India’s Sensex and Nifty fell ~2.5% last week, their steepest drop since March, as FII outflows and fresh tariff risks weighed on sentiment. A year after the September 2024 peak, indices are ~5.5% lower, with broader pain: only 245 of the top 750 stocks rose; mid/small caps are down 8–9%. The rupee weakened to ₹88.71/$ amid continued outflows.