Indian stocks have held up remarkably well despite the rise in oil prices, possibly due to a combination of a change in macro funding mix to FDI, falling oil intensity in GDP, high real relative policy rates and a strong domestic bid on stocks, the financial services provider said in a March 9 note. “That said, the length of the military action in Ukraine could determine its impact on earnings and multiples. The Sensex is now in a bear market in oil terms.”