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Falling for the third straight session, the 30-share pack Sensex declined 237.44 points 0.41% to close at 58,338.93.

“Some of the commodity producers like oil and gas and metals are obvious beneficiaries of inflation and then we have sectors like utilities and telecom to an extent which do not have a very direct negative impact on their margins or profitability just because of general rise in inflation in the economy. What gets hurt obviously is a sector like auto where the margins are low and the ability to pass on the price increase is very diminished.”

The Nifty Auto index closed 0.84 per cent down at 10698.3.

Investor worries over rising interest rates in response to galloping inflation have roiled global markets.

India has spent years working on a law to ban or regulate cryptocurrencies, with a ban backed by the central bank over risks to financial stability, though a recent decision to tax income from them suggests acceptance by authorities.

Varun Beverages Ltd., incorporated in the year 1995, is a Large Cap company (having a market cap of Rs 43939.87 Crore) operating in FMCG sector.

Among the newly listed tokens, Shiba Inu was the most abuzz as it rallied 31 per cent to $0.00002977 from $0.00002272 within 24 hours. However, the token is still 65 per cent below its all-time peak of $0.00008 hit in October 2021.

"For now, we assume (April) losses will grow to an average 1.5 million barrels per day (bpd) for the month as Russian refiners throttle back further and buyers shy away," the Paris-based agency said in its monthly oil report.

The S&P/ASX 200 index rose 0.3% to 7,479 points at the close of trade. The bourse closed 0.4% lower on Tuesday.

The markets rallied for most part of 2021 in this one-year period with the S&P BSE 100 rallying 26 per cent.