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Sensex, Nifty End Lower For Third Day Ahead Of OPEC Meeting

Indian shares fell for the third straight session on Thursday as traders reduced their long positions ahead of a key OPEC meeting later in the day and state election results due next week.

Weak global cues also weighed on local markets. Stock markets across Asia and Europe fell, and U.S. equity futures also tanked as the arrest of Huawei Technologies Co.'s chief financial officer in Canada over potential violations of U.S. sanctions on Iran sparked worries that trade tensions between the U.S and China will not be resolved anytime soon.

The benchmark 30-share BSE Sensex ended the session down 572.28 points or 1.59 percent at 35.312.13 while the broader Nifty index tumbled 181.75 points or 1.69 percent to finish at 10,601.15. Both the indices recorded their lowest closing levels in two weeks.

Yes Bank, Adani Ports, Reliance Industries, HCL Tech, Grasim, Tata Motors, Tech Mahindra, Bajaj Finserv, Maruti Suzuki and Indiabulls Housing Finance lost 3-6 percent.

Oil prices fell around 3 percent in European trade after Saudi Arabia's energy minister said that a cut of 1 million barrels per day would be enough for OPEC and its allied oil producers.

There were indications that the influential oil cartel would curb output by at least 1.3 million barrels per day at today's OPEC meeting in Vienna.

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