Mumbai, May 20 -- The stock markets opened with heavy selling pressure on Wednesday as the Indian rupee hit a fresh record low against the US dollar, while Brent crude oil prices continued to remain elevated amid global geopolitical tensions.

The Nifty 50 index opened at 23,457.25, declining by 160.75 points or 0.68 per cent, while the BSE Sensex opened at 74,806.49, down by 394.36 points or 0.52 per cent.

Market experts said rising crude oil prices, weakening currency and concerns over inflation are weighing heavily on investor sentiment.

Ajay Bagga, banking and market expert, told ANI, "Indian markets are getting slammed by higher oil prices, a weakening balance of trade and current account deficit metric as well as a sharply depreci...