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Your Email: Send me a copy: https://mybs.in/2ZcmgI3 Even though the rise in oil prices can strain the fiscal position of an economy, a rise in oil prices – if driven by a surge in demand / consumption – is a positive for equity markets, say analysts. In their recent note, analysts at Jefferies estimate that every $10 per barrel (bbl) rise in the Brent oil price raises India’s trade deficit by around 40-50 basis points (bps). Yet, they believe that the equity markets should be able to digest the recent spurt. “A $70/bbl of crude would have a 100-120 bps impact on current account deficit (CAD). Improving domestic demand on a low base would drive CAD to 1.5 per cent in fiscal 2021-22 (FY22) versus a 0.7 per cent surplus this year. However, we still expect balance of payments (BoP) to be a positive around 1.2 per cent as capital account (FDI, ECB and NRI deposits) should see over $80 billion surplus,” wrote Mahesh Nandurkar, managing director at Jefferies in a recent co-

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