In this edition of ETMarkets Smart Talk, Sachin Bajaj, Chief Investment Officer at Axis Max Life Insurance, highlights that sectors such as healthcare, infrastructure, and financials are now trading at more reasonable valuations after the recent fall.

While near-term uncertainties linked to energy prices and global cues may keep markets on edge, Bajaj remains constructive on India’s structural growth story and advises investors to stay invested and focus on quality opportunities emerging from the correction. Edited Excerpts –

Q) March has been an absolute roller coaster for equity markets not just for India but across the globe. How are you reading into markets?
A) Markets have been very volatile due to the recent geopolitical events. The world is going through geopolitical events for past few years, but markets reacted sharply negatively when geopolitics is coupled with energy shocks.
The recent war has pushed crude higher and disrupted gas availability, which directly impacts input costs for many industries and compresses margins in the near-term.

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While this creates sharp volatility, we view it more as a short-term macro event and not a structural breakdown. India’s growth story remains intact with domestic demand, policy reforms, and domestic flows, but in the short-term markets will likely trade nervously until energy prices stabilize.
Q) IT sector seems to be the worst hit thanks to the AI commentary but with geopolitical tensions rising other sectors have also started to see some rub-off effect. Any sector(s) that are now available at attractive levels?
A) IT sector stocks corrected due to lower relative growth and AI related risks with year-to-date underperformance of 13% versus Nifty50.
However, post the recent geopolitical developments, the correction has broadened beyond IT as the spike in crude and gas supply disruptions are beginning to affect several sectors through higher input costs and margin pressure.

India, being a large oil importer, typically sees market volatility when crude moves above $80-90 per barrel. If oil prices sustain at these levels, then it will impact inflation, CAD, fiscal situation, and corporate earnings.

So far, FY26 saw single digit earnings growth and FY27 is expected to have mid to high teens growth in earnings. However, elevated commodity prices, gas shortage could impact corporate margins leading to some earnings cut for FY27 versus earlier expectations.

With the recent fall, many stocks and sectors have started to look reasonable from a valuation perspective. We see opportunities emerge in Healthcare, Pharma, select consumer discretionary, Infrastructure, Financials and select Autos.

Q) What could be the good, bad and ugly for Indian markets in the near term?
A) These scenarios depend on how this war unfolds and its impact on global crude prices, supply disruption of gas and other commodities.

A swift resolution and ceasefire would benefit our markets and economy as it would mean lower commodity prices and lesser macro-economic impact. Conversely, sustained oil prices remain above $100 per barrel and ongoing disruption in global energy supply could put pressure on corporate margins and earnings.

In case this conflict prolongs, we could see sustained outflows from FPIs, pressure on corporate earnings especially for energy intensive sectors and companies and may also impact domestic flows which could intensify market volatility.

Q) FPIs have been net sellers in 2025, and the story continues in 2026 may be for a different reason now. The story seems to be changing around the FDI route as India opens up channels for Chinese investment to land into several industries. What are your views?
A) The FPI and FDI have divergent narratives. FPIs have been net sellers in the past due to various factors – capital rotation towards AI themes, relatively higher valuation for Indian markets, earnings slowdown and most recently on account of higher oil prices and geopolitical developments.

On the FDI, we expect FDI to improve in the coming year due to strong macroeconomic fundamentals, policy reforms and strong domestic demand. The recent India-US trade deal also lifts a key overhang, boosting prospects for FDI inflows.

Q) Rupee seems to be hitting fresh lows every week – where do you see the currency headed and how will it impact Indian markets/economy?
A) As a large oil-importing country, any change in global oil prices impact the currency. The recent rupee weakness is largely on account of the current global backdrop of higher crude prices, FPI outflows and a stronger dollar.

In the near-term, INR could be volatile with weakness bias if crude remains elevated. From markets and economy perspective, a weaker rupee helps export oriented sectors such as IT, Pharma and Gems and Jewelry etc while it has negative impact for many sectors as it raises imported inflation and increases input costs for the broader economy.

Q) Will Crude @ $100/bbl and above hurt Indian markets and macros? We have been making an investment pitch to the world about our macro stability which could be challenged in the near future. What are your views?
A) Global oil prices have moved up from $65-70 per barrel range to around $ 100 per barrel. A crude above $100 per barrel is clearly a macro headwind for India given our heavy import dependence. A sharp rise in oil if sustains could impact inflation, current account deficit, and growth.

That said, India’s macroeconomic framework is now markedly stronger than during past oil shocks, with ample forex reserves (11 months of import cover), ongoing fiscal consolidation, and resilient domestic demand.

While high crude prices may spark short-term market volatility and briefly strain the macro narrative, they are unlikely to impact India’s long-term investment appeal.

Q) Your advice to investors of things which one must avoid doing in the current environment? We have already seen drop in SIP flows by over 3% on a MoM basis.
A) India’s long-term growth story remains firmly intact. Policy reforms, accelerating credit growth, government initiatives such as GST rate cuts, Income tax cuts, interest rate cuts likely to boost consumption in the coming year.

After two years of single digit growth, corporate earnings growth is set to rebound in FY27. Investors should avoid selling in fear amid short-term volatility from oil shocks and stay invested in quality assets to capture the upside over the long-term.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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The bakery chain makes flapjacks in a wide range of flavours – from mini egg rocky road to clotted cream fudge

A Devon-based flapjack business is opening a permanent shop in Bath. Flapjackery’s new store on Pulteney Bridge follows a successful period trading as a pop-up in the city.

Co-founder Ms Myott said the Bath branch would benefit from its “prominent setting” and proximity to Bath Rugby, attracting regular matchday footfall.

She said: “Pulteney Bridge brings together a wide mix of customers from across the UK and overseas. Many are new to flapjacks, so we take the time to introduce them properly. It is always encouraging to see people return shortly afterwards to take more home with them.”

