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Sensex Index Posts Longest String of Losses Since India’s Budget

Bloomberg logoBloomberg 2/17/2020 Ishika Mookerjee
a man standing in front of a tall building: A pedestrian walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power. © Bloomberg A pedestrian walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power.

(Bloomberg) -- India’s stock benchmark fell for a third straight day, as investors mulled the outlook for risky assets in an economy set for its weakest expansion in 11 years.

The S&P BSE Sensex Index fell 0.5% to close at 41,055.69 in Mumbai after rising as much as 0.4%. This was the gauge’s longest losing streak since the government budget announcement on Feb. 1 failed to excite investors. The NSE Nifty 50 Index was down 0.6%.

a group of people standing next to a brick wall: Signage for the Bombay Stock Exchange (BSE) is displayed at the bourse's building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power. © Bloomberg Signage for the Bombay Stock Exchange (BSE) is displayed at the bourse's building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power.

India’s central bank this week starts long-term repo operations to inject $14 billion into the financial system as part of measures aimed at lowering corporate borrowing costs.

Strategist View

Slow domestic growth will be an “overhang” on markets, said Abhimanyu Sofat, head of research at IIFL Securities Ltd. “It will require central bankers to stimulate the economy.”

The Numbers

Sixteen of the 19 sector indexes compiled by BSE Ltd. fell, led by a gauge of oil and gas stocksOil & Natural Gas Corp. dropped the most among Sensex stocks, falling 3.2% after reporting quarterly profit slid by half. Titan Co. gained the most, rising 1.9%

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To contact the reporter on this story: Ishika Mookerjee in Singapore at imookerjee@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Tom Lavell

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