Markets staged a partial recovery after a sharply negative pre-open, but uncertainty around oil supply disruptions continues to weigh on sentiment, according to market expert Ajay Bagga. He noted that the pattern seen in India mirrored other Asian markets, with steep early losses followed by buying support. However, the bigger concern remains crude oil prices. Bhagat warned that oil acts as a key transmission mechanism into the Indian economy. A $10 rise in crude from current levels could widen India’s current account deficit by 30–40 basis points, putting pressure on both the rupee and macro stability. The disruption of nearly 20 million barrels per day through the Strait of Hormuz, he said, is already reflecting in prices and could have sharper implications in the coming days. Given the uncertainty, Bagga advised investors to stay on the sidelines rather than buy into the dip, saying clarity on geopolitical developments is essential before taking fresh positions.