If the BJP win with a majority in the upcoming state elections it would be a very positive surprise to the markets, said Craig Chan Hd-Global EM FX strategy at Nomura.

"I do believe that you would see a sharp rise in the rupee and expecting possibly around 100 basis points rally or so in the rupee against the dollar," Chan told CNBC-TV18.

There is no doubt that in 2018, Indian macros have been on a steady albeit a slow decline.

Thanks to crude prices, both trade deficit and current account deficit look like seriously widening.

Chan , Ananth Narayan, professor at SPJIMR and Badrinivas NC, MD, Country Treasurer and Hd-Trading and local market treasury at Citi India discussed whether the political risk gotten a little worse because of the Karnataka polls and what the results might be? Have the other macro indicators also declined just a bit with crude now touching $78 per barrel?