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Markets rarely offer clarity. But every once in a while, if you step back and listen closely to the data, the message becomes hard to ignore.Over the past few months, Indian equities have undergone a meaningful correction, with the Nifty 50 declining nearly 14.5% from its peak. Much of this weakness has unfolded amid rising geopolitical tensions in the Middle East, adding to global risk aversion. Such drawdowns naturally create discomfort, they test sentiment and shake conviction. But they also serve another purpose: they reset valuations and quietly build the foundation for future opportunities.From where I stand, this phase is less about panic and more about perspective.129875473One of the most insightful indicators we track is the Sensex-to-Gold ratio, which compares equities to a traditional store of value. As of March 2026, this ratio has moved back to its historical support levels that, in previous cycles, have often preceded phases of equity outperformance.I would refrain from making bold calls, but when a time-tested relative valuation metric signals that equities are becoming inexpensive versus gold, it deserves attention.Majority of NSE Stocks Trade Below 52-Week Lows 129875509Note: The 52-week low count is presented on a net basis (i.e., after deducting stocks hitting 52-week highs) across all NSE-listed stocksThe second signal comes from market stress indicators. In March 2025, over 927 stocks across the NSE universe hit their 52-week lows, reflecting widespread pessimism. What followed was telling: the Nifty delivered 5% returns in one month and 12% over three months.However, it is equally important to acknowledge that extremes do not always mark immediate bottoms. In March 2020, when over 1,000 stocks hit 52-week lows, the market continued to correct in the near term before eventually recovering.Today, in March 2026, we are witnessing a similar—if not deeper—setup, with nearly 948 stocks at 52-week lows. This suggests that while the market may still remain volatile in the near term, such extreme readings have historically created favourable forward return probabilities over a slightly longer horizon.Majority of NSE Stocks Trade Below Key Moving Averages 129875528Note: Percentages represent the proportion of stocks trading below their respective DMAs across NSE-listed stocks.Market breadth further reinforces this view. Currently, over 81–89% of stocks are trading below their key moving averages (4, 20, and 50 Week MA). These are not ordinary levels they reflect broad-based capitulation and deep pessimism.From a mean-reversion perspective, such extreme compression in breadth has typically been followed by phases of normalization and recovery rather than extended declines.When we step back and connect these dots Relative valuations turning favourable (Sensex vs Gold)Majority stocks trading near 52-week lows Majority stocks trading below their key moving averages The data collectively suggests that the risk-reward balance is gradually tilting toward the upside.That said, it is important to remain grounded.Geopolitical uncertainties and global macro risks remain key overhangs. Whether it is rising bond yields, policy shifts, or international conflicts, these factors can influence markets in the near term and potentially delay recovery. At the same time, risks to corporate earnings, amid margin pressures, global slowdown concerns, and inflation, remain an important variable to monitor.So, to be clear, we are not calling it a market bottom. But what we are observing is equally important: The correction has meaningfully improved valuations, and the weight of evidence is turning constructively in favour of equities.A Message to InvestorsCorrections are uncomfortable by design; they create doubt and test patience. But historically, some of the most rewarding investment decisions are made during such phases, when sentiment is weak but underlying data begins to stabilize.The signals today are not opinions, they are reflections of market behavior. Stay disciplined. Stay diversified. Avoid the urge to time the exact bottom.If your investment horizon extends beyond the near term, the current environment calls for measured, systematic participation, not reactionary decisions. Because in markets, opportunity rarely announces itself loudly. It usually emerges quietly hidden within the noise.

