Mumbai, Oct. 1 -- The benchmark indices closed lower on Wednesday, with the Sensex declining 570.59 points, or 0.79 per cent, while the Nifty 50 fell 198.50 points, or 0.88 per cent, as elevated crude oil prices and concerns over global economic conditions weighed on investor sentiment.

The Nifty 50 index closed at 22,421.95, down by 198.50 points or 0.88 per cent, while the BSE Sensex closed at 71,909.70, declining 570.59 points or 0.79 per cent.

The market sell-off was largely driven by external factors, with bond yields reaching multi-year highs and crude oil prices remaining elevated, according to Vinod Nair, Head of Research, Geojit Investments Limited.

"Q2 earnings are expected to be softer than Q1, which benefited from the lagge...