New Delhi, Oct. 7 -- Indian equity markets closed lower on Wednesday as investors turned cautious following the Reserve Bank of India's shift towards calibrated tightening, amid concerns over inflation, while the rupee weakened to a five-month low.

The NIFTY 50 index closed at 22,603.05, declining 173.05 points or 0.76 per cent, while the BSE Sensex closed at 72,638.70, down 429.11 points or 0.59 per cent.

Vikram Kasat, Chief Business Officer - Advisory and Dealing at PL Capital, said Indian equities were witnessing some profit-taking after the sharp rebound of the previous two sessions.

"Indian equities are witnessing some profit-taking after the sharp rebound of the previous two sessions, with the Sensex and Nifty declining amid caut...