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Sensex, Nifty Give Up Early Gains

Indian shares gave up early gains to drift lower on Friday amid fresh tensions in the Middle East and concerns over tepid quarterly earnings.

The benchmark S&P BSE Sensex was down 141 points or 0.36 percent at 38,756 after falling around 0.8 percent in the previous session. The broader NSE Nifty index was down 40 points or 0.35 percent at 11,556.

Automakers paced the declines, with Maruti Suzuki, Bajaj Auto and Mahindra & Mahindra losing 1-2 percent. IOC shed 1.5 percent and Yes Bank dropped 1.8 percent.

On the positive side, UltraTech Cement rose over 2 percent after saying it will complete merger of Century Cement by September.

IT stocks such as HCL Technologies and TCS rose around half a percent each.

InterGlobe Aviation rose about 1 percent ahead of a board meet today to discuss differences between the promoters over corporate governance matters.

Sterlite Technologies rallied 3.3 percent on reporting a 17 percent rise in consolidated net profit for the June quarter.

BHEL was little changed despite winning an order worth Rs 750 crore from Bhartiya Rail Bijlee Company Limited.

Reliance Industries edged up slightly after it has completed the acquisition of British toy retailer Hamleys for about Rs 620 crore.

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