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Sensex Drops 239 Points; Nifty Ends Below 10,700

Indian shares ended lower on Thursday after BJP's Yeddyurappa has been given 15 days to prove the party has a legislative majority in Karnataka. Rising oil prices, concerns about a weakening rupee and mixed cues from other Asian markets also kept investors nervous.

The benchmark BSE Sensex ended the session down 238.76 points or 0.67 percent at 35,149.12, while the broader Nifty index dropped 58.40 points or 0.54 percent to 10,682.70.

HDFC, Axis Bank, ITC, UPL and Hindalco fell 2-3 percent in the Nifty pack, while Bajaj Finance soared as much as 7.7 percent on robust Q4 results.

Group firm Bajaj Finserv rallied 4.5 percent, while Infratel, Sun Pharma and Coal India climbed 2-3 percent.

Hindalco Industries fell over 3 percent after its fourth-quarter profit fell 25 percent from last year. GSFC also lost 6.5 percent on disappointing quarterly results.

Tata Steel declined 1.8 percent despite the company delivering strong quarterly earnings.

Reliance Communications jumped 65.7 percent following reports that the company is in settlement talks with Swedish telecom firm Ericsson to avoid insolvency proceedings.

Globally, other Asian markets ended mixed as investors kept an eye on political developments in Italy and looked ahead to the beginning of trade talks between China and the U.S. later in the day.

European stocks were broadly higher in early trade as commodity prices firmed up and Italy looked set to finally get a collation government.

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