Indian Market Case Studies
The events that shaped Indian investors. What actually happened, who got hurt, who survived, and the lessons that hold across every future crisis.
2008: When Nifty Lost 60% — and What Patient Investors Got Back
Jan 2008 – Dec 2010
Nifty 50 fell 60.3% in 14 months following the Lehman Brothers collapse. Investors who stopped SIPs missed the cheapest buying opportunity in a decade. Those who stayed were rewarded with outsized returns by 2010.
Read Full AnalysisCOVID 2020: The Fastest Crash and the Fastest Recovery in Market History
Jan 2020 – Dec 2021
Nifty 50 fell 38.4% in just 40 trading days in early 2020 — the fastest bear market in history. By December 2021 it had gained 136% from the bottom. Investors who sold in March 2020 missed one of the greatest recoveries in market history.
Read Full AnalysisFranklin Templeton 2020: When Six "Safe" Debt Funds Were Abruptly Shut Down
April 2020 – December 2021
On April 23, 2020, Franklin Templeton India abruptly wound up six debt fund schemes holding ₹28,000 crore. Investors could not redeem for over two years. The episode exposed credit and liquidity risk in debt mutual funds that most investors had not considered.
Read Full Analysis2013 Taper Tantrum: How a Fed Speech Destroyed Long-Duration Debt Funds
May 2013 – September 2013
In May 2013, Fed Chairman Ben Bernanke hinted at tapering QE. Indian bonds sold off massively; the rupee crashed; long-duration debt funds lost 10–15% in weeks. Investors who had chosen gilt and income funds as "safer than equity" were blindsided.
Read Full AnalysisIL&FS 2018: The ₹91,000 Crore Default That Broke India's Debt Markets
September 2018 – December 2019
In September 2018, Infrastructure Leasing & Financial Services (IL&FS), rated AAA just months earlier, defaulted on short-term debt obligations. The shock triggered a broader NBFC crisis and caused significant NAV markdowns in credit risk and income debt funds across the industry.
Read Full AnalysisSmall Cap 2017–2019: 130% Up, Then 55% Down — The Complete Cycle
January 2016 – September 2019
Nifty Smallcap 100 rose 130% from early 2016 to January 2018, attracting massive inflows near the peak. It then fell 55% over 20 months. The full cycle illustrated both the opportunity and the psychological demands of small cap investing.
Read Full Analysis2022 Rate Hike Cycle: What Happens to Debt Funds When Rates Rise Sharply
April 2022 – February 2023
Post-COVID global inflation triggered aggressive rate hikes worldwide. RBI raised repo rate 250 bps from 4% to 6.5% in under a year. Long-duration bond funds lost 8–15% in NAV. Investors in "safe debt funds" experienced equity-like losses.
Read Full AnalysisPSU, Defence & Infrastructure 2022–2024: The Thematic FOMO That Tested Patience
January 2022 – December 2024
The government's infrastructure push led to 200–350% gains in PSU and defence stocks between 2021 and mid-2024, spawning dozens of NFOs and billions in fund inflows. A subsequent 30–40% correction tested whether investors had bought the story or the valuation.
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