The domestic benchmark indices plunged on Wednesday due to losses in information technology, automobile and telecommunications stocks. The BSE Sensex lost over 1.5% to close 550.51 points down at 35,975.63. The National Stock Exchange Nifty crashed 1.36%, or 150.05 points, to close at 10,858.25.

Yes Bank, Vedanta, Coal India, Oil and Natural Gas Corporation and Bajaj Auto were the top stocks on the Sensex. On the Nifty 50, the stocks that gained the most were Yes Bank, Hindalco, Indiabulls Housing Finance, HPCL and Vedanta.

The top losers on the Sensex were Mahindra & Mahindra, Tata Consultancy Services, Axis Bank, ICICI Bank and Maruti Suzuki. On the Nifty 50, the stocks of Mahindra & Mahindra, Eicher Motors, Bharti Infratel, Tata Consultancy Services and Axis Bank declined the most.

Meanwhile, the rupee partially recovered on Wednesday afternoon after hitting a lifetime low of 73.42 against the dollar in morning trade. The currency had opened at 73.26 against the dollar, lower than its previous close of 72.91 on Monday. The rupee closed 43 paise lower at 73.34 against the dollar. The decline was the result of the surge in crude oil prices to $85 per barrel, Mint reported.

The foreign exchange markets were closed on Tuesday on account of Gandhi Jayanti.