India's broader market more vulnerable than ever to a spike in crude prices

Index movement and the weighting are calculated on free-float market capitalisation of individual index stocks. Free float is the portion of the shares owned by non-promoters

India’s broader market is more vulnerable to a spike in crude oil prices than any point in nearly decade thanks to a dwindling weighting of export driven companies in the benchmark Nifty 50 index.

Companies with large exports revenues, such as Tata Consultancy Services, Infosys, Sun Pharma, Cipla, UPL, Tata Motors, and Bajaj Auto, accounted for only 16.5 per cent of the NSE Nifty 50 index — the lowest in a decade at the end of December 2019.

In comparison, companies in sectors, such as information technology services, pharmaceuticals, agro chemicals, and automotive exporters, accounted for 17.3 per cent of the Nifty