The Core Report #826 Markets Recover Over 2,000 Points
Mar 18, 2026
Narendra Taneja, chairman of the Independent Energy Policy Institute, explains India’s LPG, LNG and gas distribution headaches. Anindya Banerjee, Kotak Securities' head of commodity research, breaks down how oil and energy shocks move markets and the rupee. They discuss market rebounds, oil arrivals, RBI interventions, and why prolonged conflicts could strain Indian fuel supplies.
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Markets Recovered But Remain Fragile
- Indian equities recovered ~2,100 Sensex points in three sessions driven mainly by value buying and short covering.
- Markets remain fragile because gains hinge on geopolitics, oil flows and short-covering rather than clear macro improvement.
Rupee Weakness Tracks Oil and Outflows
- The rupee hit record lows (₹92.63) as oil-driven inflation fears and ~$8bn FP outflows pressured the currency.
- RBI is acting as seller of last resort, balancing spot and derivatives to avoid tightening rupee liquidity.
Focus Trading Around Oil If Brent Stays High
- Trade oil exposure as the primary play while Brent remains above ~$95 and the conflict escalates.
- Monitor exporter dollar repatriation seasonality and RBI synthetic dollar supply when sizing positions.