Boult picked 5 for 21 in his devastating spell of 10 consecutive overs to dismiss India for their seventh lowest ODI total -- 92 in 30.5 overs.
Bhuvneshwar Kumar said the eight-wicket loss to New Zealand is a "reality check" for the team.
The skipper said the poor shot selection was the cause behind India's terrible showing on Thursday.
Only four Indian batsmen - Dhawan (13), Pandya (16), Kuldeep (15) and Chahal (18 not out) - posted double-digit scores.
Fans' amusement knew no bound while India kept losing wickets in a heap in the 4th ODI.
Trent Boult's 5/21 resigned India to their heaviest ODI defeat in terms of the number of balls remaining.
The 29-year-old said an opening batting partnership will be crucial for the hosts.
The home team won despite having been dismissed for 178 in the first innings, that total made competitive by lower-order batsman Tim Southee's 68. Southee was named player of the match.
Jeet Raval (74) and Tom Latham (74 not out) completed half centuries and Kane Williamson made 48 as New Zealand finished the day at 231/2, with an overall lead of 305.
Boult's first five wickets came faster than any other bowler in Test history; from 11 balls, beating Jacques Kallis's record of 12 balls against Bangladesh in 2002.
Boult provided New Zealand early success when the out-of-form Hafeez edged low to Tim Southee at second slip.
New Zealand recovered from Tom Latham's first-ball dismissal to reach 56-1 in its second innings at stumps, trailing by just 18 runs.
An announcement to this effect was made on Monday by James Wear, GM Commercial, New Zealand Cricket, at a special interaction arranged by official broadcasters of IPL.
Danny Morrison and Shane Bond are the other New Zealand fast bowlers to perform hat tricks in ODIs.
It was a double delight for Rishabh Pant, as he also received the Stylish Player Award. Pant ended as the second highest run-getter in the tournament with 684 runs from 14 games.
Leg-spinners Amit Mishra (2/20), Trent Boult (2/20) and Sandeep Lamichhane (1/21) starred for the hosts Delhi in an impressive bowling effort that restricted Chennai to 128/6 in 20 overs.
The match had everything involved, but the standout alone was Boult's breathtaking catch. AB de Villiers struck 90 off 39 balls for RCB while Rishab Pant thrashed 85 of 45 balls for DD.
The hosts slumped to 36/5 in their first innings with all of its recognized batsmen dismissed before wicketkeeper BJ Watling and all-rounder Colin de Grandhomme stitched a record partnership for New Zealand against England of 142 for the sixth wicket
New Zealand defeated England by an innings and 49 runs in the first Test to go 1-0 up in the two-match series.
Kiwi pacers - Trent Boult took a career-best 6/32 and Tim Southee took 4/25 in the first day-night Test played in New Zealand to jointly bowl out England for 58 in 20.4 overs on day 1.
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