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Sensex, Nifty Fall For Eighth Day

Indian shares succumbed to selling pressure for the eighth day running on Friday after the U.S. hiked duties on $200 billion worth of Chinese products, in a new escalation of tensions.

Concerns over high oil prices and uncertainty ahead of the outcome of general elections also weighed on markets.

The benchmark BSE Sensex ended down 95.92 points or 0.26 percent at 37,462.99, taking the overall loss in the past eight sessions to nearly 4 percent. The broader Nifty index ended the day down 22.90 points or 0.20 percent at 11,278.90.

IOC, IndusInd Bank, Yes Bank, HCL Technologies and Tata Steel fell 2-6 percent while Indiabulls Housing Finance, Bharti Airtel, Titan, SBI and Zee Entertainment Enterprises climbed 2-4 percent.

State Bank of India rallied 2.5 percent after it reported a net profit of Rs. 838.40 crore for the March quarter on improved asset quality.

Tata Steel slumped 6.2 percent after German industrial conglomerate Thyssenkrupp said it had abandoned plans to merge its steel business in Europe with the Tata group.

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