Oil and rupee shock is hiding in plain sight for Indian markets warns Kunal Vora

Earnings cuts may follow quietly as Nifty estimates slip

Indian equities may look calm, but experts including Kunal Vora warn that macro stress is building behind the scenes. Rising crude oil and a weakening rupee could pressure costs and sentiment, while signs of complacency raise the risk of earnings cuts. Analysts also expect downward revisions to Nifty earnings estimates for FY27 as economic softness shows through.