The Core Report #814 Markets Take A Fresh Knock
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Mar 4, 2026 Sudhir Sethi, founder of Chiratae Ventures and veteran deep tech investor. Ajay Bhalotia, leader in Indian basmati exports and rice trade logistics. They discuss blocked basmati shipments, port delays, storage charges and government coordination. They also cover India’s AI ambitions, where deep tech funding must come from and practical AI use cases for industry.
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LNG Shock Raises Prices And Threatens Industrial Gas
- LNG supply disruptions from the U.S.-Iran conflict pushed Asian spot LNG prices from $10 to $24–25 per mmBtu.
- Qatar supplies ~45% of India's LNG imports and force majeure notices halted shipments, squeezing industry feedstock and fertilizer supplies.
Markets Drop While Watching Oil And Currency Risks
- Indian equity benchmarks fell ~4% over three sessions with Nifty at a six‑month close and Sensex at an 11‑month low amid the Gulf crisis.
- The rupee hit a lifetime low (₹92.16) as oil, a strong dollar and risk‑off flows pressured markets.
Basmati Shipments Pile Up At Mundra And Kandla Ports
- About 400,000 tonnes of Indian basmati are stuck at ports or in transit after freight rates doubled post US‑Israel attacks on Iran.
- Ajay Bhalotia explains most shipments to West Asia (80% to Middle East) move by ship from Mundra and Kandla and are now blocked.