BENGALURU, Dec 7 Reuters India39;s benchmark indexes fell on Thursday, dragged by financials in a consolidation of sorts after rising for seven consecutive sessions and hitting fresh record highs.

The NSE Nifty 50 index shed 0.30 to 20,875.50 points, while the SP BSE Sensex was down 0.35 to 69,408.07 as of 1012 a.m. IST.

We cannot ignore the possibility of some consolidation now, after the recent rally, said Ajit Mishra, senior vice president of technical research at Religare Broking.

The Nifty 50 rose 5.77 in the last seven sessions and hit record high levels. The index was at its most overbought level in more than two years at market close on Wednesday.

Indexes linked to the high weightage financial stocks such as financials, banks, public sector banks and private banks lost between 0.5 and 0.75.

Analysts expect consolidation around the 21,000 levels, ahead of the Reserve Bank of India39;s RBI monetary policy decision on Friday. The central bank is expected to hold rates at 6.50 for a fifth consecutive meeting, according to a Reuters poll.

Paytm tumbled 16 on the company39;s plan to curtail lowvalue personal loans after RBI tightened consumer lending rules.

Oil marketing companies such as Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian oil Corporation gained between 0.2 and 1 following the crash in oil prices .

Oil fell to a sixmonth low of 74.11 per barrel on Wednesday, with high U.S. crude output and gasoline inventories also adding…