New Delhi, April 1 -- If FY26 had a defining feature, it was the breadth of the sell-off. Indian equities didn't just correct, they saw a deep, cross-sector downturn that dragged the market lower even as global peers surged ahead.

From defensive sectors like FMCG to rate-sensitive realty and global-facing IT, few corners of the market were spared, underscoring the unusual breadth of the downturn. The stress was not confined to isolated sectors but reflected broader macro headwinds-from global uncertainty and tariff tensions to persistent foreign outflows.

Real estate stocks were the worst performers with the BSE Realty index falling 23.6% in FY26, its weakest performance since the pandemic. Higher interest rates and tighter liquidity co...