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Sensex, Nifty Tumble On Waning Risk Appetite

Indian shares slumped on Friday, with earnings woes, concerns over rising capital outflows and volatility in oil prices keeping investors nervous.

The Finance Bill for current financial year was passed in the Lok Sabha without any amendments, suggesting that an increase in surcharge for foreign portfolio investors is here to stay.

Growth worries lingered after the Asian Development Bank lowered India's growth forecast for this financial year to 7 percent.

The U.S. Navy has shot down an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, marking an escalation with tensions already running high.

Amid several negative catalysts, the benchmarks Sensex and Nifty registered their worst single day decline since July 8.

The S&P BSE Sensex ended the session down 560.45 points or 1.44 percent at 38,337.01 while the broader NSE Nifty index dropped 177.65 points or 1.53 percent to 11,419.25. Markets rose in early trade before giving up all gains to end near their day's lows.

IndusInd Bank, Eicher Motors, Bajaj FinServ, Bajaj Finance and Mahindra & Mahindra all fell around 4 percent while Titan rose 1 percent and NTPC added 2.2 percent.

Reliance Industries ended 0.7 percent lower on expectations it will report a muted first-quarter performance when it unveils its quarterly results later in the day.

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