Organization said that the conflict in Iran could lead to further 10% decline in the Indian stock market.

According to Emkay Global, if oil prices remain at $100 per barrel for three to four months, the Indian NSE Nifty 50 index "may plummet to around 21,000 points" as this would impact corporate earnings by disrupting demand and squeezing profit margins. The scenario of oil prices remaining above $100 per barrel for the next 3-4 months would impact India's economic growth and profits, "which are currently not priced in by the market, we believe that without mitigating measures, there is about a 10% downside risk for the Nifty index," the strategists said. However, the strategists added that this pullback is only temporary, once oil prices return to a normal level of $70 per barrel, the Indian economy and profits will rebound, providing a buying opportunity.