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Sensex Down 160 Points In Early Trade; Nifty Dips Below 11,300

Indian shares opened lower on Thursday amid anxiety over U.S.-China trade talks after the United States and China reportedly made no progress in deputy-level trade talks held on Monday and Tuesday in Washington.

The benchmark S&P BSE Sensex dropped 160 points, or 0.42 percent, to 38,016 while the broader NSE Nifty index was down 44 points, or 0.39 percent, at 11,270.

Indiabulls Housing Finance slumped 6 percent and Lakshmi Vilas Bank lost 5 percent after the Reserve Bank of India (RBI) rejected a proposed of their merger.

SBI declined 2.6 percent after cutting lending rates and the savings bank rate.

TCS rose 0.6 percent while IndusInd Bank shed 0.7 percent ahead of their Q2 earnings results due today.

Raymond gave up 1.7 percent after it entered into an agreement to sell a 20-acre land parcel in Mumbai's Thane area to Xander-backed Virtuous Retail South Asia (VRSA) for Rs.700 crore.

Reliance Industries rallied 2.6 percent after Reliance Jio Infocomm said it would charge users 6 paise/min for calls to rivals' network.

Bharti Airtel jumped 4.5 percent after it raised $750 million from investors based in Asia, Europe, and the U.S. through a hybrid financial instrument.

Vodafone Idea shares surged 5 percent.

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