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Markets rebound but Sandip Sabharwal warns global macros now overpower earnings in India’s next rally leg
Economy
Published on 15 May 2026
Trump’s China visit may decide oil shocks for markets
Indian equities bounced back after early-week jitters, helped by fuel hikes being passed to consumers and fading concerns around the Adani group. But market expert Sandip Sabharwal says the next leg of the bull run hinges less on corporate earnings and more on global macro forces—commodity prices, inflation, and Middle East geopolitical risk. Investors are watching what happens in Iran after Donald Trump’s China visit, with crude possibly cooling only if tensions ease.
- Fuel price hikes and easing Adani concerns supported the rebound
- Sabharwal says direction will increasingly be driven by global macros
- Commodity inflation and Middle East tensions are now the key watch items
- He links inflation pressures to logistics and geopolitics, not demand-supply gaps
- Crude could fall if tensions ease, but conflict duration remains uncertain
- He is cautious on OMCs due to heavy government control
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times