New Delhi, July 7 -- A lot is still in flux, says Venugopal Manghat, Equity chief information officer (CIO) at HSBC Mutual Fund, so it is too early to say that geopolitical tensions are fully behind, he said.

The tariff issue remains a "major uncertainty", but he is not overly concerned at this point. "My sense is that the overall outcome will likely be neutral to positive for India."

Manghat neither expects a major impact on 9 July nor believes that the risks have completely faded.

That said, markets seem to be in a consolidation phase, with sideways movement since September 2024, he noted. While declines have been followed by recoveries, new highs remain elusive, indicating a time-based consolidation. He expects returns to stay volat...