What we have been seeing is the market going steadily down or up. A 1% move is considered “big” nowadays. But it’s not really big, is it?

The Number of “Big” days on the Nifty

A 2% day – in either direction – would be big nowadays. But such days were quite common earlier; it’s just that the last five years have been benign.
This coincides with the period of worldwide QE – quantitative easing – where the world central banks flooded the markets with cheap money in order to keep them stable. Now, remember, that phase may be at an end. Expect fireworks from 2016?
Nifty Big Days

Upside Volatility Has Fallen