Equity Markets Open Flat as Crude Oil Surges to $92

Among the declining indices, Nifty Metal fell 0.35 per cent, followed by Nifty Auto which declined 0.14 per cent. Nifty MidSmall Healthcare dropped 0.10 per cent, Nifty Pharma, Nifty Chemicals and Nifty500 Healthcare declined 0.09 per cent each.

Analysts said the ongoing weakness was primarily driven by rising crude oil prices and higher bond yields globally.

They said uncertainty over the Middle East conflict has pushed crude prices higher, raising concerns over inflation and putting upward pressure on bond yields, adding that US 30-year yields are at their highest level since 2007.

However, strong domestic fundamentals, improving GDP and earnings growth prospects for FY27 and robust domestic liquidity are helping the Indian market remain resilient.

Long-term investors could use the weakness to accumulate quality growth stocks, particularly as momentum remains stronger in the mid- and small-cap segments, according to the market experts.

Additionally, Asian markets also declined amid continued weakness in semiconductor stocks, while crude oil prices rose to their highest level in more than three weeks as international benchmark Brent crude traded around $92 per barrel after Iran took a tougher stance and said the Strait of Hormuz would remain closed, while the US ruled out extending the ceasefire