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Sensex Ends Over 400 Points Lower; Nifty Dips Below 10,250

Indian shares fell sharply on Tuesday to extend losses for the fifth straight session, with banking stocks coming under heavy selling pressure once again, after the CBI detained the vice president of Gitanjali Group of Companies and the Serious Fraud Investigation Office (SFIO) summoned ICICI Bank chief Chanda Kochhar and Axis Bank's Shikha Sharma in relation to the multi-crore Punjab National Bank (PNB) fraud case.

The benchmark BSE Sensex closed lower by 429.58 points or 1.27 percent at 33,317.20, while the broader Nifty index ended down 109.60 points or 1.06 percent at 10,249.25.

PNB shares fell 2.3 percent while HDFC Bank, Kotak Bank, Axis Bank, Bank of Baroda, ICICI Bank and SBI lost 1-3 percent. Shares of Gitanjali Gems fell nearly 5 percent.

Sun Pharma dropped 3 percent despite the company saying that the three observations issued by the U.S. FDA to its Halol plant are minor in nature.

Metal stocks such as JSW Steel and Tata Steel ended about 1 percent higher after U.S. House of Representatives Speaker Paul Ryan urged President Donald Trump to rethink the planned tariffs on steel and aluminum.

Globally, Asian and European markets rose today amid receding worries about a trade war as Trump faced mounting pressure from political allies to reconsider his decision to impose tariffs on steel and aluminum imports.

by RTTNews Staff Writer

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