One effect of fallout of banks in US and Europe is the accelerated fall in commodity prices especially oil. With WTI touching 66$ per barrel and Brent touching 72$ before recovering to 75$
This is a big boon to our macros as it eases some pressure on CAD and rupee and eventually inflation.
Crude oil 
being the key raw material for many companies will also aid in improving margins.
What are your picks?
I had heard somewhere, even though crude has CAD correlation, by and large Nifty has crashed when crude has crashed. so thats the mkt relation.
When commodities crash, the economy is either in or going to pass a bad phase. Economic growth gets killed.
Economic relation doesnt matter much for me, bcos mkt prices are usually leading (time)
Inflation in itself is the driver, its hyper inflation and rapid inflation which is the actual problem.
If there was no inflation, nothing would move.
I was accumulating Asian paints from 3100 to 2700. Now just holding. May start selling in some quantities after it crosses 3k.
Other than that I do not think I have any meaningful exposure to the sectors benefiting out of this.