MUMBAI: India’s benchmark indexes fell on Monday, led by bank stocks, as elevated US Treasury yields and the prospect of fewer US rate cuts continued to weigh on emerging markets.
The Nifty 50 fell 0.71% to close at 23,644.9, while the BSE Sensex lost 0.57% to settle at 78,248.13. They swung between gains of 0.4% and losses of 0.8% before settling near the day’s low.
Ten of the 13 major sectors fell. High weightage financials lost about 1%, snapping a two-session gaining streak.
HDFC Bank and oil-to-telecom conglomerate Reliance Industries, the heaviest weighted stocks in the benchmark indexes, lost about 1% each, on the day.
The smallcap index shed 0.6%, while the midcap index added 0.4%.
The Federal Reserve has projected a slower pace of rate cuts in 2025, which has boosted US Treasury yields. These two factors have lowered the appeal of emerging market assets.
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