New Delhi, Dec. 31 -- Indian equities navigated a paradoxical 2025, remaining historically stoic despite the lingering shadow of late-2024 corrections and the pressure of US tariffs. With a maximum drawdown-the peak-to-trough decline within the year-of just 9% and a year-end return of 8%, 2025 stands as a year of relative calm.

This performance is not a rarity, though. Over the last three decades, only eight years, including 2025, have seen an intra-year decline of 10% or less in the Sensex.

This suggests that equity markets tend to overlook shock-inducing events, such as tariff wars or geopolitical flare-ups, unless the disruption evolves into a full-blown systemic crisis or a global pandemic.

Experts see this as evidence of a structu...