Expert view, July 1 -- Rishabh Nahar, Partner and Fund Manager at Qode Advisors, is cautious about the Indian stock market as he believes a fresh flare-up in geopolitical tensions, a hawkish surprise from the US Fed, or a US tariff setback could quickly reprice risk. In an interview with Mint, Nahar said he expects a gradual, earnings-led rise in the market rather than a smooth rally. Edited excerpts:

I'd call it a cautious "yes, but not in a straight line." The first half was rattled by the Iran-related Middle East flare-up, Strait of Hormuz risk, tariff uncertainty and a sharp AI-led correction in IT.

Several of those pressures have eased, crude has pulled back to pre-escalation levels, FII selling has slowed, and there's renewed opti...