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Market extends losses in choppy trade; rupee weakens to record low against dollar

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BSE Sensex was down by nearly 84 points, at 38,074, while the NSE Nifty 50 traded at 11,486, slipping lower by 34 points.

Market extends losses in choppy trade; rupee weakens to record low against dollar
Indian market traded volatile on Wednesday, extending losses as the Indian rupee hit fresh record low against the dollar.
Stocks opened mildly positive on Wednesday amid some recovery in rupee and fresh buying by foreign investors but overall global cues remained weak due to lingering trade war concerns and emerging market currencies turmoil.
At 11.45 am, the BSE Sensex was down by nearly 84 points, at 38,074, while the NSE Nifty 50 traded at 11,486, slipping lower by 34 points.
The 30-share S&P BSE index has ranged between a high and a low of 38,250 and 38,031 respectively. The broader 50-share NSE index has traded in a range between 11,542 and 11,475.
Top laggards included Coal India, Indiabulls Housing Finance, UltraTech Cement, Bharti Infratel, Hindustan Unilever, IOC, HPCL, Bajaj Finance, IndusInd Bank, ONGC, Vedanta, Bharti Airtel and Axis Bank, dipping by up to 2.34 percent.
Major gainers were ITC, Tech Mahindra, UPL, Yes Bank, Wipro, Sun Pharma, Bajaj Auto, rising by up to 1.26 percent.
Only 3 out of 19 sectoral indices on the BSE traded positive with maximum pressure seen in realty, consumer durables, capital goods, telecom and industrials.
On the NSE, pharma and IT indices bucked the trend, trading in the green, but were off the day's high.
Meanwhile, the rupee touched an intra-day record low of 71.75 against the dollar. The home currency had opened at 71.40 against the greenback, showing signs of recovery in early trade. At 12 pm, it was around 71.71 against the dollar.
Asian markets were under pressure with Hong Kong's Hang Seng slipping lower by 1.76 percent, while Japan's Nikkei fell 0.26 percent.
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