Since the geopolitical conflicts in all these regions
have been going on for quite a long period of time,
most of the risks/uncertainties associated with these markets have been factored in already?
Seems like a one sided analysis. Nikkei and Kospi were way down than Nifty. Both Japan and Korea has almost nothing to do with war, but they fell. But you didn’t include that.
Japan and Korea have already risen significantly, so small correction is not a problem and Nifty on the other hand has not moved up as much in comparison.