Indian share markets are trading deep in the red presently. The sell-off is seen on the back of rising crude oil prices and falling rupee.

Sectoral indices are trading in the red with stocks in the IT sector, realty sector and energy sector witnessing maximum selling pressure.

The BSE Sensex is trading down 830 points (down 2.3%) and the NSE Nifty is trading down 250 points (down 2.3%). The BSE Mid Cap index is trading down by 2.1%, while the BSE Small Cap index is trading down by 2.2%. The rupee is trading at 73.69 to the US dollar.

Stocks from the oil & gas sector are in focus today as the Reserve Bank of India (RBI) has permitted oil marketing companies to borrow as much as US$10 billion through External Commercial Borrowings (ECBs).

The central bank has also waived off hedging requirements to relieve the pressure on the rupee which touched a new low yesterday.

In other news from the macroeconomic space, the government has raised the minimum support price (MSP) for major crops, including wheat, pulses and oil seeds, by 2% to 21%, which is expected to increase its acreage in the rabi or winter-sowing season.

In the news from currency markets, the rupee hit a fresh record low of 73.77 against the US dollar in early trade today.

The selling pressure came as the dollar index rose on the back of a spike in Treasury yields following upbeat US data and comments from Federal Reserve Chairman Jerome Powell that were seen as hawkish.

The rupee also plunged by 43 paise yesterday to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit.

The domestic currency closed at a record low of 73.34, down by 43 paise or 0.6% at the interbank foreign exchange.

Reportedly, foreign investors withdrew Rs 15.5 billion on a net basis from capital markets on October 3.

The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies.