The NSE Nifty 50 index was down 0.3% at 15,727.05 0354 GMT, while the BSE index was down 0.4% at 52,638.45.
India’s retail inflation fell to 7.04% in May, after hitting an eight-year high of 7.79% in April, but remained above the central bank’s tolerance band for a fifth consecutive month, which suggests that it will continue to raise rates in August.
Asian stocks fell and the S&P 500 confirmed it was in a bear market on Monday, after Goldman Sachs forecast a 75 basis point interest rate hike at the upcoming Federal Reserve policy meeting on Wednesday. . [MKTS/GLOB]
Financials and banking stocks weighed on sentiment in Indian markets, with the Nifty Finance index down 0.8%.
The Nifty Metals Index rose 0.5%, with Ratnamani Metals and Tubes the biggest gainer at 2.5%.