The Indian equity market is facing a downturn, with the BSE Auto index hitting a 52-week low and declining 14% over the past month. The broader market has seen a nearly 20% reduction in the number of companies valued at $1 billion or more in the last five months. This decline coincides with the National Stock Exchange of India (NSE) unexpectedly shifting the expiry day for its equity derivatives from Thursday to Monday, effective April 2025. Following this announcement, BSE shares fell by over 9%, reaching a four-month low, with current trading at around Rs 4,196.50. Goldman Sachs has cut its target price for BSE shares to Rs 4,880, citing the change in expiry days as detrimental to BSE's options market share. Additionally, defensive sectors such as FMCG, IT, and pharma are underperforming, with their combined weighting in the Nifty50 index at a 15-year low, while the BFSI sector gains traction.