The Core Report #818 Indian Markets Recover From A Fresh Round Of Hammering
Mar 9, 2026
Ashima Tyagi, S&P Global metals specialist on Indian steel dynamics. Amit Pabari, MD at CR Forex and rupee/FX watcher. They discuss India markets’ sharp fall and quick rebound as oil stabilises. They talk rupee volatility drivers and near-term outlook. They unpack steel price swings, coking coal import risks and trade actions.
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Middle East Conflict Is Triggering A 1970s-Style Energy Shock
- The Iran war has produced the most severe energy shock since the 1970s, closing the Strait of Hormuz and disrupting exports and storage in Gulf producers.
- Crude swung to about $104–$120 a barrel, forcing countries like Kuwait and Iraq to run out of storage and curtail flows, amplifying global inflation and supply risks.
Oil Spike Pushed Indian Markets Into Technical Correction
- Indian equities hit near one-year lows after the oil spike, with the Nifty down over 10% from its January record and marking a technical correction.
- The Nifty closed at 24,028 and Sensex at 77,566, falling sharply on open then recovering as G7 announced releases of oil supplies.
Protect Capital First Then Pick Opportunities
- Protect capital first in 2026 and wait for dislocations to buy opportunities rather than chase recent high returns.
- Chintan Haria recommends cautious positioning after metals ran up (gold +70–80%, silver +150%) and aiming for targeted upside as markets correct.