India should brace for an oil shock as crude oil has hit an all- time high in rupee terms, says Macquarie. The research house said that high oil prices will raise macro concerns and lead to de-rating of Indian equities.
The bank added that high oil prices can push up inflation again and prematurely stall the rate-easing cycle. "We would ignore the 'left out' feeling and not buy on dips - our advice would be to book some profits and keep cash handy," said the bank in a note on Friday.
