Expert View, May 15 -- Inderbir Singh Jolly, CEO, PL Private Wealth, believes that crude oil remains the most important macro variable for the Indian stock market. He believes that elevated crude oil prices, geopolitical uncertainty, slowing global growth expectations and rising inflation risks have created a less accommodative backdrop for earnings and valuations. Therefore, a broad-based runaway rally that markets experienced during earlier liquidity-driven phases is unlikely this year. Edited excerpts:

The recent phase of market volatility has reinforced our preference for disciplined asset allocation, quality leadership and domestic resilience rather than aggressive momentum participation. While Indian equities have recovered meaning...