Shop manager Janine Pickett, who has worked for the company for three years, added: “It’s so exciting for us to be here permanently. The shop looks fantastic and I can’t wait to welcome everyone in.

“We have a really loyal local following here. People walk past and pop in to say hello, and the neighbouring shopkeepers are always coming in too. There’s a lovely community feel on the bridge.”

Flapjackery was founded a decade ago by Ms Myott and Sally Jenkin and already has branches in Tavistock, Falmouth, Dartmouth, Minehead, Wells, Plymouth, St Ives, Lymington, Fowey and Sidmouth.

The bakery makes a range of flapjacks – from the traditional to salted caramel brownie, apple and blackcurrant and clotted cream fudge.

Flapjackery’s new Bath branch opens on Saturday, March 28, at 9am.

Travelers at Baltimore/Washington International Thurgood Marshall Airport (BWI) are experiencing relatively normal TSA checkpoint wait times averaging 10 to 30 minutes as of late March 2026, a marked improvement from chaotic scenes over the weekend when some lines stretched up to two or three hours amid staffing shortages caused by the partial government shutdown.

The airport, a major hub for Southwest Airlines serving the Baltimore-Washington region, issued repeated advisories urging passengers to arrive at least three hours before scheduled departures after unusually long security lines developed on Sunday, March 22 and 23. On that Sunday, high TSA officer call-out rates — reported at 38.1% at BWI compared to a national average around 11-12% — forced closures of checkpoints and led to significant backups, with some passengers waiting over an hour even in CLEAR lanes.

By Monday and into mid-week, conditions eased as remaining TSA staff maintained operations at open checkpoints. Airport officials reported that while checkpoints A and B were temporarily closed on March 25, wait times at the remaining checkpoints (primarily C and D/E) stayed “close to normal,” though subject to rapid change. Real-time trackers and third-party sources showed average general security waits fluctuating between 15 and 30 minutes during peak periods, with some hourly estimates reaching 32-40 minutes in the early afternoon.

BWI does not use a private screening partnership like some airports, leaving it fully reliant on federal TSA officers. The shutdown, now stretching into its fifth week or more, has left roughly 50,000 TSA employees working without pay, prompting call-outs, resignations and morale challenges nationwide. More than 400 TSA agents have reportedly quit since the funding lapse began, exacerbating staffing pressures during the busy spring break travel period.

Airport spokesperson statements and Maryland Gov. Wes Moore emphasized that lines were moving through open checkpoints and that no Immigration and Customs Enforcement (ICE) agents were deployed at BWI, despite national discussions about potential federal support at airports. Moore stated the situation was being closely monitored, with emphasis on keeping operations functional without additional federal personnel inside the terminal.

For travelers, expedited options remain the best defense against delays. TSA PreCheck lanes, when open, typically clear in 5 minutes or less. CLEAR biometric verification is available and has helped some passengers bypass longer general lines, though availability can vary with staffing. BWI’s website and digital signage inside the terminal provide updates, though real-time wait time displays were temporarily unavailable or inconsistent on some days due to the funding issues affecting federal systems.

The airport’s main terminal features multiple security checkpoints serving its concourses, with Southwest dominating operations alongside other carriers. Peak congestion often occurs during morning and afternoon flight banks, particularly in the 5-8 a.m. and 4-7 p.m. windows when many domestic departures cluster. Third-party data from sources like OnAirParking and Takeoff Timer indicated average waits around 20-30 minutes under normal conditions, with potential spikes to 30-40 minutes during busy periods even before the shutdown intensified pressures.

BWI officials continue to recommend two hours for domestic flights and three hours for international departures as a baseline, with the current advisory leaning toward the longer window to account for variability. Passengers are encouraged to use the MyTSA app for general guidance and the official BWI site for checkpoint-specific alerts, though some travelers reported discrepancies between posted times and actual experiences during peak disruption days.

The situation at BWI mirrors challenges at other East Coast hubs but has not reached the extreme multi-hour delays seen at some larger airports. Travelers shared mixed feedback: some praised dedicated TSA staff still showing up despite unpaid work, while others expressed frustration over closed lanes and the need for extra buffer time. Local media captured scenes of lines snaking through terminals on Sunday, prompting comparisons to post-9/11 security measures.

Beyond security, BWI continues normal operations in other areas, including baggage claim and ground transportation. The airport serves millions of passengers annually as a convenient alternative to Reagan National (DCA) and Dulles (IAD), with strong low-cost carrier presence.

As the shutdown persists without immediate resolution, uncertainty lingers. Airport leaders and TSA supervisors are working to maintain service levels, but sustained high call-out rates or further resignations could reverse recent stabilization. No major flight cancellations directly attributed to security delays were widely reported at BWI in recent days, though individual passengers have missed connections due to longer-than-expected processing.

Tips for minimizing delays include enrolling in TSA PreCheck or CLEAR if frequent travel is planned, packing efficiently to comply with the 3-1-1 liquids rule, and monitoring the BWI website or app before heading to the airport. Removing laptops, large electronics and outer layers early in line can also speed individual processing.

The partial government shutdown has spotlighted the critical role of frontline TSA workers and the vulnerabilities in federal funding for essential travel infrastructure. At BWI, a combination of proactive advisories, remaining staff dedication and strategic checkpoint management has helped prevent total gridlock, but the message to travelers remains clear: plan extra time and stay flexible.

For the latest information, passengers should check bwiairport.com directly, as wait time displays can be temporarily unavailable. With spring travel continuing and the funding impasse unresolved, BWI’s security experience serves as a real-time case study in resilience amid fiscal uncertainty — one where dedicated officers continue screening passengers while the broader system strains under pressure.