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Sensex, Nifty Edge Lower In Early Trade

Indian shares opened lower on Friday as fears of recession and protests in Hong Kong overshadowed a slew of positive factors such as falling oil prices, narrowing trade deficit and expectations the government might soon provide a broad stimulus package to counter the economic slowdown.

The benchmark S&P BSE Sensex was down 135 points or 0.36 percent at 37,176 in early trade after climbing around 1 percent on Wednesday. The broader Nifty index was down 63 points or 0.57 percent at 10,966.

Reliance Industries slid half a percent. The proposed sale of a 20 percent stake in the oil-to-chemicals business to Saudi Arabian oil company Aramco will reduce RIL's debt leverage, which is a credit positive, Moody's Investors Service said.

SBI declined 1.5 percent after it received board approval to divest its stake in the card and payment services arm.

Jindal Steel and Power tumbled 3 percent as it reported a consolidated net loss of Rs 87.40 crore during the first quarter ended June 30.

Sun Pharmaceutical Industries dropped 1 percent after it signed a global licensing pact with CSIR Indian Institute of Chemical Technology for certain patents.

CESC rallied 5 percent on reporting a 7 percent rise in Q1 net profit.

Reliance Capital soared 7.4 percent on reporting a four-fold jump in Q1 profit.

IDBI Bank plunged 8 percent after its Q1 net loss widened on poor asset quality.

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