The BSE Sensex and NSE’s Nifty 50 fell 1.5% on Wednesday, mainly due to losses in IT, auto and telecom stocks. The rupee weakened past the 73 mark against the US dollar for the first time today after crude oil prices surged above $85 per barrel. Meanwhile, FIIs sold shares worth Rs 1,841.63 crore on nets basis on Monday, while DIIs purchased equities to the tune of Rs 1,804.94 crore, provisional data showed. In global markets, European stocks climbed alongside the euro, and Italian bonds rallied on reports the government will rein in spending plans. Asian stocks dropped as investors weighed continuing concerns in Indonesia and India and strength in commodity prices. Oil traded above $85 a barrel and near a four-year high, supported by expectations that US sanctions on Iran will tighten supply.

The BSE Sensex and NSE’s Nifty 50 fell 1.5% on Wednesday, mainly due to losses in IT, auto and telecom stocks. The rupee weakened past the 73 mark against the US dollar for the first time today after crude oil prices surged above $85 per barrel. Meanwhile, FIIs sold shares worth Rs 1,841.63 crore on nets basis on Monday, while DIIs purchased equities to the tune of Rs 1,804.94 crore, provisional data showed. In global markets, European stocks climbed alongside the euro, and Italian bonds rallied on reports the government will rein in spending plans. Asian stocks dropped as investors weighed continuing concerns in Indonesia and India and strength in commodity prices. Oil traded above $85 a barrel and near a four-year high, supported by expectations that US sanctions on Iran will tighten supply.