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Market mood rarely turns all at once. It turns in stages. And India's mood might have just entered the first of them: Because of a commodity which impacts India, whose price is dependent on the mood of a president. For weeks, the bias on the street was about as bearish as it gets. There was a good reason for it. Crude oil was on the boil, and there is no single number that hurts India quite like the price of oil. It inflates the import bill, pressures the currency, stokes inflation, and leaves little room for the government to spend. That will hopefully change now. And we are still using the word hope.