Share markets in India ended the day on a weak note amid a drop in crude prices. At the closing bell, the BSE Sensex closed lower by 267 points. While, the NSE Nifty finished lower by 75 points. The S&P BSE Midcap finished down by 1.1% while the S&P BSE Small Cap Index ended down by 0.8%.

Among BSE sectoral indices, metal stocks fell the most by 2.5%, followed by oil & gas sector and Infrastructure sector.

Asian stock markets finished mixed as the fresh falls in commodities raised concerns about the health of the global economy. The Nikkei 225 gained 0.70%, while the Hang Seng and the Shanghai Composite ended lower. They fell 0.84% and 0.78% respectively. While, European markets are mixed. The FTSE 100 is higher by 0.11%, while the DAX is leading the CAC 40 lower. They are down 0.36% and 0.14% respectively.

The rupee was trading at Rs 64.31 against the US$ in the afternoon session. Oil prices were trading at US$ 45.66 at the time of writing.

Bank stocks dipped with Nifty Bank index falling 1.7% after the government notified the ordinance that seeks to tackle non-performing loans in the sector. Bank of India share price, Allahabad Bank share price, Bank of Baroda share price and Andhra Bank share price slipped anywhere between 4-5%.

Automobile stocks finished the day in red with only Escorts and Maharashtra Scooters witnessing buying interest. Tata Motors share price plunged as much as 3.8% to hit its lowest level since 30 May 2016. The scrip declined after Tata Motors' UK subsidiary Jaguar Land Rover (JLR), reported a drop in sales in the month of April 2017.

The UK's leading manufacturer of premium luxury vehicles reported April retail sales of 40,385, down 2.3% as against in April 2016. The company sold 219,891 vehicles in the first four months of 2017, up 9.9% compared to the same period a year ago.