The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,542 level, a discount of nearly 141 points from the Nifty futures’ previous close.

The benchmark 10-year bond was quoted at 100.50 rupees, with the yield little changed at 6.7169% as traders watch for a weekly auction as well as domestic GDP growth data. The one-year overnight index swap rate was down 2 basis points at 6.25%, while the five-year swap rate dropped 2 bps to 6.00%.

IT and financial stocks, where foreign investors hold significant stakes, accounted for half of Nifty 50’s losses.