BENGALURU, June 20 Reuters India39;s Nifty 50 and Sensex stock indexes declined on Tuesday, led by a slide in highweightage financials as caution prevailed across global equities a day ahead of U.S. Federal Reserve Chair Jerome Powell39;s congressional testimony.

The bluechip Nifty index fell 0.24 to 18,711 as of 1005 a.m. IST, while the benchmark SP BSE Sensex lost 0.32 to 62,963.33.

Eight of the 13 major sectoral indexes declined with financials losing 0.5.

Broader indexes outperformed their larger peers with the midcaps little changed and smallcaps gaining 0.2.

Multiple factors such as mounting Chinese growth fears, anxiety ahead of Powell39;s testimony and delayed monsoon have spurred caution, said Prashanth Tapse, senior vice president research at Mehta Equities.

Asian markets fell on worries that China39;s latest rate cut was not enough to boost economic growth. Wall Street equities were closed on Monday for a federal holiday.

Powell is scheduled to deliver congressional testimonies on monetary policy on Wednesday and Thursday. Traders are pricing in a nearly 75 chance of a 25basis points rate hike by the Fed at its July meeting, after a pause in June. FEDWATCH

Among individual stocks, IIFL Securities lost 15 after India39;s market regulator banned its stockbroking unit from onboarding any new client for two years, citing alleged misuse of client funds.

Hero MotoCorp lost over 1 and was among the top Nifty 50 losers. The twowheeler maker39;s shares have…