The benchmark Sensex gave up initial gains and fell for the sixth straight day, losing 47 points on Tuesday amid increasing expectations of an interest rate hike by the Reserve Bank of India (RBI) to combat inflation.

Rate-sensitive bank and realty stocks were among the five BSE sectoral indices that declined.

The healthcare and consumer durables indices moved up. HDFC Bank and HDFC, along with heavyweight Reliance Industries, dragged the Sensex.The 30-share S&P BSE Sensex opened on a strong note and climbed about 125 points to the day’s high of 20784.03, following firm Asian cues after an overnight rise on Wall Street on the back of upbeat economic data.

However, it fell on profit-booking ahead of the central bank’s policy review meeting on Wednesday. The index closed at 20612.14, losing 47.38 points.

Rupee loses 28 paise

After a brief respite, the rupee slipped below the 62 level against the dollar on Tuesday, falling 28 paise. At the inter-bank foreign exchange market, the rupee opened lower at 61.75 a dollar. It gradually moved to a low of 62.03 before settling at 62.01, a fall of 28 paise. — PTI