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Sensex, Nifty Open Lower On Mixed Global Cues

Indian shares opened slightly lower on Wednesday, with mixed global cues and caution ahead of key macro data keeping investors cautious.

The benchmark 30-share BSE Sensex dropped 150 points or 0.38 percent to 39,799 while the broader Nifty index was down 37 points or 0.31 percent at 11,929.

Indiabulls Housing Finance fell over 5 percent to extend losses from the previous session on allegations its chairman and directors have siphoned off money worth thousands of crores.

Bajaj Finance, Bajaj Auto and Infratel dropped over 1 percent while JSW Steel, Sun Pharma, Vedanta and GAIL rose 1-2 percent.

Shares of Yes Bank declined 2.3 percent as Moody's Investors Service placed the bank's Ba1 foreign currency issuer rating under review for a downgrade.

Jet Airways dropped 1.3 percent. The pilots union of the airline will file a plea at the National Company Law Tribunal (NCLT) for non-payment of salaries.

Tata Motors and Maruti Suzuki eased around half a percent. Industry data showed that passenger vehicle sales in India posted the steepest drop in nearly 18 years in May.

Banks were moving lower after the Reserve Bank of India (RBI) said it would infuse Rs. 15,000 crore into the financial system through bond purchases on Thursday.

Tata Steel advanced 1.7 percent. The European Commission formally announced its decision to prohibit the proposed European steel joint venture between Tata Steel and Thyssenkrupp AG.

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