In a volatile global environment marked by elevated crude prices and geopolitical uncertainty, the Indian government’s decision to cut excise duties on fuel is being viewed by market participants as a proactive step to contain inflation and support demand. Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd believes the move reflects timely intervention, much like the policy responses seen during the COVID-19 crisis.

Responding to ET Now on whether it is premature to start factoring in earnings downgrades for Indian companies, Choksey suggested that the government’s actions could help soften the blow from global headwinds.

“I guess government should be complimented for acting in time. I guess they did so during the covid times, they are doing this activity of cutting down the excise on fuel at a time when entire world is desperate on other side. By way of cutting down the excise duties, they are ensuring few things. The consumer prices are not increasing, the fuel-related activities, as a result of which the inflationary pressure would remain under control. Though one may argue that on a fiscal deficit side it may have an impact of 35 to 40 bps from what it projected at 4.3, it could possibly go up to 4.7 if the full-year accounts are to be taken into account,” he said.

But suppose if this is a temporary measure, good credit should go to government that in advance time they are taking care of inflationary pressure, making sure that the corporates do not end up losing money and at the same time the consumer demand continues to remain buoyant. So, overall I believe that it is a welcome move, consumer benefits, OMCs benefits,” he added.

Relief for Consumers, Cushion for OMCs

A key question, however, is whether the benefits of the excise duty cut will be directly felt by consumers or primarily serve as a buffer for oil marketing companies (OMCs).
Choksey clarified that the impact is already indirectly benefiting consumers by preventing further price hikes.
“Yes, the point is important that if they are not increasing the price, that means effectively they have passed it on to the consumer. Otherwise, the OMCs have no choice but to increase the prices in the rising crude oil scenario. Now with this excise duty cut coming in their favour, they have a cushion of Rs 10 per litre on petrol and on diesel. They do not pass it on to the consumer and that is the benefit that the consumer gets eventually,” he explained.
Balancing Domestic Needs and Global Opportunities
The government has also raised export duties on petroleum products such as ATF, diesel, and petrol—a move that could potentially impact private refiners. However, Choksey views this as part of a broader balancing strategy.

“Even if it is increase in export duty, the price is still at parity level or slightly at the discounted level compared to the overall global prices. So, government is playing a balancing act according to me. On one side, when the global consumer is willing to pay the price, they are charging the price. On the other side, the domestic consumer should be protected, they are reducing the price. It is a perfect balancing act. Good credit goes to government for this again,” he noted.

Market Outlook: Panic Phase Likely Over
On the broader equity market outlook, Choksey indicated that the worst of the fear-driven selling may be behind us, with markets now awaiting positive triggers—particularly on the geopolitical front.

“The market has possibly completed the panic portion. I believe the fear factor is probably going out at this point of time. Entire market, including the global markets, is waiting for positive news to come on the war. Should it happen, then you will be seeing the upside which is unprecedented. So, in my viewpoint, instead of keeping the fear at the back of mind, I think that things are looking relatively more positive on prospects of war-related situation bringing up some positive news,” he said.

A Tactical Policy Move with Broader Implications
While concerns around fiscal slippage remain, the government’s decision appears to be aimed at preserving macroeconomic stability in the near term. By cushioning fuel prices, policymakers are attempting to protect both consumption and corporate margins—two critical pillars for sustaining economic growth.

For investors, the message seems clear: while global risks persist, domestic policy support and easing panic could provide a constructive backdrop for markets in the months ahead.

Mumbai: Investors with a higher risk appetite looking to bet on India’s top large-caps following the recent market sell-off may consider schemes tracking the Nifty Top 10 Equal Weight Index – a measure offering exposure to the top 10 stocks by market capitalisation.

The index’s recent underperformance compared to the broader benchmark Nifty presents a potential buying opportunity, according to fund officials and financial planners.

“Diversified portfolio across six key sectors, reasonable valuations, recent underperformance relative to the Nifty 50, and a margin of safety in mega caps are driving investor interest in this index,” said Anil Ghelani, head – Passive Investments and Products, DSP Mutual Fund.

The Nifty Top 10 equal-weight has lost 7.8% so far in March amid the West Asia conflict, compared with the Nifty’s decline of 7.4%. In 2026, the index shed 14.7% compared with the 10.9% fall in the Nifty, according to ETIG.