Ecommerce and logistics companies are accelerating the shift to electric vehicles (EVs) for last-mile deliveries, driven not just by sustainability goals but also by rising costs and supply risks.While EV adoption was already gaining momentum at companies such as Flipkart, Delhivery and Porter, fuel price volatility linked to global conflicts is hastening the transition, executives at bigbasket, Zippee and Dealshare said.With fuel costs becoming increasingly unpredictable, companies expect EV timelines to advance as delivery partners seek to reduce risk."While the energy crisis is a recent phenomenon, fluctuating fuel prices are also a key catalyst in accelerating EV adoption," said T K Balakumar, chief operating officer, bigbasket. "We estimate that our transition has been advanced by ~6-9 months, as delivery partners increasingly shift to EVs to reduce fuel cost volatility and improve net earnings." At the grocery etailer, about 48% of the active last-mile fleet runs on EVs, which it expects to scale up to 70% over the next 12-24 months. 129870702 Cost efficiency, climate gainsLower running costs translate into higher earnings for delivery workers, while companies benefit from lower emissions and a reduced climate footprint.The current fuel environment is accelerating adoption."Rising fuel costs are a wake-up call," said Madhav Kasturia, CEO of ecommerce logistics platform Zippee. "Every rupee saved on energy directly impacts the bottomline, so it's definitely speeding up our EV adoption."About 25% of Zippee's last-mile fleet is electric, with plans to expand, especially for hyperlocal and quick commerce deliveries. "The fuel situation makes EVs more urgent, so timelines are being nudged forward where possible, especially for high-density delivery zones," said Kasturia.Value e-tailer Dealshare is also seeing faster EV adoption, primarily because of the significantly lower per-kilometre operating cost, according to its CEO Kamaldeep Singh."For delivery partners, this directly improves earning potential, making EVs an economically compelling choice," said Singh. "From 3-5% EV share last year, currently, 20 to 25% of our last-mile fleet operates on electric vehicles, with higher penetration in dense urban clusters like Kolkata and Jaipur. We expect this to scale to 55 to 60% over the next 18 to 24 months."EVs offer lower operating and maintenance costs, improving predictability and efficiency. A Flipkart study of more than 6,000 delivery partners found nearly 46% were willing to transition, with key barriers including financing, charging infrastructure and ecosystem readiness."To address this, we are actively working with infrastructure partners to expand charging solutions across key hubs and high-density routes, while also collaborating with OEMs and financiers to strengthen the broader ecosystem," said Nishant Gupta, head of sustainability, Flipkart Group.Flipkart aims to transition to 100% electric mobility by 2030 under the EV100 initiative and has doubled its EV fleet over the past year, "with strong adoption emerging across high-frequency delivery use cases," added Gupta.Companies are also expanding charging infrastructure and adopting hybrid access models, including leasing programmes with low or zero upfront costs and financing partnerships to enable vehicle ownership.Logistics startup Porter has more than 30,000 EVs on its platform and expects this to double over the next two years.“To enable this transition at scale, we are working closely with a range of OEM and ecosystem partners across the board. These collaborations help improve access to vehicles, financing solutions and broader operational support, making EV adoption more viable for driver-partners,” said Abhinav Vadrevu, vice-president, light & frequent category, Porter.Delhivery, which has integrated nearly 1,000 electric two-, three- and four-wheelers, plans to scale up over the next 12 to 24 months, supported by improving unit economics, policy support and a maturing EV ecosystem.“Electrification is a fundamental shift in our approach to logistics,” said Prashant Gazipur, senior vice-president-last mile operations, Delhivery.A pilot in Delhi-NCR and Bengaluru showed EV adoption reduced emissions by 300 kg of CO2 a day and cut riders’ daily operating costs by more than 50%.

New Delhi: India on Saturday said it has strongly opposed the contentious China-led Investment Facilitation for Development (IFD) Agreement for its incorporation into the WTO framework.Incorporation of the IFD agreement risks eroding the functional limits of the WTO and undermining its foundational principles, Commerce and Industry Minister Piyush Goyal said in a social media post.This was stated by India in the ongoing 14th ministerial conference of the World Trade Organisation (WTO) in Yaounde, Cameroon."At #WTOMC14, drawing inspiration from Mahatma Gandhi ji's philosophy of Truth prevailing over conformity, India showed the courage to stand alone on the contentious issue of the IFD Agreement and did not agree to its incorporation into the WTO framework as an Annex 4 Agreement," he said.Annex 4 of the WTO Agreement contains Plurilateral Trade Agreements that are binding only on the WTO members that have accepted them, unlike the mandatory multilateral agreements. As part of WTO reform discussions, members are discussing guardrails and legal safeguards for plurilaterals before the integration of any specific plurilateral outcome, Goyal said."In view of the systemic issue at hand, India showed openness to have good faith, comprehensive discussions and constructive engagement under the WTO Reform Agenda," he added. At the MC13 in Abu Dhabi also, India had strongly opposed the pact. A China-led group is pushing for the Investment Facilitation for Development (IFD) proposal. The proposal will be binding for only the signatory members.The IFD was first mooted in 2017 by China and other countries that depend heavily on Chinese investments, and countries with sovereign wealth funds are party to that pact.

​Saudi Arabia's East-West ​pipeline, which circumvents the Strait of Hormuz, ​is pumping oil at its full capacity of 7 million barrels a day, Bloomberg News reported on Saturday, ‌citing ⁠a person ⁠familiar with the matter.Crude oil exports from ​Saudi Arabia's Yanbu port on the Red Sea have now ​reached 5 million barrels a day, and the country is also exporting about 700,000 ​to 900,000 barrels a day ⁠of oil products, ‌the Bloomberg report said.Also Read: 2 LPG tankers crossing Hormuz for IndiaReuters ​could ​not immediately verify the report. Saudi Arabia's ⁠Aramco did not immediately respond to ​a request for comment.Aramco CEO Amin Nasser ​had told reporters earlier in March on an earnings call that the East-West pipeline was expected to reach its full capacity of 7 million bpd in the ‌coming days as customers re-route.The conflict in the Gulf region, triggered by ​U.S. and Israeli ​attacks on ⁠Iran, has unsettled energy and transport markets and disrupted global shipping.Iran has effectively closed the Strait ​of Hormuz, trapping roughly a fifth of the world's oil and liquefied natural gas supplies, sending crude oil surging above $100 a barrel.