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Sensex, Nifty Extend Losses

The Indian stock market is notably lower Monday morning, with investors largely tracking mixed global cues and reacting to quarterly earnings reports.

The mood is quite cautious due to lingering concerns about global economic slowdown. Investors look ahead to the resumption of Sino-U.S. trade talks later this week.

The benchmark BSE Sensex is down 195.27 points or 0.53%, at 36,351.21. The Nifty50 of the National Stock Exchange is declining 71.55 points, or 0.65%, at 10,872.05.

On Friday, the Sensex tumbled 424.61 points, or 1.15%, while the broader Nifty plunged 125.80 points, or 1.14%, to 10,943.60.

Automobile, capital goods and oil stocks are among the prominent losers. Healthcare, FMCG, metal and consumer durables shares are also mostly lower, while a few stocks from information technology, banking and telecom sectors are gaining ground in positive territory.

Indiabulls Housing Finance is declining by about 3.5%. Mahindra & Mahindra, ONGC and GAIL India are down 2.5% to 3%.

Hindustan Petroleum Corporation, Eicher Motors, Indian Oil Corporation and Hindalco are lower by 1.8 to 2%.

Dr Reddy's Laboratories is declining about 2.5% after the company said that its formulations manufacturing plant in Hyderabad received a Form 483 with 11 observations from the USFDA.

Bharat Petroleum Corporation shares are down by about 1.85% after the company reported a 76.9% decline in net profit at Rs 495.14 crore for the quarter ended December 2018, compared to the corresponding quarter in 2017-18.

Tata Steel is gaining 1.7%. The steelmaker reported a 54.33% jump in third quarter consolidated net profit, at Rs 1,753.07 crore, over a net profit of Rs 1,136 crore in the corresponding quarter last year.

Cipla is rising nearly 1.5%. Kotak Bank, Wipro, Infosys, HDFC and HDFC Bank are up 0.5 to 0.8%, while Tata Consultancy Services and Tech Mahindra are up marginally.

In the currency market, the rupee opened at 71.23 against the U.S. dollar, gaining 8 paise from its previous close.

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