HSBC downgraded Indian equities to "underweight" from "neutral" - its second cut in less than a month - as it expects surging energy prices triggered by the Middle East war to threaten the durability of the country's earnings recovery. Brent crude is up 42% since the war started ?in late February ?and ?is currently trading above $100 a barrel, raising inflation and growth risks for the world's ?third-largest oil importer. "India now looks less attractive than North East Asian peers in ?the current macro setting," HSBC said in a note on Thursday, with the benchmark Nifty 50 and Sensex falling 6.7% and 7.9% ?so far this year - among the worst performing ?markets globally.