Benchmark indices fell for the seventh day — their longest losing streak in seven months — ahead of a key rate-setting meeting of the Reserve Bank of India as the selloff in the global markets continued. The central bank is expected to raise the policy rate by 50 basis points (bps).
The benchmark Sensex jumped over 500 points in opening trade following an overnight rebound in the US market. However, the optimism was short-lived as the US dollar’s ascent against global currencies continued. The 30-pack index closed at 56,410, down 188 points, or 0.33 percent, over the previous day’s close and 756 points below its day’s high. In the past seven trading sessions, the index is down 3,310 points, or 5.5 percent amid sustained selling by overseas funds, sparked by the decline in the rupee. Previously, the Sensex had declined for seven straight sessions in February.
Read more