It was a topsy-turvy week for the Indian markets, which largely moved on the back of momentum in crude oil and a falling rupee.

In the initial three days of the week, we saw some sell-off, however, when crude oil fell, we saw markets staging a remarkable rebound. In fact, the Nifty jumped 170 points in two trading sessions on Thursday and Friday.

Oil Marketing Companies also plunged to 52-week lows, but, rallied sharply on Friday, as crude oil prices dropped.

Tech Mahindra's earnings beat street estimates, with net profit at the company rising 29.6 percent sequentially. Pharma major Sun Pharma's Q4 earnings also was ahead of analyst estimates on most parameters, with profit rising 7 percent compared to year-ago.

Bank of Baroda reported a loss of Rs 3,102 crores, on a higher-than-expected loss in the quarter ended March 31, 2018 as bad debts continued to mount and provisions nearly tripled.

Shares in MCX rallied sharply on reports of a merger talk with the NSE. If the merger does happen, it will make the joint entity hold a solid leadership position in commodities, equity and derivatives segment. National Peroxide shares hit a record high on a solid set of quarterly numbers.

Markets are expected to be extremely volatile next week, on account of the F&O expiry on Thursday. Foreign Portfolio Investors continue to sell Indian stocks and have now sold for 5 straight sessions through the week. The falling rupee and rising crude oil may have spooked these set of investors.

What is clear that at least in the next week, the momentum would be dictated by crude oil and the Indian rupee. A sharp surge in the price of crude could pull down the markets all over again and the rupee as well.

Oil marketing companies would be eagerly watched as they tend to be volatile when crude prices move.

All in all, it looks like we maybe headed for volatile times next week. If the rupee and crude oil trend positively, be rest assured that the markets could inch very close to those levels of 36,000 points all over again on the Sensex.

IT stocks may also react to the rupee movement next week.