New Delhi, May 13 -- Indian equities have spent the past year lurching from one shock to another. Just as investors adjust to one trigger, another upends sentiment-from tariff threats and geopolitical flare-ups to relentless foreign investor selling and slowing earnings growth.

The latest blow has come from the war in West Asia, which has once again rattled markets already struggling to sustain momentum. But the turbulence did not begin there.

Last April, the Indian stock market tumbled after US President Donald Trump announced sweeping tariffs, catching investors off guard. Days later, when Washington paused the tariffs to allow negotiations, stocks rebounded sharply.

Then came the India-Pakistan military conflict, reviving caution ac...