The benchmark Sensex has declined 23% in dollar terms, as reflected by the BSE Dollex 30 index, which fell from its record high of 8,418.89 on September 26, 2024, to 6,482.11 on April 2, 2026. In comparison, in rupee terms, the Sensex has dropped 14.58% during the same period, from its all-time high of 85,736.12 to 73,319.55. Besides India, Philippines (down 25.35%) was the only equity markets was in bear phase during this period. A bear market is typically defined as a prolonged period in which market prices fall by 20% or more, signaling widespread investor pessimism and expectations of an economic slowdown.