IndiGo shares have climbed 23.7% so far in June, putting the stock on track for its biggest monthly gain since March 2019. The rally comes as WTI and Brent crude prices have fallen about 42% from their March–April peaks, dropping below levels seen during the US-Iran war. Analysts say a temporary US-Iran understanding has eased supply concerns, alongside higher tanker traffic through the Strait of Hormuz, a temporary US waiver for already-loaded Iranian oil, and seasonally softer demand. Lower aviation turbine fuel (ATF) costs are a key earnings tailwind for airlines.

Metal stocks fell broadly on Thursday, with Vedanta, NALCO and Hindustan Zinc down about 3% each, while the Nifty Metal index slipped 1% to 12,496. The move followed a 7% drop in international silver prices to $57.70, more than halving from the late-January 2026 peak of $121.78. A firmer US dollar—its index near a one-year high of 101.5—and expectations of a US Federal Reserve rate hike in September also weighed on sentiment. China’s May steel exports fell 3% year on year, adding to concerns over global metals demand.

Brent crude has fallen to $73 a barrel, its lowest level since the U.S.-Iran war began on February 28, 2026, and is down 37% from its May 2026 peak of $115 a barrel. The drop helped lift India’s Nifty Auto index 2.2% in a single session, with several auto stocks rising 2%–3%. The report attributes the rally to easing diesel costs and lower total cost of ownership (TCO) for fleet operators as oil prices decline.

JSW Infrastructure reported Q4FY26 revenue of ₹1,520 crore, up 19% YoY, with EBITDA rising 20% and non-port revenue climbing 74% YoY. The non-port EBITDA margin expanded by 1,700 bps to 28.2%, while the company said the February rail consolidation added 25 rakes and is set to add 40 more in FY27. Management reiterated FY27–FY28 guidance of around 42% revenue CAGR and 39% EBITDA CAGR, with multiple port and pipeline projects described as on schedule and Oman port talks viewed positively. It estimated a ₹32 crore EBITDA hit at the Fujairah terminal after West Asia conflict-related damage, but kept overall guidance unchanged.

India has extended its sugar export ban through September 30, 2026 as El Nino raises the risk of weaker cane output and more cane is diverted into ethanol after the country reached 20% blending in 2025. For 2025–26, sugar output is projected at 30.95 million tonnes against domestic consumption of 28.5 million tonnes, with 3.4 million tonnes diverted to ethanol, leaving only a thin exportable balance. In the current season, production is estimated at around 27.9 million tonnes, close to annual domestic consumption, limiting room for exports after shipments of about 800,000 tonnes were allowed before the halt.

The Nifty/Gold and Nifty/XAUINRG ratios have fallen to near 10-year and 30-year lows, respectively, moving into a historically significant support band of 1.55–1.85. Similar extremes were seen after the 2008–09 financial crisis and around 2012–13, periods that were followed by stretches in which Nifty outperformed gold. The unusually wide divergence between the two asset classes suggests market leadership may be shifting from gold back toward equities, according to SAMCO Securities analyst Dhupesh Dhameja.

India sharply increased crude oil imports from Russia and the United Arab Emirates in June, with Russian flows averaging 2.66 million barrels per day through June 19 and UAE shipments close to record levels. Over the same period, U.S. crude imports fell to 91,000 barrels per day. The shift followed disruptions after Iran closed the Strait of Hormuz, and limited transits resumed in late June after a U.S.-Iran ceasefire.

India’s oil marketing companies recorded ₹22,000 crore in LPG underrecoveries in March–May 2026 as international prices rose amid the West Asia crisis while household price increases remained limited. The Saudi Aramco Contract Price rose 46% over four months, while the price of a 14.2kg domestic cylinder increased about 10% and a 19kg commercial cylinder climbed more than 79%. OMCs absorbed much of the cost to contain cooking fuel inflation, and India shifted import sourcing away from West Asia toward the US, which accounted for nearly one-third of volumes in April 2026.

Restoring shipping through the Strait of Hormuz is expected to take 51–63 days, with more than 400 tankers stuck in the Persian Gulf. Even after the ceasefire, bottlenecks in logistics, restarts of damaged facilities and insurance and security constraints are slowing crude deliveries. Over the same period, discounts on Russian crude widened to $4–$5 a barrel, while India’s June imports of Russian oil reached 2.85 million bpd, or 55% of total imports.