Ashutosh Tiwari, managing director and chief investment officer for public equities at Equirus Asset Management, said sustained lower crude prices are the key condition for renewed foreign buying of Indian equities.
The Economic Times reported the comments in an Oct. 26 interview, where Tiwari said “a sustained decline in crude oil prices is the most important trigger.” He also said corrected valuations and improving earnings could support the market, with sustained overseas flows needed for a stronger re-rating.
The Securities and Exchange Board of India (SEBI) reported that foreign portfolio investors (FPIs) were net sellers of ₹1,17,775 crore in Indian equities in March 2026. Its April bulletin cited several concurrent pressures, including West Asia tensions and Strait of Hormuz disruptions, Brent crude above $100 per barrel, the rupee nearing ₹94 per U.S. dollar, and U.S. Treasury yields rising from 3.96% to 4.4%.
SEBI reported that FPIs had been net buyers of ₹22,615 crore in February, after outflows totaling ₹62,338 crore from November 2025 through January 2026. The regulator cited an interim India-U.S. trade deal, corporate earnings and the Union Budget among factors behind the change.
The Ministry of Statistics and Programme Implementation estimated nominal GDP growth at 10.3% year over year in fiscal 2026-27’s April-June quarter. It put GDP at current prices at ₹88.27 lakh crore, compared with ₹80 lakh crore a year earlier.
Tiwari said high crude prices can raise automakers’ raw-material costs and squeeze margins. He expected higher commodity prices to support earnings for metals and mining companies, according to The Economic Times interview.
The U.S. Energy Information Administration (EIA) daily series recorded Brent at $70.16 per barrel on June 26, $130.80 on Sept. 15 and $115.22 on Oct. 20. The table was released Oct. 21. The EIA linked September’s price rise to attacks on energy infrastructure and tankers in the Middle East. Before disruptions temporarily interrupted flows, Saudi Arabia’s East-West pipeline had been moving more than five million barrels a day to Yanbu, the agency said.
In its Oct. 6 outlook, the EIA put the fourth-quarter 2026 Brent average at $105 per barrel, $14 per barrel above its previous month’s forecast, and anticipated prices would ease from early-October levels. The agency’s next outlook was scheduled for Nov. 10.
