Benchmark indices fell on Wednesday after a four-session rally, weighed down by losses across sectors, as worries about high oil prices and inflation returned to the forefront.
The NSE Nifty 50 fell 0.79 per cent to 15,724.5 and the S&P BSE Sensex slipped 0.81 per cent to 52,748.04 in early trade. The rupee dropped 0.23 per cent to a record low of 78.96 per dollar.
Dampening sentiment further across Asian equities was overnight data that showed the US consumer confidence index dropped to its lowest since February 2021.
The Nifty Bank index slid 1.4 per cent, while the Nifty FMCG index fell 1.3 per cent.