Expert view, May 19 -- Rahul Ghose, the founder and CEO of Octanom Tech and Hedged.in, believes higher oil prices, a stronger dollar, low private capex, and unsecured credit stress are the key risks for the Indian stock market. In an interview with Mint, Ghose said FY27 will not be a washout year, but it will not reward lazy positioning either. Edited excerpts:

There are four risks I would watch closely. The first is the dollar. When the rupee is under pressure, the market does not treat it as a currency issue alone. It affects foreign flows, imported inflation, corporate margins, and the way global investors price India.

If the dollar stays strong and the rupee keeps weakening, FPIs become more sensitive to valuation and earnings disap...