Prashant Jain, a veteran fund manager at 3P Investment Managers, remains optimistic about the Indian market despite challenges such as Foreign Institutional Investor (FII) outflows, geopolitical tensions in West Asia, and rising oil prices. He argues that India's oil imports now constitute only 3% of GDP, a significant reduction compared to past crises. Jain believes that even with oil prices averaging $110 per barrel, the current account deficit would only rise to around 2% of GDP, a manageable level. He highlights the importance of domestic retail flows, which he expects to provide structural support to secondary markets as the primary market struggles. Jain's investment strategy favors large-cap stocks, particularly in the banking sector, and he sees potential for multiple expansion in the Nifty index, currently priced at 17.5x forward earnings. His cautious yet optimistic approach encourages investors to look beyond immediate market fluctuations.