Nifty Valuations May Drop to 18x Amid Crude Oil Price Surge Past $115/bbl

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Nifty 50 Faces 10% Correction as Crude Oil Surges Past $115/bbl: ICICI Securities

After crude oil jumps past $100/bbl, it has a negative correlation with the Nifty 50.

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Moneycontrol•09-03-2026, 11:23

Nifty 50 Faces 10% Correction as Crude Oil Surges Past $115/bbl: ICICI Securities

•ICICI Securities predicts Nifty 50 valuations could drop to 18x with a 10% correction if crude oil stays above $115/bbl.
•Brent crude surged to $119/bbl, highest since July 2022, driven by Middle East tensions and supply cuts from Iraq, Kuwait, and Qatar.
•Historically, crude prices above $100/bbl show a negative correlation with Nifty, as seen during the 2022 Russia-Ukraine conflict.
•The Strait of Hormuz, a critical chokepoint, handles 20 mb/d; a complete closure could risk 16 mb/d of oil supply.
•Brokerage cautions that crude price is one of many factors influencing Nifty, alongside corporate earnings, demand, and global liquidity.

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