The S&P BSE Sensex declined 0.6 percent, the most in two weeks, to 35,907.31 as of 9:53 a.m. in Mumbai, while the NSE Nifty 50 Index slipped 0.7 percent. Markets across Asia tumbled following the biggest slide on Wall Street since mid-October.
India stocks fell ahead of the central bank’s monetary policy review later today. Investors will be looking for comments on the economic outlook as the nation gears up for elections.
After raising interest rates twice this year, the RBI will probably keep its repurchase rate unchanged at 6.5 percent, according to economists surveyed. Investors will be looking for signals that policy makers may boost liquidity after lenders were forced to raise rates.
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They will also monitor revisions in the inflation outlook amid a drop in the price of crude oil, India’s biggest import, and the pace of economic growth before the outcome of state elections and a national poll next year.
✅ Tata Motors Ltd. was the worst performer on the main gauge, sliding 1.9 percent. The automaker’s long-term rating was downgraded by S&P Global Ratings yesterday.
✅ Seventeen of the 19 sector sub-gauges compiled by BSE Ltd. slipped, led by the S&P BSE Metal Index’s 1.5 percent loss.
✅ ITC Ltd. and Infosys Ltd. were the biggest drags on the Sensex.