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Sensex Drops 174 Points; Nifty Ends Below 11,500

Indian shares fell on Wednesday as IT bellwether TCS posted a mixed set of quarterly results and investors awaited Fed chairman Jerome Powell's testimony before Congress for further cues on U.S. monetary policy.

The benchmark S&P BSE Sensex ended down 173.78 points or 0.45 percent at 38,557.04, while the broader NSE Nifty index dropped 57 points or 0.49 percent to 11,498.90.

Shares of Tata Consultancy Services declined 1.3 percent. The IT bellwether beat estimates on earnings in rupee terms but missed analyst expectations on revenues and operating income, primarily due to slowdown in the banking and financial services (BFSI) segment.

Tata Motors' shares hit a five-month low before ending the session down 2.5 percent at Rs. 151.90 as industry body SIAM reported a decline in sales of all vehicle categories in June.

BPCL, Tata Steel, Bajaj FinServ, Indiabulls Housing Finance and Bajaj Finance fell 3-5 percent while ICICI Bank, Sun Pharma, Coal India and Yes Bank climbed 1-2 percent.

InterGlobe Aviation plunged 11 percent as the clash between the two founders took a serious turn for the worse, with Rakesh Gangwal complaining to SEBI about questionable corporate governance practices.

Manpasand Beverages gave up 4.9 percent as Mehra Goel & Co, the statutory auditor to the company resigned.

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