The key equity benchmarks extended their losing streak for the sixth consecutive session on Monday, as concerns over FIIs outflows and global geopolitical tensions weighed on investor sentiment. The broader market took a significant beating, with midcap and smallcap indices underperforming sharply. The Q2 earnings season is also approaching, with IT majors set to report results this week. Meanwhile, the RBI’s monetary policy meeting began today, further dampening investor sentiment. The Nifty closed below the 24,800 level after hitting the days high of 25,143 in early trade. IT shares bucked the broader sell off. PSU banks, energy and metal shares tumbled.
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