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India’s Sensex Drops for Fifth Day on Bihar Vote, Fed Concern

  • Stock market closed for regular trading over next two days
  • Market open on Wednesday for one-hour special Diwali session
Updated on

Indian stocks tumbled, with the benchmark gauge dropping for a fifth day, after Prime Minister Narendra Modi’s party lost state elections in Bihar and concern grew the Federal Reserve could raise interest rates next month.

Reliance Industries Ltd., owner of the world’s largest oil-refining complex, slid the most in 11 weeks. Bharat Heavy Electricals Ltd., the nation’s biggest power-equipment maker, fell to an 18-month low. Dr. Reddy’s Laboratories Ltd. extended losses over a five-day period to 23 percent.