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Sensex, Nifty Give Up Initial Gains

Indian shares were little changed on Wednesday, giving up earlier gains after factory output and retail inflation data painted a positive picture of the economy.

Bond prices and rupee gained after consumer inflation figures for January came in lower than expected, easing pressure on the MPC to hike rates.

Another report showed that industrial output expanded 7.1 percent year-on-year in December, beating forecasts for 6 percent growth. Nonetheless, this was slower than the revised 8.8 percent growth registered in November.

IOB declined 1.6 percent as its Q3 net loss widened amid increased bad loan provisions.

Sun Pharmaceuticals tumbled 2.2 percent ahead of its quarterly results due today.

NHPC lost 1.8 percent after unveiling its Q3 earnings results.

Britannia Industries was marginally lower despite reporting a 20 percent rise in quarterly profit.

Telecom major Idea Cellular rallied 2 percent after raising Rs 3,250 cr through a preferential allotment.

Lender Bank of Baroda rose half a percent on news that it would exit South Africa by March-end.

Realty firm DLF was little changed despite posting 42-fold jump in Q3 profit due to a one-time gain.

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