The dominant force this week has been the unwinding of the West Asia risk premium. Brent is heading for a deep weekly loss as Hormuz traffic revives — but Thursday's +1.5% bounce to $79.39 tells you the market isn't done price-discovering what a durable ceasefire is actually worth. Energy and PSU names caught a bid on the tape; the relief trade remains incomplete until crude settles a new range below $80.

Domestic demand absorption is functioning. DII cash flow of 1,561 Cr on Thursday, against FII's thin 102 Cr, signals institutional depth is buffering the tape. VIX compressing to 12.67 — a drop of nearly 4% in a single session — means the options market is pricing near-term calm, which narrows the gap-down's gravitational pull unless today's RBI Minutes at 17:00 carry a hawkish surprise. Max pain at 24100 sits just below spot, a mild tailwind for bulls through expiry mechanics.

The rotation away from IT toward healthcare, financials, and real estate is the cleaner read for positioning. ASML's chip-tool concern adds a layer of export-tech headwind that earnings optimism alone cannot neutralize, making the IT-to-pharma rotation the week's most coherent internal move. Torrent Power and ICICI Lombard outperforming reinforces that utilities and financial services are absorbing the flows IT is shedding.