Mid, smallcap indices hit record high. Why are markets ignoring oil prices?

India has been substituting expensive crude oil with cheaper imports. This has helped keep inflation-related concerns triggered by rising oil prices at bay

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Puneet Wadhwa New Delhi

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The markets seem to be ignoring the rise in crude oil prices, which have shot up over $90 a barrel (bbl) this week – up nearly 5 per cent in the last one month and around 9 per cent in the last fortnight alone – amid supply cuts by Saudi Arabia and Russia.

While the S&P BSE Sensex mostly remained flat in the last one month, the S&P BSE Midcap and the S&P BSE Smallcap indices have surged 6.5 per cent and around 8 per cent, respectively, during this period to hit their respective all-time high levels of 32,286.11 and 38,146.93 on Thursday.

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A key reason for the Indian

First Published: Sep 07 2023 | 12:12 PM IST

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