking stress and rate concerns | ~9 months |
| 8 | 2019 correction | ~12,103 (Jun 2019) | ~10,637 (Aug 2019) | ~−12% | Growth slowdown, corporate/financial-sector concerns and global trade tensions | Subsequently recovered |
| 9 | 2024 election-day shock | ~23,264 (Jun 3, 2024) | ~21,281 intraday (Jun 4) | ~−8.5% intraday | Unexpectedly close election-result outcome versus market expectations | Within days on a closing basis; new records followed |
| 10 | 2016 Brexit correction | ~8,266 (Jun 23) | ~7,893 (Jun 24) | ~−4.5% | UK Brexit referendum and global risk aversion | Rapid recovery |
*The exact peak-to-trough definition can produce different numbers depending on whether closing or intraday prices are used. Nifty historical-data sources distinguish between these measures.
Important correction to the table
There is an important distinction between a crash, a correction, and a single-day shock. For example, the June 4, 2024 election-result event was an exceptionally large one-day fall: Nifty closed down 5.93%, while its intraday fall reached about 8.5%. The indices recovered to record levels soon afterward.
The 2020 COVID episode is much clearer as a genuine crash: NISM records Nifty falling from 12,430 in January 2020 to 7,511 in March 2020, a 39.57% decline, with 246 days to regain the previous peak.
For the longer 2021–23 cycle, one useful drawdown dataset identifies a roughly 26% peak-to-trough decline from October 15, 2021 to March 15, 2023, with the previous peak recovered on June 27, 2024.
The 2024–25 decline was also significant. NSE reported that Nifty had fallen 15.6% from its September 2024 peak by February 28, 2025, after five consecutive monthly declines.
