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“The latest RBI move seems to be a bit of a knee jerk reaction and might cause more panic in the market because though these measures like - removing the CRR on incremental NRI deposits and increasing the interest rate on NRI deposits, removing the strictures on foreign currency borrowing, seem a little hasty and not really necessary at this point.”

"The amount of regulatory tangles, lack of ease of doing business and paperwork that has been created on every single trade has made investors and traders wary and we are seeing that people are moving to international exchanges or to the grey market."

The index formed a bullish candle on the daily chart that almost engulfed the negative candle of the previous session. Technically, it indicates a negation of bearish formation and signals positive bias for the market ahead, according to Nagaraj Shetti at HDFC Securities.

"The Indian rupee recovered on Wednesday from lower levels on positive domestic equities and sharp decline in crude oil prices. FII inflows also supported Rupee," Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas said, adding that firm Dollar capped sharp gains.

“Though valuations of India stocks/sectors are considerably down from their 2021 highs and some are trading near their five-year mean NTM P/E, we believe the valuations were high, to begin with, fuelled by the easy monetary policy globally,” the report said.

“The risk of recession in the developed markets particularly the US as well as the UK and the Euro area, is resulting in expectations of earlier unwinding of the current restrictive monetary policy. Markets are less worried about the ongoing geopolitical tensions and are more and more looking at whether there is going to be an aggregate demand destruction.”

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“For the edible oil companies there could be some negative impact because there will be price deflation and so their sales growth will become negative because of it. Volume growth does not accelerate in this category because of price cut, this is a daily consumption product with high penetration.”

"We maintain that PE average could be converging to the pre-2013 average of 18.5 times compared to 24 times during 2014-19 and current levels of 19.5 times," JM Financial said in a note.Nifty50 can move to 13,800 mark, which is around its long-term average, given accelerated liquidity withdrawal along with slowing earnings revision momentum, said Elara Securities in a strategy note.

West Texas Intermediate crude, the U.S. oil benchmark, slid 8.4%, or $9.14, to trade at $99.29 per barrel. The contract last traded under $100 on May 11. International benchmark Brent crude shed 9.1%, or $10.34, to trade at $103.16 per barrel Tuesday.