Who wins from cheaper oil? These sectors could see the biggest earnings surprise

Optimism is building in Indian markets as West Asia heads toward peace after over 100 days of war, with Brent crude now at $83 per barrel versus $138 at the conflict's peak. Analysts from Kotak Securities and SBI Securities expect earnings upgrades across crude-sensitive sectors including aviation, refining, OMCs, commercial vehicles, consumer goods, lubricants and paints if Brent settles at $75-85 a barrel. Key beneficiaries named include IndiGo, GMR Airports, Tata Motors, Ashok Leyland, Shriram Finance, Cholamandalam, Hindustan Unilever, Godrej Consumer Products and Bajaj Consumer Care, while PSU Banks were the worst-hit index (down 13%) since the war began.