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Sensex, Nifty End Lower On Global Cues, Karnataka Uncertainty

Indian shares closed Wednesday's session lower amid heightened geopolitical tensions and uncertainty over the composition of the next government in Karnataka.

The rupee bounced back from a 15-month low on RBI intervention, helping limit overall losses to some extent.

The benchmark BSE Sensex ended the session down 156.06 points or 0.44 percent at 35,387.88 while the broader Nifty index dropped 60.75 points or 0.56 percent to 10,741.10.

Punjab National Bank slumped 12 percent after reporting record quarterly loss of Rs 13,417 crore in the March quarter. PSU rivals SBI, Indian Bank, Bank of India, Central Bank of India and Bank of Baroda tumbled 2-6 percent.

Reliance Communications lost 15.7 percent after NCLT allowed Ericsson's insolvency plea against the company.

ITC rallied 1.6 percent after its Q4 profit topped forecasts.

Glenmark Pharmaceuticals jumped 2.4 percent after launching a generic version of asthma drug in Denmark.

Globally, other Asian markets ended broadly lower after U.S. government bond yields surged on expectations for further interest rate hikes from the Federal Reserve and North Korea suspended talks with South Korea scheduled for later in the day, citing the South Korea-US joint military exercises.

This has raised concerns about the planned summit between leader Kim Jong Un and U.S. President Donald Trump in June.

European stocks held mostly steady in early trade as firmer commodity prices and some solid earnings updates offered some support.

by RTTNews Staff Writer

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