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Sensex Drops 220 Points In Early Trade; Nifty At 11,055

Indian shares were moving lower on Tuesday as protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe haven assets such as the Japanese yen, gold and bonds. Lingering worries over U.S.-China trade tensions also weighed on markets.

The benchmark S&P BSE Sensex was down 220 points or 0.59 percent at 37,361 while the broader NSE Nifty index was down 54 points or 0.49 percent at 11,055.

Shares of Reliance Industries soared 8 percent after the company announced it would sell a 20 percent stake in its oil-to-chemicals business to Saudi Arabian giant Aramco for an enterprise value of $75 billion (around Rs 5.3 lakh crore).

The company wants to become a zero net debt company within FY 2020-21 and plans to list both consumer businesses of Reliance Jio and Reliance Retail in the next 5 years.

ONGC climbed 1.2 percent while Coal India and Sun Pharma rose around half a percent before unveiling their June quarter earnings.

Jet Airways tumbled 5 percent after Anil Agarwal's Volcan Investment pulled out of a race for acquiring the grounded airline.

Maruti Suzuki India lost 2.5 percent after reports that there will be no GST relief for the auto sector.

Tata Motors rose over 1 percent after its JLR unit reported a 5 percent increase in total sales at in July.

Tata Steel gained around 1 percent as it opened the country's first organized steel retail store, steel junction, in Kolkata, West Bengal.

NTPC fell 4.5 percent despite reporting a 6 percent rise in quarterly net profit.

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