The recent underperformance was driven by foreign institutional selling of stocks here, with large-caps bearing the biggest brunt of their risk-off sentiment.

The index’s components include Infosys, Reliance Industries, ITC, TCS, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, Hindustan Unilever and Larsen & Toubro, and is rebalanced quarterly.”This fund works well for those who are comfortable with concentrated portfolios and not worried about short-term drawdowns,” said Anup Bhaiya, MD and CEO, Money Honey Financial Services.

The price-to-earnings (PE) ratio of the Nifty Top 10 Equal Weight Index is 18.6 times compared with the Nifty’s 20.4 times. Ninety per cent of the portfolio is available at or below average valuations, as per the DSP MF study.

“Investors looking for passive exposure to large caps without actively tracking portfolios could consider staggering investments over the next three months,” said Nikhil Gupta, founder of Sage Capital.

While the index has delivered slightly higher returns than the Nifty 50 over the long term, its outperformance has not been consistent, beating the benchmark in just over half of the past 19 years. Over this period, it has delivered an annualised return of 13.3%, compared with 12.3% for the Nifty.

Songkran Festival 2026 will proceed across Thailand, promoting cultural traditions and vibrant water festivities. Visitors are encouraged to plan ahead. Events are scheduled nationwide, highlighting regional and local celebrations.

Bangkok, 26 March 2026 – The Tourism Authority of Thailand (TAT) confirms that Songkran Festival 2026 will proceed as planned across all regions of the Kingdom, welcoming visitors from around the world to celebrate the Thai New Year through vibrant water festivities, cultural traditions, and community events. The Thai government is working to ensure everything remains fully operational ahead of the holiday period. Visitors are advised to plan travel in advance, and TAT will continue to monitor and communicate any updates.

Ms. Thapanee Kiatphaibool, TAT Governor, said, “We are aware that global events have created uncertainty for travellers. We want to be clear: Songkran 2026 will take place as planned across every region of Thailand. The spirit of this festival and Thailand’s welcome remains unchanged.”

Recognised by UNESCO as an Intangible Cultural Heritage of Humanity, Songkran reflects Thailand’s deep-rooted values of family, respect, and renewal. Traditionally marked by merit-making, water-pouring rituals for elders, and temple visits, the festival has grown into a nationwide celebration that blends cultural authenticity with contemporary experiences.

In Bangkok, large-scale events from 9 to 15 April will include the Maha Songkran World Event at Benjakitti Park, riverside celebrations at ICONSIAM and Asiatique, and music festivals such as S2O and Siam Songkran. Silom and Siam Square will once again transform into major water celebration zones.

Across the country, each region offers a distinct flavour of Songkran. The Central region, including heritage-rich Phra Nakhon Si Ayutthaya, highlights temple-based celebrations and the signature elephant water-splashing event. The North—Chiang Mai, Sukhothai, and Nan—offers extended ceremonies rooted in local tradition, while Chon Buri’s Wan Lai custom stretches festivities beyond the main dates. Cities in the Northeast, such as Khon Kaen and Udon Thani, blend cultural ritual with urban energy, and the South brings beachside Songkran to Phuket, Surat Thani, and Chumphon.

Songkran Festival 2026 in Thailand

Bangkok

Rangnam Songkran Festival 2026
9-14 April 2026
King Power Rangnam, Bangkok

Asiatique Summer Wonder Fest 2026
9-30 April 2026
Asiatique The Riverfront Destination, Bangkok

Splash Nation Bangkok 2026
10-11 April 2026
Rama IV Road (Sunthon Kosa Road Area), Bangkok

ICONSIAM Thaiconic Songkran Celebration 2026
10-15 April 2026
River Park, ICONSIAM, Bangkok

Siam Paragon Ultrasonic Summer Festival 2026
10-15 April 2026
Siam Paragon, Bangkok

Splash Songkran RCA 2026
10-15 April 2026
Royal City Avenue (RCA), Bangkok

Saneh Art by Songkran Festival 2026
10-30 April 2026
Benchasiri Park and Lan Khon Mueang (Bangkok City Hall Plaza), Bangkok

