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Sensex Drops 120 Points After Late Selloff; Nifty Ends At 10,794

Indian shares ended lower on Wednesday to extend losses for the fifth consecutive session, as a big jump in oil prices and sustained selling by domestic institutional investors (DIIs) and foreign institutional investors overshadowed upbeat readings on inflation and industrial production.

The benchmark 30-share BSE Sensex ended the session down 119.51 points or 0.33 percent at 36,034.11, while the broader Nifty index dropped 37.75 points or 0.35 percent to 10,793.65.

Oil marketing companies BPCL, HPCL and IOC tumbled 3-4 percent as oil extended overnight gains, drawing support from deepening OPEC supply cuts and comments from Saudi Arabia that it would reduce its output in March by an additional 500,000 barrel.

Asian Paints, Infratel, Power Grid Corp, GAIL, ONGC, SBI and Eicher Motors fell 2-5 percent in the Nifty pack, while Tata Motors, UPL, Indiabulls Housing Finance and Adani Ports rallied 2-5 percent.

Globally, Asian stocks ended mostly higher amid optimism about U.S.-China trade talks after U.S. President Donald Trump gave hints at extending a March 2 deadline for proposed American tariffs on China.

Sentiment was also boosted after U.S. lawmakers reached an agreement to avoid another partial federal government shutdown.

European markets were moving higher in early trade, extending gains for the third straight session.

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