By Karin Strohecker
LONDON, March 4 Wed Mar 4, 2015 5:30am EST
LONDON, March 4 (Reuters) - Emerging stocks were on track for their fourth successive session in the red on Wednesday, shrugging off a record high in Indian shares after a surprise rate cut, while many emerging currencies also registered losses.
India's central bank cut its key repo rate by 25 basis points, citing easing inflation and weakness in parts of the economy. The surprise move lifted shares, sent bonds to 20-month highs and the rupee to a one-month peak - though gains were later pared.
MSCI's overall emerging share index lost 0.55 percent to hit a 10-day low, with stocks markets in Turkey, South Africa and Greece also trading down.
"Developed markets have had a pretty strong run but despite that emerging markets -- particular on the FX side -- are trading pretty poorly, there is no other way of putting it," said UBS strategist Manik Narain.
"The concern we have is in some of these markets the weakness in currencies begins to affect other asset classes."
In South Africa, the rand traded within sight of a three-week low against the dollar as Deputy Central Bank Governor Francois Groepe said economic growth continued to disappoint.
In Turkey, the lira hit a record low of 2.5450 against the greenback, weighed down by concerns about Ankara's pressure on the central bank and a stronger dollar.
In Russia, dollar- and rouble-denominated shares fell following threats by western leaders to inflict more pain on Moscow if there were further violations of the Ukraine ceasefire deal, while data showed the country's service sector contracted at its fastest pace in six years.
Yet the rouble traded 0.2 percent higher against the dollar , finding some support from oil hovering above the $60 per barrel mark despite trading a touch lower.
"We have been surprised by the strength of the rouble," said Narain. "It has been more resilient than expected over the last month."
Elsewhere in eastern Europe, the Polish zloty eased against the euro ahead of a central bank decision later in the morning, widely expected to bring a cut of 25 basis points to counter a long decline in consumer prices.
The Hungarian forint also weakened to a two-week low against the euro, with markets expecting a rate cut from Budapest when policy makers meet on March 24.
Brazilian central bank policy makers are due to publish their interest rate decision at 2200 GMT. Markets expect a 50 bps rise in benchmark interest rates.
For GRAPHIC on emerging market FX performance 2015, see link.reuters.com/jus35t
For GRAPHIC on MSCI emerging index performance 2015, see link.reuters.com/weh36s
For GRAPHIC on MSCI emerging Europe performance 2015, see link.reuters.com/jun28s
For GRAPHIC on MSCI frontier index performance 2015, see link.reuters.com/zyh97s
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see ) (Additional reporting by Marc Jones; Editing by Toby Chopra)
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