Stock market closing Updates:  The NSE  Nifty50 finished 149 points lower at 16,859, while the BSE Sensex dropped 509 points to conclude at 56,598. Both of the frontline indexes decreased by 0.89 percent.

The top large-cap losers on the stock exchanges were Axis Bank, ITC, Reliance Industries, HDFC twins, Bajaj Finserv, IndusInd Bank, Tata Steel, and SBI, while Sun Pharma, Power Grid, Asian Paints, Dr. Reddy's Labs, Mahindra and Mahindra, and Tech Mahindra saw gains.

The BSE MidCap and SmallCap indices both fell by 0.4 percent on the overall markets. The Nifty Metal and PSU Bank indexes both fell by 2 percent, while the Nifty Pharma index increased by 0.6 percent.

Rupee Vs Dollar: The Indian rupee fell 37 paise to reach an all-time low versus the dollar of 81.90, as the strengthening of the dollar abroad and investor aversion hurt the domestic currency.

In the meantime, the benchmark Brent crude price fell 0.8 percent to USD 86.20 per barrel.

According to data available with the BSE, foreign institutional investors sold shares worth Rs 2,823.96 crore on Tuesday.

International Markets: The spiralling borrowing prices that increased concerns of a worldwide recession and drove investors into the safe-haven dollar on Wednesday caused the world's shares to drop to two-year lows.

For the first time since 2010, yields on US 10-year Treasuries surpassed 4 percent as markets speculated that the Federal Reserve could need to raise interest rates as high as 4.5 percent in its fight against inflation. 

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