Sensex has delivered near 0% returns over the last 12 months, with the benchmark index falling 0.7% from 83,184.80 on September 19, 2024 to 82,626.23 on September 19, 2025. The index has also fallen behind global peers. According to analysts ET quoted, elevated valuations despite earnings downgrades and consistent FPI selling due to rising trade tensions are behind negative returns.