The revoking of the Most Favoured Nation to Pakistan is just the beginning of the pain for Pakistan. After decades of treating its dangerous neighbour with kid gloves, India is waking up to Chanakya's famous aphorism: \"The antidote of poison is poison, not nectar.\"

According to data from the commerce ministry, exports during the month increased to $26.36 billion, compared with $25.41 billion in January 2018.

Industrial production data is scheduled for Tuesday, while WPI inflation number will be released on Thursday

The 30-share index cracked 424.61 points, or 1.15 per cent, to finish at 36,546.48, while the broader NSE Nifty slumped 125.80 points, or 1.14 per cent to 10,943.60. Sudden selling in metal and auto counters led to a sharp drop at the fag end of the session, traders said.

While opinion is divided on a rate cut, most experts predict that the MPC will change its monetary stance from 'calibrated tightening' to neutral.