BENGALURU: India’s benchmark indexes fell on Thursday after rallying for seven consecutive sessions, as investors took a breather a day before the Reserve Bank of India’s (RBI) monetary policy decision.

The NSE Nifty 50 index shed 0.17% to 20.901.15, while the S&P BSE Sensex declined 0.19% to 69,521.69. Consumer stocks led the fall on the benchmark indexes, down 0.90%.

The Nifty 50 rose 5.77% in the last seven sessions and hit record high levels. The index was at its most overbought level in more than two years at market close on Wednesday.

“While the overall macroeconomic outlook, liquidity, remains favourable for Indian shares, we expect the benchmark Nifty 50 to trade in a narrow range after the recent sharp rally,” said Narendra Solanki, head of fundamental research of investment services at Anand Rathi Shares and Stock Brokers.