Global markets have been the driver for the market; so the dollar has been falling, the dollar fell after the US Fed decision. The Bloomberg DXY is down 1 percent last week, it was down against emerging market Forex as well and that is important, the dollar and what it does. The reasons are twofold. One is been positioning as always, was very, very dollar long and the second is a little bit of re-pricing of geopolitical risk premium lower.

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What are the potential market drivers - one is of course, geopolitics headlines around Ukraine-Russia. Second is a potential Iran deal that could very quickly, hopefully, change reverse the course of oil from where it is right now much lower and of course China in lockdown. Remember, when China went under lockdown is the first time around commodity prices for example - industrial metal prices, all fell between 20 and 25 percent so that is a big risk and that is something which markets will watch closely as well.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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First Published:Mar 21, 2022 8:54 AM IST