The Indian stock market experienced a significant downturn in March, with 97% of the 518 Portfolio Management Services (PMS) strategies tracked by PMSBazaar reporting negative returns, some as steep as 22%. The turmoil was primarily driven by the Iran-Israel/US conflict, which led to a broad sell-off across all market categories, including smallcap, midcap, and largecap funds. Notably, Money Grow Asset Pvt Ltd's small-midcap strategy suffered the most, plummeting 22%, while ASK Investment Managers Ltd's 'ASK Financial Opportunities Portfolio' saw an 18% decline. Over 500 strategies reported losses, with 315 of them experiencing double-digit declines. Only 15 strategies managed to hold steady, with Qode Advisors LLP's Qode Growth Fund being the sole strategy to yield over 1% gains. The Nifty index fell 11%, its steepest drop since the onset of the COVID-19 pandemic, breaking its favorable seasonal trend.