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

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