MUMBAI: India’s equity benchmarks fell for a third consecutive session on Tuesday as concerns over foreign outflows and the rupee falling to a record low fuelled profit booking.
The Nifty fell 0.55 percent to 26,032.2 and Sensex lost 0.59 percent to 85,138.27. The indexes scaled record highs after 14 months last week, boosted by improving earnings, stable growth, and supportive monetary and fiscal policies. Fifteen of the 16 major sectors declined. The broader small-caps and mid-caps fell 0.6 percent and 0.2 percent, respectively.
Foreign investors have sold India shares for three consecutive days, also pressuring the Indian rupee, which weakened to 90 per US dollar on the inter-bank order matching system after the local spot market closed.
“We expect market to remain range bound due to lack of major triggers in the near term, while the wait for India-US trade deal continues to get longer,” said Dharmesh Kant, head of equity research at Cholamandalam Securities.
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