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Market falls sharply on sustained selling; Sensex sheds 380 points

Market falls sharply on sustained selling; Sensex sheds 380 points
The Indian market extended losses on Friday, after a largely flat start, dragged by sustained selling across most sectors. The Sensex traded at 36,043, down by 388 points, or 1.07 percent at 10.32 am. The Nifty slipped below 10,900, trading at 10,828.90, lower by 123 points, or 1.12 percent.
Broader markets fell in tandem with frontline indexes with the Nifty MidCap and BSE MidCap declining over 1 percent each.
Only Nifty Metal and PSU Banks advanced, while BSE Realty saw the worst fall among 41 declining sectors. The sectoral index dipped 1.73 percent, while BSE Oil & Gas, BSE Consumer Durables, Nifty CPSE, BSE IT were major losing sectors.
Among gainers, only 4 stocks led by Tata Motors advanced. Other gaining shares were Grasim, Tata Steel and UltraTech Cement.
IOC, Bharti Infratel, Maruti Suzuki, UPL and Infosys were among the top losers, falling between 5.65 and 2.44 percent.
The market opened largely flat amid fragile global sentiment exacerbated by US Federal Reserve's stance on monetary policy.
The rupee opened flat at 69.72 per US dollar against its Thursday's close of 69.70. It slipped from the opening level to trade near 70 per dollar mark in initial trade.
In Asia, Japan's Nikkei dipped more than a percent, while Hong Kong's Hang Seng was marginally lower by 0.16 percent.