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Oil rose in Asia on Thursday even after announcements of huge releases of crude from strategic reserves in an attempt to bring down prices in the wake of the Iran war. The United States Department of Energy said Wednesday it will release 172 million barrels from the strategic petroleum reserve "beginning next week".

In a move aimed at easing compliance requirements, markets regulator Sebi on Wednesday relaxed certification norms for Persons Associated with Research Services (PARS), allowing sales staff, relationship managers and other non-research personnel to qualify through a lighter certification module.

Despite a sharp market downturn, select gas and water-related stocks delivered strong gains. Adani Total Gas hit the upper circuit on policy support, while Jindal SAW surged after the Jal Jeevan Mission extension, lifting several allied companies even as broader indices like BSE Sensex and Nifty50 fell.

Oil prices rebounded as markets questioned the effectiveness of a record strategic reserve release against potential supply shocks from the U.S.-Iran conflict. Despite a proposed large drawdown, analysts doubt its impact, while ongoing airstrikes and mine threats near the Strait of Hormuz heighten supply concerns. Disruptions are estimated to be significant, potentially driving crude prices much higher.

Home appliance stocks surged up to 15% as India’s LPG supply crisis, triggered by disruptions in the Strait of Hormuz amid the Iran-Israel conflict, boosted demand for induction cooktops and electric cooking appliances, driving investor optimism for companies selling alternative cooking solutions.

India’s capital markets stocks delivered strong gains in FY26, with the Nifty Capital Markets Index rising 35%, making it the second-best performing sector after PSU banks. Multi Commodity Exchange of India led the rally with a 143% surge, while brokerages, exchanges, and wealth management firms benefited from rising investor participation.

West Asian geopolitical tensions and volatile oil prices are making investors cautious. Gautam Trivedi of Nepean Capital sees no immediate buying opportunity due to ongoing conflict. The crisis impacts global energy supplies and economies like India. Trivedi focuses on long-term structural demand sectors like data centers, AI, and the power sector, emphasizing company-specific changes over thematic trends.

Nearly $100 billion has been wiped off TCS’ market value from its 2021 peak amid fears of AI-led disruption that have dragged down the broader IT pack. However, brokerage Nuvama believes the selloff is overdone, saying Gen AI poses no existential threat to the sector and could eventually expand the industry’s opportunity, prompting it to upgrade all top 10 IT stocks to ‘Buy’.

Adani Total Gas shares hit a 20% upper circuit after the Indian government prioritised PNG and CNG supply amid a deepening gas crisis triggered by Middle East tensions and Strait of Hormuz disruptions. Gas prices surged and supply shortages emerged across several Indian cities.

Market participants are closely watching evolving factors impacting sectors. Leadership shifts at InterGlobe Aviation and supply chain disruptions are key concerns. Electronics manufacturing shows promise with new policies. Energy stocks are seen as trading plays. Steel producers stand out with strong price appreciation. Investors face a dynamic landscape with selective opportunities.