New Delhi, June 26 -- The sharp spike in crude prices triggered by the West Asia conflict had threatened to cause a balance of payments problem for India with serious economic consequences.

The stock market was impacted by fears of the potential fallout. But fortunately, a deal has been reached between the US and Iran, and consequently, there has been a sharp correction in the price of Brent crude to below $73.

This is a big relief for the Indian economy and stock market. Rupee also has stabilized.

Now, a new threat has emerged, threatening to impact the market. The Indian Meteorological Association had predicted the monsoon this year at 90% of the long-term average. 10% deficiency will not pose a big threat since we have ample food gr...