Indian stocks declined, with the benchmark index ending four days of gain, as global equities fell amid concerns of more US stimulus cuts and after data showed Chinese manufacturing shrank in February.
The S&P BSE Sensex tumbled 0.9 per cent to 20,536.64 at the close, halting a four-day, 2.6 per cent advance. The MSCI Asia Pacific Index declined from a one-month high after a Chinese manufacturing gauge fell to a seven-month low and the US Federal Reserve signaled cuts in stimulus will likely continue.
"A decline was very much on the cards" after the recent rally,
The Sensex trades at 13.2 times estimated 12-month profits, compared with the average multiple of 14.4 over the past five years. The MSCI Emerging Markets Index trades at 10.1 times.
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