The foreign desk did three things yesterday that took six weeks to set up. They bought 822 crore of cash equities. First buy day of May after twenty-two trading sessions of selling. They covered another 10015 short futures contracts. And they covered 118115 short calls on the chain. Six weeks of stacking shorts. Two days of unwinding them. That is the desk that called the top in April unwinding the trade.

The weekend re-priced everything. Brent crude broke below 100 dollars and stayed there. Trump apparently said the Iran war is in its final stages over the weekend. Oil cracked 4.36 percent on Sunday night. Rupee gained 47 paise overnight to open at 95.23. Dollar Index slipped. India 10 year yield softened to 7.03. Every macro instrument moved together. The escalation lane is empty. The peace lane is being repriced.

Yesterday's chain  ...