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Sensex, Nifty End Lower As RBI Holds Rates Steady

Indian shares fell on Thursday, with rate-sensitive banking and auto stocks pacing the decliners, after the Reserve Bank of India (RBI) kept its policy rate unchanged, surprising market participants who were expecting at least a 25-basis points rate cut.

The central bank said it will wait to see how previous monetary easing as well as stimulus measures taken by the government feed into the real economy.

The benchmark S&P BSE Sensex ended the session down 70.70 points, or 0.17 percent, at 40,779.59 while the broader NSE Nifty index dropped 24.80 points, or 0.21 percent, to 12,018.40.

IndusInd Bank, Tata Steel, Bharti Airtel, Coal India and JSW Steel fell 2-4 percent in the Nifty pack, while Zee Entertainment Enterprises soared over 6 percent after recent string of losses.

Britannia Industries, Larsen & Toubro, ITC and TCS rose 1-2 percent.

Globally, other Asian markets rose after the Bloomberg reported that U.S. and Chinese negotiators are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. European stocks were mixed in early trade.

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