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The benchmark BSE index down 0.49 percent and the broader NSE index 0.50 percent lower, as lenders fall on foreign investors selling index futures, mainly comprising the NSE index and NSE Bank index futures, worth 11.70 billion rupees ($193 million) over the previous two sessions.
The benchmark 10-year bond yield up 2 basis points at 8.87 percent as high overnight cash rates raise concerns over liquidity amid the large government spending seen due to the ongoing national elections.
The rupee stronger at 60.52/53 per dollar versus its previous close of 60.6450/6550, on dollar inflows. However, caution prevailed ahead of the outcome of the U.S. Federal Reserve's policy meet late on Wednesday and a clutch of U.S. economic data in the week ahead.
The benchmark five-year swap rate steady at 8.43 percent, while the one-year rate up 1 basis point at 8.62 percent.
India's cash rate at 8.70/8.80 percent versus its previous close of 8.65/8.70 percent and way above the central bank's key lending or the repo rate of 8 percent.
---------------------- Double click on codes in Reuters MIOR/MIBOR NSE MIBID/MIBOR Reuters Corporate Bond Yield/Spread For Reuters Benchmarks (Compiled by Dipika Lalwani)