A report says the BSE Sensex has fallen almost 13% this year and is hovering near 73,900 points. Since 1990, it reportedly finished every World Cup year higher except 1998, when it declined 16.5%.
That earlier downturn followed India’s Pokhran nuclear tests and the sanctions imposed by the United States, Japan and others. The comparison is uncomfortable, but the causes are again rooted far beyond football: geopolitics, trade uncertainty and pressure on the wider economy.
The current strain has reportedly been intensified by conflict in West Asia, which has pushed oil prices higher and weakened the rupee. Foreign investors have also been withdrawing funds, while uncertainty around a possible India-US trade agreement continues to weigh on sentiment.
Desai has also highlighted weaker agricultural productivity and the potential impact of artificial intelligence on employment. India’s limited exposure to companies directly linked to the AI boom is viewed as another challenge for investors seeking the next major growth story.
U R Bhat offered a cautious short-term view, saying, “the Nifty can oscillate between 22.800 and 23.400 points in the next six months if there is no quick solution to the conflict in the West Asia.”
The report says Morgan Stanley remains more optimistic over the longer term, while Bernstein has retained a year-end Nifty projection of 26,000. The next key storyline will be whether falling oil prices and easing geopolitical tensions can restore confidence-or whether 2026 becomes another World Cup year remembered for market disappointment.