India's equity markets are caught in a three-way tug of war, and for now, no side is winning decisively. That is the central message from Sunil Subramaniam, a widely followed market strategist, in a candid assessment of where Indian stocks go from here. Speaking on ET Now, Subramaniam laid out a simple framework. Foreign institutional investors (FIIs) remain nervous about elevated crude oil prices and their knock-on effects on inflation, the fiscal deficit, and corporate earnings.