Stock market today LIVE: Nifty, Sensex open lower on elevated US 10-year bond yield, crude oil price | Bank Nifty gains

This is an Input cost / crude event. India imports most of its crude, so input costs pass through to margins downstream and to the rupee. Producers and consumers of the same input move in opposite directions.

Because the driver here is macro rather than company-specific, the read-through is to index-level positioning rather than to any single name — correlations tend to rise when the whole market faces the same signal.