India’s oil dependence figures into JPMorgan’s reported preference for five stock sectors, as cheaper crude may ease economic pressure and shape company prospects, NDTV Profit reported Nov. 5.
The outlet said the bank favored financials, industrials, consumer discretionary, health care and materials, while keeping an underweight position in information technology. Its report named State Bank of India, ICICI Bank, Bajaj Finance, Larsen & Toubro and Titan among the brokerage’s picks.
India’s Ministry of Petroleum and Natural Gas told Parliament that crude import dependence was approximately 88% across fiscal 2023-24, 2024-25 and 2025-26, with marginal year-to-year variation. The measure compares imports with petroleum, oil and lubricants consumption. Domestic crude production fell from 37.461 million metric tons in fiscal 2014-15 to 28.704 million metric tons in fiscal 2024-25. The government cited natural declines in mature fields, along with geological and operational challenges.
NDTV Profit linked lower crude prices to reduced pressure from imported energy costs and domestic inflation, with potential benefits for the rupee and corporate margins. Brent crude fell 8.7% to $94.62 a barrel on Nov. 4, the Associated Press reported, amid expectations that U.S. midterm results could increase pressure on the administration to pull back from the Iran war.
NDTV Profit also reported that JPMorgan expected MSCI India earnings to grow more than 20% year over year in the current quarter. The outlet said 71% of companies reporting had exceeded expectations so far, while consensus estimates for fiscal 2026 and fiscal 2027 had risen 0.5% to 0.6% over the prior month.
On artificial intelligence, NDTV Profit attributed to JPMorgan an estimate that 20% of existing IT-services revenue pools had room to expand, while the remaining 80% faced contraction risk. The outlet also reported concerns that slower hiring and weaker entry-level demand could weigh on household incomes and consumption.
India’s Ministry of Statistics and Programme Implementation reported provisional September 2026 consumer-price inflation of 5.54% year over year and food inflation of 7.74%. The ministry scheduled the October CPI release for Nov. 12.
