New Delhi, April 17 -- The Iran war has created a reshuffle in investing. High-flying tech companies are out while unloved old economy names are getting a second look.

Value stocks have been on a tear. In the March quarter, the Bloomberg 500 Value Index, which tracks companies that appear inexpensive based on metrics such as earnings yield, posted the second-strongest quarterly outperformance over its growth counterparts in more than 30 years. It was an encouraging development for a style of investing that has done poorly since 2019.

But as markets warm up to the idea of more peace talks and a ceasefire, the tech-heavy growth stocks are once again attracting inflows. So the question now is whether the rotation seen in the first quarter ...