Ananth Narayan, professor at SPJIMR, spoke to CNBC-TV18 about the impact of global selloff on the Indian markets.

According to Narayan, "Even though the global set up looks grim there is a silver lining for Indian market because the Brent crude oil is around USD 50/bbl, which is a huge macro positive and if it continues to trade at these levels then the current account deficit would be around USD 40-45 billion for India."

Narayan expects some foreign fund outflows on the back of weak global cues but "Indian market would still outperform global markets on back of oil tailwind."

"The currency will also catch-up on back of lower oil prices," he said. Narayan expects appreciation for rupee to begin from hereon. "Rupee could range between 69.50 and 70 to the dollar".

Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.