Consolidation of Indian equity prices over the past year was gradual and mostly uneventful, apart from the extreme volatility during the first two weeks of April 2025 following Donald Trump’s April 2 liberation day tariff announcements. However, the question is whether Indian equity valuation will continue to moderate gradually and uneventfully. Or would panics, market crashes, bankruptcies, and bailouts make the rest of the moderation eventful?