The Sensex declined 1.25% overnight after the Reserve Bank of India kept its benchmark rate steady at 7.25% but said it would "forfeit some monetary policy discretion to address external sector concerns." Translation: Slowing inflation and growth might normally lead to easier policy, but the bank is instead focused on supporting the rupee.
Marketfields' Michael Shaoul notes an Indian small cap index off 27% YTD to a 4-year low is a pretty good gauge of the stress in the domestic economy. An Indian small cap ETF: SCIF -5.3% today.
Not bullish on Indian consumer names, Credit Suisse does take a liking to one with U.S. exposure: Wipro (WIT +1.1%).