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Sensex, Nifty start lower on tepid global cues, oil shares fall sharply

Sensex, Nifty start lower on tepid global cues, oil shares fall sharply
Indian shares extended losses for the third consecutive session on Friday, mirroring a global sell-off in equities across Asia and US markets overnight. Trade sentiment also remained cautious ahead of the Reserve Bank of India's Monetary Policy Committee meeting outcome later at 2.30 pm.
The BSE Sensex traded 122 points lower, at 35,048 at 9.20 am, after starting at 35,098 in the opening tick. The NSE Nifty50 also dipped more than 83 points to trade at 10,516, after starting at 10,514.
Indices fell further in initial trade with the NSE frontline index slipping below 10,500 points, while the BSE index slumped below the 35,000 mark.
Broader markets and sectoral indices traded in the red, with the Nifty Energy index falling over 5 percent.
The worst fall was seen in the shares of oil marketing companies - HPCL, BPCL, IOC - which crashed as brokerage firms revised ratings on these stocks, a day after the Modi government directed them to share Rs 1 per litre excise duty cut burden. Shares of the three PSU refiners tanked between 20-25 percent, while ONGC slumped 11 percent and Gail dipped 16 percent.
Other major losers were Bajaj Auto, Vedanta, Hindustan Unilever, NTPC, falling by up to 2.8 percent.
Among gainers, Titan, Bharti Infratel, Eicher Motors, Infosys, IndusInd Bank, TCS, Sun Pharma and Tata Motors, rose by up to 3 percent.
Earlier, the Indian rupee opened lower at 73.65 against the US dollar against its Thursday's close of 73.58. The 10-year government bond yield opened at 8.14 percent against the previous close of 8.16 percent.
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