New Delhi, Oct. 6 -- The recent decline in Indian equities is increasingly reflecting concerns over the country's longer-term growth outlook rather than merely the impact of higher crude oil prices and geopolitical tensions, according to a Nomura India Equity Strategy report.

"The correction, in our view, reflects deeper structural concerns," Nomura said in its equity strategy report, pointing to growing worries around geopolitical realignment, technological disruption and their implications for India's growth prospects.

The assessment is significant because the latest market fall has unfolded differently from the correction seen earlier this year, even though both episodes were triggered by geopolitical tensions and concerns over crude...