Energy prices is the number one worry. The channel through which geopolitics translates into lower equity is crude oil. It has been seen in past conflicts as well.

India is a huge importer. Nobody knows whether in a month’s time there will be oil from Iran in the market, whether the US shale oil will come to the market and that will help cool prices. That is the big risk for the market and it has real implications.

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Oil has reached where it is. There hasn’t been any price increase for the pump for a long time, for almost three months, one will get that in the next ten days or so and a big one at that. So it pinches the consumer wallet, companies, margins, input cost, everything.

Watch the accompanying video of CNBC-TV18's Prashant Nair for more details.

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