"Higher prices lead to higher emotions-this is a politically sensitive issue- and prices affects the poorer sections the most.However, emotions do not drive markets,-except in the very short term- but liquidity does.Liquidity does not come from the poor.And higher prices will benefit somebody,maybe the farmers, producers, traders or hoarders.Markets are not champions of the poor.

"On another but related subject I would like to remind you of something I pointed out a few years back - something which surprised me when I learned of it: NIFTY 50 and the price of oil is positively co-related."

David Fuller's view Regarding your point about the poor - yes, but teach a poor person how to invest and you may be impressed by the results.

On Nifty and crude oil, yes, but is this any different from Nifty and copper or any other widely traded commodity? I think it is a function of liquidity and sentiment, which you also mention, the latter being what traders sometimes refer to as 'risk on' or 'risk off.' Personally, Overlay charts such as I produced above in response to your point can be fascinating, but in order to sense the market mood on a day to day basis, I prefer to monitor individual charts for a number of important instruments.