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Sensex Down 227 Points In Early Trade; Nifty Drifts Below 11,800

Indian shares fell on Monday as oil prices rose and caution prevailed ahead of a closely-watched Federal Reserve meeting.

The benchmark BSE Sensex was down 227 points or 0.57 percent at 39,225 in early trade while the broader Nifty index was down 65 points or 0.55 percent at 11,758.

Lupin declined 1.8 percent after recalling more than 18000 bottles of an antibiotic drug in the American market.

BPCL, HPCL and IOC dropped 1-2 percent amid rising oil prices after U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East.

Bank of India edged up 0.3 percent and Indian Bank advanced 1.3 percent on reports that the government is considering allotting about Rs 30,000 crore to public sector banks in the upcoming Budget.

Punjab National Bank edged up slightly after it put on sale six non-performing loans amounting to over Rs. 1,000 crore.

BHEL added 0.6 percent on bagging two orders worth Rs. 800 crore.

NDTV lost 2 percent after its promoters have been banned from management posts in the company for two years.

Corporation Bank and South Indian Bank were slightly higher on fund raising reports.

Jaypee Infratech rallied 3 percent head of creditors' meet on June 20 to decide future course of action.

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