New Delhi, Oct. 8 -- The Indian stock market benchmark Nifty 50 is down 15% year-to-date, and while it is impossible to predict with certainty, the index appears increasingly likely to end the calendar year in the red.

A combination of headwinds - from higher oil prices due to the US-Iran conflict, earnings growth-valuation mismatch, foreign capital outflow, lack of AI-trade, and rising global bond yields - has dragged the market through the year so far.

The road ahead remains hazy, as the resolution to the US-Iran conflict still looks remote, oil prices continue trading above $100 per barrel, and bond yields in the US remain elevated due to the prospects of further rate hikes by the US Federal Reserve and concerns over rising debt of t...