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Sensex Ends Down 80 Points; Nifty Closes At 11,576

Indian shares fell modestly on Tuesday as rising oil prices raised concerns over inflation and fiscal deficit.

Oil prices held near a six-month high after the U.S. said it wouldn't renew Iran oil waivers once they expire.

It is expected that the U.S. decision not to renew waivers previously granted on Iran oil import sanctions would further squeeze supply.

The benchmark 30-share BSE Sensex ended the session down 80.30 points or 0.21 percent at 38,564.88 while the broader Nifty index dropped 18.50 points or 0.16 percent to 11,575.95.

Hero MotoCorp, IndusInd Bank, Tata Steel, Yes Bank and Maruti Suzuki tumbled 2-4 percent in the Nifty pack, while ONGC soared 4.5 percent on expectations that it would benefit from elevated crude prices.

Reliance Industries, Bajaj Finance, Sun Pharma and Zee Entertainment Enterprises climbed 1-3 percent.

Globally, Asian markets closed mostly higher, though Chinese and Hong Kong markets bucked the trend to end lower on concerns that the Chinese government may slow down monetary easing.

After China's GDP expanded at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, investors now have a reason to worry that Beijing will slow the pace of further policy easing.

European stocks started the day on a mixed note, while U.S. stock average futures pointed to a flat opening later in the day as investors await a slew of earnings reports for directional cues.

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