BSE Sensex index fell 135.87 points to 62,732.63, and NSE Nifty-50 index opened lower . Interest rates are set to rise by a much smaller 35 basis point to 6.25 percent by the Reserve Bank of India .
In early trading on Monday, Indian equity benchmarks fell as a result of a drop in crude prices, prompting traders to exercise caution ahead of the RBI's monetary policy announcement, which is set to take place on Wednesday, as the 30-share BSE Sensex index fell 135.87 points to 62,732.63, and the wider NSE Nifty-50 index opened lower, defying a wave of green in other Asian bourses, said Prashanth Taps Interest rates are set to rise by a much smaller 35 basis point to 6.25 percent by the Reserve Bank of India, as investors digested a better-than-expected jobs survey, which cast doubt on the US central bank's ability to moderate rate hikes, and Wall Street stocks dropped on Friday.Though Beijing's drive to make its zero-COVID approach more targeted and less burdensome was praised early on Monday.While the lifting of some restrictions does not mean a radical shift away from the current COVID zero strategy, financial markets seem to be fully focused on the long-term effect of virus cases, according to Taylor Nugent, an economist at NAB.Since posting a three-month high last week, MSCI's broadest index of Asia-Pacific equities outside Japan increased by 0.2 percent.