The market declined last week as negative cues from global markets and concerns arising from higher global crude oil prices spooked investors. The rebound in crude oil prices has sparked concerns of its adverse impact on India’s macroeconomic fundamentals. Until recently, lower global commodity prices led to optimism regarding India reining in its fiscal and current account deficit. With India importing about 80% of its crude requirements, there are now concerns that higher crude oil prices will result in widening of India’s current account and fiscal deficit and increase fuel price inflation. The Reserve Bank of India’s (RBI) indication after a policy review that interest rate cut may be announced if macroeconomic and financial developments favor rate cut and firmness in European stocks aided the move on the domestic bourses on Tuesday, 7 June 2016.