S2O Songkran Music Festival 2026
11-13 April 2026
S2O Land Ratchada, Bangkok

Thai Lism Music Festival 2026
11-13 April 2026
Central World, Bangkok

SUPERFLUID 2026
11-13 April 2026
Fountain Square, King Power Rangnam, Bangkok

SIAM Songkran Music Festival 2026
11-14 April 2026
Bravo BKK,  Bangkok

Maha Songkran World Event
11-15 April 2026
Benjakitti Park, Bangkok

Drag Let’s Play Water Festival 2026 Celebrating Diversity and Thai Soft Power
12 April 2026
Elephant Parking Area, Song Wat Road, Bangkok

Songkran Festival at Silom Road
12-14 April 2026
Silom Road, Bangkok

Siam Songkran Festival 2026
12-15 April 2026
Siam Square, Bangkok

Monster Water Fest 2026
13-15 April 2026
Fashion island, Bangkok

Bangkok Water Festival 2026
13-15 April 2026
Ten destinations across Bangkok

K2O Songkran Music Festival 2026
14 April 2026
S2O Land Ratchada, Bangkok

Amazing Bangkok Songkran Parade 2026 at Silom Road
14 April 2026
Silom Road, Bangkok

Central Region

Nakhon Pathom

Salaya Water Fest 2026
3-5 April 2026
SS Park Salaya, Nakhon Pathom

Samut Songkhram

Songkran Music Festival 2026 at Mae Klong
10-15 April 2026
Forecourt of Urbana House Hotel,
Samut Songkhram

Kanchanaburi

Kanchanaburi Songkran Festival 2026
13-14 April 2026
Rattanakanchan Island, Mueang District, Kanchanaburi

Phra Nakhon Si Ayutthaya

Songkran at Wat Chaiwatthanaram
9-13 April 2026
Wat Chaiwatthanaram, Phra Nakhon Si Ayutthaya Historical Park Phra Nakhon Si Ayutthaya

Elephant Splashing Songkran Festival 2026
13-15 April 2026
Sri Sanphet Road, in front of the Tourism Authority of Thailand (Ayutthaya Office), Phra Nakhon Si Ayutthaya

Northern Region

Tak

Mae Sot Songkran Music Festival 2026
4 April 2026
Robinson Lifestyle Mae Sot, Tak

Songkran Festival at Tak
12-15 April 2026
Mueang Tak District and Mae Sot District, Tak

Sukhothai

Maha Songkran at Sukhothai
6-19 April 2026
Si Satchanalai District and Mueang Sukhothai District, Sukhothai

Nan

Songkran Festival 2026 at Nan
12-15 April 2026
Khao Tan Road, Wat Suan Tan, and various streets within the Nan Municipality area, Nan

Phayao

Bubble Wave Phayao Songkran Fest 2026
13-15 April 2026
Pho Khun Ngam Mueang Monument, Phayao

Chiang Mai

Chiang Mai Water Festival 2026
11-13 April 2026
Wat Chedi Luang, Mueang District, Chiang Mai

Lamphun

Lamphun Water Festival 2026
11-13 April 2026
Rod Kaew Road, Mueang District, Lamphun

Uttaradit

Uttaradit Songkran Music Festival
13-15 April 2026
Longlin Road, Mueang District, Uttaradit

Phichit

Songkran Festival at Pho Prathap Chang
13-15 April 2026
Pho Prathap Chang District, Phichit

Eastern Region

Chon Buri

Chon Buri Songkran Festival 2026 – Wan Lai Tradition
5-20 April 2026
Across Chon Buri

Pattaya Songkran Summer Festival 2026
17-19 April 2026
Central Pattaya Beach, Chon Buri

Songkran Festival 2026 at Si Racha
19-21 April 2026
Si Racha Bay Seaside Health Park, Chon Buri

Rayong

Songkran Festival 2026 at Durian Road
13-14 April 2026
Durian Road, Mueang District, Rayong

Trat

Ko Chang Wan Lai Songkran Festival 2026
19-21 April 2026
Small Airport, Ko Chang, Trat

Sa Kaeo

14 April Watthana Maha Songkran 2026
14 April 2026
Khao Lam Road (from Wat Nakhon Tham to the front of Anuban Sriwatthana Witthaya School), Sa Kaeo

