Mumbai: Two of India's leading indices fell nearly 0.5% on Monday to extend losses for a seventh straight session. The recent selloff mirrors the weak trend in global equities after a series of US economic data - including Friday's consumer price inflation, which is the Federal Reserve's most preferred inflation gauge - compounded fears the Federal Reserve will keep policy rates elevated for longer than the market had priced in.The Sensex briefly slipped below 59,000 and the Nifty breached its 200-day moving average (DMA) of 17,376.38, a key technical indicator, led by declines in technology, automobile and metals stocks. The Sensex closed at 59,288.35, down 175.58 points, or 0.30%.The Nifty declined 73.10 points, or 0.42%, to close at 17,392.70.In the past seven sessions, benchmark indices have retreated about 3.5%. "India's equity market is expensive versus the global peers and the premium valuations have prompted foreign funds to liquidate their positions in expensive markets like India and buy into cheaper markets such as China," said Nilesh Shah, managing director, Kotak Mahindra AMC.Shah advised traders holding leveraged positions to cut their bets and overweight equity portfolio to book profits, and keep their powder dry for investment opportunities when India's third-quarter earnings, excluding the banking and financial space, have been below expectations.Adani Group companies extended their losing run Monday with nine of 10 stocks ending lower. Flagship entity Adani Enterprises tumbled 9.2%, Ambuja Cements dropped 4.5% and ACC declined 2%. Adani Power Adani Wilmar and NDTV fell 5% - the lower circuit barrier. Adani Ports was the sole gainer in the pack with the stock advancing 0.6%.On Monday, FPIs sold to the tune of ₹2,022.52 crore while their domestic counterparts bought shares worth ₹2,231.66 crore, according to provisional stock exchange data. Benchmark indices trade around 21-22 times their price-to-earnings ratio compared with Dow Jones' 17 times and 14-15 times earnings of most European indices.On Friday, benchmark US indices ended weak and posted their biggest weekly decline for calendar 2023 after the US consumer expenditure price index data for January rose higher than expected. Asian markets traded weak but European markets opened sharply higher and were up 0.7-1.8%.On Monday, the US markets also opened higher and looked to recover losses after logging its worst week of 2023. Dow Jones was up 0.2% while Nasdaq jumped nearly 1%. The broader S&P 500 was up nearly 0.5% at press time.In the past eight sessions, the Dow Jones has fallen over 4% while the Nasdaq Composite comprising tech stocks has retreated 5.6%.The Nifty IT index has also lost over 5%, while the Bank Nifty has lost 4% from its recent high of 41,979. "The trajectory of our markets will depend on the mood in global markets," said Hemang Jani, head, equity strategy, broking and distribution, Motilal Oswal Financial Services . "The data points in the US are not very encouraging at the moment and we anticipate interest rates in the US to remain elevated in the near term."