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Sensex, Nifty Extend Losses; IT Stocks Buck Trend

Indian shares opened slightly lower on Wednesday, tracking weak Asian markets after White House economic adviser Gary Cohn announced his resignation over more aggressive trade policies, raising fears that U.S. President Donald Trump may risk a trade war.

Growing fears over the PNB scam and continued selling pressure from FIIs on expectations of faster than anticipated interest rate hike in the U.S. also weighed on markets.

The benchmark BSE Sensex was down 130 points or 0.39 percent at 33,188 in early trade, extending losses for the sixth straight session. The broader Nifty index was down 45 points or 0.44 percent at 10,203.

SBI, Hindalco, Adani Ports, Indiabulls Housing Finance and ICICI Bank fell 1-3 percent in the Nifty pack, while IT stocks such as TCS, Tech Mahindra, Wipro and HCL Technologies were up 1-2 percent.

UltraTech Cement was little changed after the RBI increased the foreign investment limit in the company to 40 percent.

Telecom major Bharti Airtel edged up marginally after it acquired India leg of Gulf Bridge International submarine cable.

by RTTNews Staff Writer

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