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Sensex Down 284 Points In Early Trade; Nifty Dips Below 11,350

Indian shares fell notably on Monday, with weak global cues and concerns over rising foreign fund outflows weighing on markets.

The benchmark S&P BSE Sensex was down 284 points or 0.74 percent at 38,052 in early trade, while the broader Nifty index was down 70 points or 0.61 percent at 11,349.

IndusInd Bank, Bajaj Finance, Bajaj FinServ, HDFC Bank and HDFC fell 2-4 percent in the Nifty pack, while Tata Motors. Maruti Suzuki, Sun Pharma, Yes Bank and Vedanta were up 3-4 percent.

Bharti Airtel fell around 1 percent. The telecom major is seeking shareholders' approval for a waiver of recovery of excess remuneration paid to company chairman.

InterGlobe Aviation advanced 0.7 percent. Indigo on Sunday said its board of directors has decided to expand the board up to a maximum of 10 members.

Reliance Industries slid half a percent after reporting a 6.8 percent year-on-year increase in net profit for the June quarter.

The company said its flagship natural gas fields in the KG-D6 block in the Bay of Bengal are in "a late life stage".

HDFC Bank tumbled 2.7 percent. The private sector lender reported a rise in provisions to Rs 2,613.7 crore for the quarter under review from Rs 1,629.4 crore in the corresponding period last year.

BHEL edged down slightly despite bagging Rs 486 crore order from NPCIL.

IFCI shed 0.6 percent on news it expects to mobilize Rs 1,500-2,000 crore from sale of non-core assets.

Axis Bank was little changed on fund raising reports.

L&T Technology Services lost 3.5 percent after it has been selected as a strategic partner by United Technologies Corporation (UTC) for Collins Aerospace, a subsidiary of UTC.

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