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Market close shaprly lower tracking subdued Asia; HDFC twins, L&T, RIL drag indexes

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The Indian equity market extended losses after a choppy start on Thursday.

Market close shaprly lower tracking subdued Asia; HDFC twins, L&T, RIL drag indexes
Indian shares declined sharply with sustained selling across sectors as slowdown concerns across Asia markets overwhelmed investor sentiments. The Sensex plunged over 377 points, or 1.05 percent, 35,513 at close, while the Nifty fell below 10,700, slipping more than 120 points, or 1.11 percent, to 10,672.
The Nifty MidCap index settled at 17,530, dipping 0.83 percent, outperforming its frontline peers. The Bank Nifty fell 0.79 percent with HDFC Bank being the top loser. All sectoral indices end in the red with Nifty Metal and Nifty Media falling the most.
Eicher Motors continued its downtrend, being the top loser on the Nifty.  HDFC, HDFC Bank, Reliance Industries, Tata Consultancy Services, L&T and M&M were among top drag on indexes, while Hindustan Unilever provided very mild support to the bulls.
Market extends losses tracking subdued Asia; HDFC twins, L&T, RIL drag indexes
The Indian equity market extended losses after a choppy start on Thursday, tracking subdued Asian markets overwhelmed by fears of slowdown.
Investors were also cautious ahead of the beginning of third quarter corporate earnings seasons next week and the volatility in the rupee as oil prices gained. Poor auto sales in December indicated falling demand and impacted the sector and associated sectors.
The Sensex dipped 185 points or 0.52 percent, to trade at 35,706 at 12.15 pm, while the Nifty declined by over 67 points or 0.62 percent, to 10,725. HDFC twins, L&T, Reliance Industries Ltd, ITC, Axis Bank, ONGC, TCS, M&M, and IndusInd Bank shares weighed on indices, while Hindustan Unilever and HCL Technologies provided some support.
The selling in broader markets was less intense with the Nifty MidCap trading lower by 0.24 percent. The BSE MidCap was lower by 0.46 percent. Among sectoral indexes, only 5 advanced led by BSE Realty, which was marginally up by 0.28 percent. The Nifty Media was leading the 38 declining sectors, slipping by 1.30 percent. The BSE Oil & Gas and Nifty Metal were other major losers.
Among index gainers, Bharti Infratel, HCL Technologies, Sun Pharma, Asian Paints, Maruti Suzuki and Hindustan Unilever surged by up to 1.74 percent.
Eicher Motors, ONGC, IOC, HPCL, Indiabulls Housing Finance, HDFC, M&M, L&T and Axis Bank dipped by up to 3.83 percent.
The rupee traded at 70.43 against the US dollar after opening at 70.29. The home currency had settled at 70.17 on Wednesday amid a sharp sell-off in equities.
In Asia, poor manufacturing output data from China raised fears of slowdown with markets reacting negatively. Hong Kong's Hang Seng index slipped further by 0.57 percent at 12.25 pm IST, while South Korea's Kospi plunged 0.81 percent. Shanghai Composite Index was marginally lower by 0.19 percent.
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