The Nifty 50 fell to its lowest level since early April on Tuesday as higher crude prices, global bond yields and a weaker rupee sharpened concerns over inflation and interest rates. Brent crude rose above $108 a barrel in intraday trading, while the US 10-year Treasury yield breached 5 per cent. India’s 10-year government bond yield climbed to 7.09 per cent before easing to 7.07 per cent.

The Indian crude basket rose to $128.70 a barrel, adding to concerns over the import bill. The rupee fell 0.42 per cent to 95.96 against the dollar, extending its losing streak to five sessions, although RBI dollar sales through state-run banks helped contain the decline.