How do I hedge my stock portfolio against market crashes?

The cost of constant hedging erodes returns over time. A better long-term approach: maintain cash for averaging down + hold quality businesses you are comfortable owning through crashes.

Hedging options: 1) Buy Nifty put options (expensive but effective). 2) Maintain cash allocation to deploy at lower prices. 3) Hold gold as 5-10% allocation (rises in crashes). 4) Inverse ETFs (limited options in India).