Mumbai, Aug. 11 -- Indian equity markets closed lower on Tuesday, with the Sensex declining 388.19 points, or 0.49 per cent, to 78,154.25, while the Nifty 50 fell 112.10 points, or 0.46 per cent, to 24,471.70, as a sharp rise in crude oil prices renewed concerns over inflation.

The market remained under pressure as Brent crude oil prices rose by more than 2 per cent to USD 89 per barrel at the time of filing, increasing concerns over higher energy costs.

Vinod Nair, Head of Research, Geojit Investments Limited, said the rise in crude prices shifted investor attention back towards inflation risks and limited the positive impact of supportive corporate earnings.

"A sharp rebound in crude prices shifted market attention back to inflation ...