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Sensex, Nifty extend losses after a subdued start; RCom shares tank 48%

Sensex, Nifty extend losses after a subdued start; RCom shares tank 48%

Sensex, Nifty extend losses after a subdued start; RCom shares tank 48%
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By Ajay Vaishnav  Feb 4, 2019 10:17:51 AM IST (Published)

Indian shares started Monday's trade on a tepid note, underperforming its Asian peers, as focus shifted to fiscal worries and competitive populism in the aftermath of the Friday's interim Budget 2019.

Indian shares started Monday's trade on a tepid note, underperforming its Asian peers, as focus shifted to fiscal worries and competitive populism in the aftermath of the Friday's interim Budget 2019.

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At 9.55 am, the BSE index declined by 150 points, or 0.41 percent, to 36,319. The NSE index dipped 42 points, or 0.39 percent, to 10,851. Benchmark indices started lower and extended losses with the Sensex slipping 13 points to 36,456 in initial trade, while the NSE index was down by 45 points, or 0.41 percent, to 10,848.70.
Broader markets underperformed with the Nifty MidCap down by 0.56 percent and the BSE MidCap was lower by 0.48 percent. Among the sectoral indexes, BSE Telecom was the weakest among 37 declining indices. The telecom gauge fell 2.5 percent. Nifty PSU Banks, Media and BSE Auto and Power were other major falling sectors, slipping between 1 and 2 percent.
Only 6 sectors advanced led by BSE Consumer Durables, which surged 1.65 percent. Nifty Energy and BSE IT were other major surging sectors.
Reliance Communications shares tanked 48 percent as the company moved to National Company Law Tribunal for debt resolution, while Zee Entertainment further declined by over 6 percent.
Hero Moto shares also slipped 2.4 percent as January's total sales fall 9 percent on year basis.
Other major losers were Yes Bank, which fell more than 4 percent, HPCL and Adani Ports, falling between 2 and 3 percent.
Among the gainers, Titan shares advanced 2.5 percent after strong third quarter results due to robust jewelry sales.
ONGC, HDFC Bank, Tata Consultancy Services and HCL Technologies were other gainers, rising by up to 0.5 percent.
The rupee opened 29 paise lower against the greenback on Monday, as a stronger US dollar and concerns related to fiscal slippage weighed on the sentiment.
In Asia, Japan's Nikkei rose 0.44 percent, while Hong Kong's Hang Seng was flat. South Korea's Kospi and the mainland China's Shanghai Composite Index were closed due to holidays.
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