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Sensex Down Over 300 Points In Early Trade; Nifty Dips Below 10,700

Indian shares opened lower on Thursday to extend losses for a third straight session as the arrest of Huawei CFO for possible extradition to the United States raised fears of a fresh flashpoint in tensions between the United States and China.

Investors also awaited cues from a meeting by producer group OPEC in Vienna, Austria, today amid expectations of a production cut.

The benchmark BSE Sensex was down 310 points or 0.86 percent at 35,574 while the broader Nifty index was down 100 points or 0.93 percent at 10,683. The rupee opened down by 33 paise at 70.79 against the dollar.

Jet Airways tumbled 2.6 percent despite reports that Etihad may consider raising its stake in the airline.

Maruti Suzuki India lost 2.2 percent on price hike buzz.

Banks were moving lower after the RBI said it would link retail loans to external benchmarks replacing MCLR. SBI, PNB and ICICI Bank dropped 1-2 percent.

BHEL fell over 1 percent. The state-run power equipment maker said that its share buyback offer worth Rs 1,628 crore would open on December 13.

Novartis India rose over 1 percent after its Vice Chairman and Managing Director Milan Paleja decided to step down from his position.

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