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Sensex Down 245 Points In Early Trade; Nifty Nears 11,000

Indian shares fell on Monday after oil prices jumped over 15 percent to their highest level in nearly four months following an attack on Saudi Arabia's oil facilities on Saturday.

Concerns over the ongoing economic slowdown and weak industrial output data from China also kept investors.

The benchmark S&P BSE Sensex dropped 245 points, or 0.66 percent, to 37,139 in early trade, while the broader NSE Nifty index was down 62 points, or 0.56 percent, at 11,014.

Maruti Suzuki India dropped 1 percent and Tata Motors declined 1.3 percent after key states expressed reservations on a cut in the goods and services tax (GST) rate for the auto sector.

Mahindra & Mahindra lost 1 percent as it increased the number of 'no-production days' to between 8-17 during the second quarter of the ongoing fiscal year 2019-20 for its automotive sector.

Property developer DLF shed 1.4 percent. CREDAI said it is disappointed with the government's measures to support the real estate sector.

Infosys edged up slightly after setting up a technology and innovation centre in Arizona, U.S. Rivals TCS, Wirpo and HCL Technologies were also moving higher as the rupee opened lower by 70 paise at 71.62 per dollar.

Reliance Industries tumbled 2 percent on reports the company and U.K.'s BP plc have taken over the 10 percent shareholding of their partner Niko Resources in the eastern offshore KG-D6 bloc.

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