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Sensex, Nifty Plunge Over 2% As Financials Resume Declines

Indian shares plunged on Thursday in line with global markets as investors fretted about the impact of the U.S.-China trade war and rising interest rates.

The benchmark BSE Sensex was down 832 points or 2.39 percent at 33,928 after hitting as low as 33,724 earlier in the day. The broader Nifty index was down 264 points or 2.52 percent at 10,196 after rallying 1.5 percent the previous day.

Financials paced the declines, with SBI, Bajaj Finance, Bajaj Finserv and Indiabulls Housing Finance losing 5-9 percent.

Tata Steel and Hindalco lost around 4 percent as base metals prices fell sharply in Shanghai and London.

Software giant TCS tumbled 2.5 percent ahead of its September quarter earnings results, due today.

Zee Entertainment was little changed despite its Q2 profit falling 38 percent from last year.

HPCL rallied 1.5 percent as oil prices extended big losses from the previous session on concerns that global oil demand will decline in the near term.

Jet Airways rose 2 percent, InterGlobe Aviation jumped more than 4 percent and SpiceJet advanced 2.8 percent after the government cut excise duty on aviation turbine fuel to 11 percent from 14 percent.

Cochin Shipyard climbed 3 percent on share buyback news.

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