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Sensex Down Over 400 Points In Early Trade; Nifty Dips Below 11,700

Indian shares opened lower on Monday, tracking weak global markets as strong U.S. jobs data dented hopes for a near-term interest rate cut by the Federal Reserve.

Investors were also disappointed by a lack of proposals in the Union Budget to stimulate a sagging economy.

The benchmark S&P BSE Sensex was down 408 points or 1.03 percent at 39,104 in early trade while the broader Nifty index was down 114 points or 0.97 percent at 11,697.

Punjab National Bank plunged 5.7 percent after detecting a borrowing fraud of Rs 38.05 billion ($556 million) in Bhushan Power.

Maruti Suzuki India lost nearly 3 percent on cutting production for the fifth month in a row in June.

GAIL, Bajaj Auto, Larsen & Toubro and Hero Moto Corp fell 2-3 percent while Yes Bank soared as much as 5.4 percent after hitting over five-year low last week.

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