Samut Prakan

“Hae-Hong-Tong-Ta-Kab” Flag Procession Festival 2026
13 April 2026
Songtham Worawihan Temple, Phra Pradaeng District, Samut Prakan

Phra Pradaeng Songkran Festival 2026
24-26 April 2026
In front of the Phra Pradaeng District Office, Samut Prakan

Northeastern Region

Udon Thani

Udon Thani Water Festival 2026
12-14 April 2026
Ban Chiang District, Udon Thani

Udon Songkran Festival 2026
13-16 April 2026
UD Town Shopping Center, Mueang District, Udon Thani

Amnat Charoen

Wanlai Mueang Phana
25-26 April 2026
Phana Subdistrict Municipality, Phana District, Amnat Charoen

Khon Kaen

Songkran Festival 2026 at Khon Kaen
11-15 April 2026
Bueng Kaen Nakhon and Si Chan Road, Mueang District, Khon Kaen

Khon Kaen Water Festival 2026
13-15 April 2026
Wat Chai Si, Mueang District, Khon Kaen

Nakhon Phanom

Nakhon Phanom Songkran Festival
13-15 April 2026
Phanom Naka park, Mueang District, Nakhon Phanom

Ubon Ratchathani

Maha Songkran at Kaeng Saphue
1-30 April 2026
Kaeng Saphue, Phibun Mangsahan District, Ubon Ratchathani

Nakhon Ratchasima

Monster Water Fest 2026
13-15 April 2026
Nakhon Ratchasima

Summer Street Fest 2026 at Ban Klang Community Road
14-15 April 2026
Ban Klang Community Road, Sikhio District, Nakhon Ratchasima

Surin

Surin Elephant Maha Songkran Festival 2026
10-12 April 2026
Chaloem Phra Kiat Public Park (New Park), Surin

Sakon Nakhon

Khao Na Prang Road Songkran Festival, Phanna Nikhom 2026
11-15 April 2026
Ban Nong Waeng Irrigation Canal, Phanna Nikhom District, Sakon Nakhon

Southern Region

Chumphon

Songkran Festival 2026 at Tham Thong
10-14 April 2026
Khao Tham Thong, Pathiu District, Chumphon

Chumphon Songkran Festival 2026
12-15 April 2026
Nong Yai Area Development Project Under Royal Initiative, Mueang Chumphon District, Chumphon

Maha Songkran Festival 2026 at Saphli Beach
13-19 April 2026
Saphli Beach, Pathiu District, Chumphon

Bang Boet Wan Lai Festival 2026
17 April 2026
Bang Boet Beach, Pathiu District, Chumphon

Ranong

Songkran Festival 2026 at Khao Piak Road
9-18 April 2026
Hua Thanon Stadium, Kra Buri District, Ranong

Songkran Festival 2026 at Ranong
13-14 April 2026
Ruang Rat Road, Ranong

Nakhon Si Thammarat

Maha Songkran Festival 2026 at Nakhon Si Thammarat
11-14 April 2026
Provincial Administrative Organization Stadium, Nakhon Si Thammarat

Surat Thani

Roi-Sad Songkran Music Festival 2026
3-4 April 2026
Wang Tai Hotel, Surat Thani

Downtown Songkran Music Fest 2026
12 – 14 April 2026
Tha Pla Wan Area to the front of the Provincial Governor’s Residence, Surat Thani

Songkran Festival 2026 at Samui
12-15 April 2026
Bo Phut Subdistrict, Maret Subdistrict, Ang Thong Subdistrict, Ko Samui, Surat Thani

Songkran Music Festival at Central Surat Thani
12-15 April 2026
Central Surat Thani, Surat Thani

Southern Splash Festival 2026
13-15 April 2026
Sahathai Square, Surat Thani

Phuket

Phuket Water Festival 2026
11-13 April 2026
Baan Mai Khao and Patong Beach, Kathu District, Phuket

Songkran Festival 2026 at Dibuk road, Phuket
13 April 2026
Dibuk Road (in front of Limelight Phuket) and Dragon Plaza, Phuket

Source : Songkran festival 2026 to proceed nationwide, welcoming global visitors to Thailand’s UNESCO-recognised New Year celebration

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