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Sensex, Nifty Open Lower After Last Week's Strong Rally

Indian shares opened slightly lower on Monday, mirroring weak cues from other Asian markets after White House economic adviser Larry Kudlow downplayed the potential for a quick trade deal between the U.S. and China.

The benchmark BSE Sensex was down 50 points or 0.14 percent at 34,962 in early trade after rising as much as 5 percent last week to halt its two-week losing streak.

The broader Nifty index was down 18 points or 0.18 percent at 10,534, with state-run oil refiners BPCL, HPCL and IOC down 2-4 percent.

The rupee opened lower by 35 paise at 72.80 per dollar after surging by 100 paise to close at 72.45 against the dollar on Friday, marking its biggest single-day gain in over five years.

Power firm Adani Transmission climbed 2.2 percent after it signed a pact to buy entire stake in KEC International's transmission firm for Rs. 277 crore.

Bharti Airtel and Vodafone Idea rallied 1-2 percent after the release of TRAI's September data.

PSU banks SBI, Indian Bank, Bank of Baroda and Union Bank of India rose between half a percent and 1.3 percent after reports that the government will finalize the second round of capital infusion for public sector banks this month.

ONGC gained 1.6 percent on reporting a 61 percent jump in Q2 net profit.

Reliance Communications edged up slightly after it posted a sharp rise in its quarterly profit on the back of a one-time exceptional gain.

Punjab National Bank dropped 1.5 percent as it posted a loss of Rs 4,532.35 crore for the September quarter on account of rising bad loans.

Axis Bank advanced 1.7 percent after its quarterly profit surged 83 percent amid improvement in credit quality.

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