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Sensex, Nifty Give Up Early Gains

Indian shares were moving in a narrow range on Wednesday after witnessing a bloodbath for two days in a row.

Sovereign bond yields continued to climb and the rupee extended its freefall to hit another historic low of 72.86 a dollar on expectations that the RBI may raise interest rates sooner rather than later.

The benchmark BSE Sensex was up 38 points or 0.10 percent at 37,451 in early trade, while the broader Nifty index was down 5 points at 11,282, giving up earlier gains.

State-run oil companies BPCL, IOC and HPCL dropped 1-2 percent after oil prices jumped over 2 percent overnight on concerns over Iranian sanctions and expectations of slower growth in U.S. crude oil production.

Suzlon Energy rose 0.7 percent after signing a joint venture deal with CLP Wind Farms.

Reliance Capital tumbled 3 percent after posting a consolidated net profit of Rs 272 crore for the April-June quarter.

Shares of Tata Motors fell 2.5 percent. Its JLR unit has issued a warning of massive losses if Britain was to leave the European Union without a Brexit deal.

InterGlobe Aviation shed 1.5 percent on reports that low-cost carrier Indigo has grounded another Airbus A320 neo aircraft due to Pratt and Whitney (P&W) engine problem.

by RTTNews Staff Writer

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