The BSE Sensex fell nearly 1% to a three-week closing low on Wednesday, with banks leading the decline as investors braced for a likely interest rate hike at the RBI's policy review on Thursday.
The RBI is expected to raise interest rate by a total of 75 basis points (bps) for the rest of 2011, including a 25 bps increase on Thursday, unchanged from forecasts in a May 3 poll, a Reuters poll found on Tuesday.
The banking sector index declined 1.6%. The 30-share BSE index declined 0.96% or 176.42 points to 18132.24, its lowest close since May 26, with 25 of its components losing ground.
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