 "Indian shares extend losses after central bank's surprise rate hike")
BENGALURU (Reuters) - Indian shares extended losses on Wednesday after the country's central bank announced a surprise increase in key policy rate. The NSE Nifty 50 index was down 1.7% at 16,780 by 0844 GMT, while the S&P BSE Sensex fell 1.6% to 56,058.
India's 10-year benchmark bond yield jumped to 7.41%, while the rupee strengthened against the dollar to 76.27.
The Reserve Bank of India's monetary policy committee raised the key lending rate by 40 basis points, citing persistent inflationary pressures in the economy.
(Reporting by Rama Venkat and Nallur Sethuraman in Bengaluru; Editing by Sriraj Kalluvila)
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