New Delhi, March 18 -- The Indian stock market is in a clear downtrend. We had barely taken a breather from harsh tariffs, and now we find ourselves caught up in the consequences of a war.

Given our dependence on oil and gas imports and trade with West Asia, this has serious implications for India. And the markets are reflecting that.

The pain is much sharper in broader markets than what indices reflect. If you own small-cap stocks, you have felt the pain.

Could the war end soon and cause the market direction to turn up again? Sure, it's possible, but the way things have panned out in West Asia so far, there doesn't seem to be an immediate light at the end of this tunnel.

The first and most important thing to remember is:''This too sh...