Sameer Dalal, a market expert from Natverlal & Sons Stockbrokers, has expressed concerns that geopolitical tensions and rising oil prices are hindering the recovery of Indian equity markets. Despite a recent rebound, he believes that caution is warranted as the risks continue to overshadow optimism. Dalal noted that his investment strategy has shifted, opting to pause fresh capital investments while monitoring the situation. He highlighted that prolonged conflicts could lead to elevated oil prices, resulting in inflationary pressures that impact corporate earnings and consumer spending. The stress on Micro, Small, and Medium Enterprises (MSMEs) is increasing due to inventory shortages and cash flow issues, which could lead to rising non-performing assets (NPAs) in banks. Looking ahead, Dalal predicts that while the March quarter may not reflect the full impact of current disruptions, significant challenges will emerge in Q1, with potential earnings declines and inflationary spikes. He emphasized the need for investors to remain patient as the market's direction heavily depends on geopolitical developments.