Paresh Bhagat, Chairman of Mangal Keshav Financial Services, highlights the risks posed by elevated crude oil prices to the Indian stock market. He notes that while the market has rebounded from panic, ongoing geopolitical uncertainties and high oil prices continue to cap investor confidence. The Nifty index showed resilience, ending largely unchanged on April 20, supported by strong domestic earnings and record inflows into equity mutual funds. However, Bhagat warns that sustained high oil prices could lead to inflationary pressures and affect India's macroeconomic stability. He emphasizes that for the market to maintain its rally, the rupee must remain stable, foreign institutional investor flows need to improve, and crude oil prices should cool off. Bhagat also points out that FIIs have sold approximately ₹1.8 lakh crore ($19.69 billion) worth of Indian assets in FY26, indicating deeper valuation concerns. He concludes that while India's long-term growth story remains intact, it is contingent upon stabilizing oil prices.