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Sensex, Nifty Extend Losses For Third Day

Indian shares ended lower on Monday to extend losses for a third straight session after Moody's Investors Service cut its 2020 growth projection for India to 5.4 percent from 6.6 percent forecast earlier, citing growing concerns over the economic fallout of the novel coronavirus outbreak.

The economy may have stabilized but any recovery is likely to be slower than we had previously expected, it said.

The benchmark S&P BSE Sensex ended the session down 202.05 points, or 0.49 percent, at 41,055.69, while the broader NSE Nifty index dropped 67.65 points, or 0.56 percent, to 12,045.80.

BPCL, Cipla, ONGC, Coal India and Yes Bank fell 3-4 percent, while TCS, Vedanta, Nestle India, GAIL and Titan rose 1-2 percent.

Bharti Airtel ended marginally higher after the telecom major paid Rs 10,000 crore to the Department of Telecommunications (DoT) towards statutory dues of adjusted gross revenue.

"We are in the process of completing the self-assessment exercise expeditiously and will duly make the balance payment upon completion of the same, before the next date of hearing in the SC," the company said in a statement.

Vodafone Idea shares fluctuated before finishing 1.5 percent lower. The apex court today rejected the telecom firm's proposal to pay Rs 2,500 crore by the end of the day and Rs 1,000 crore by Friday against statutory dues.

Muthoot Finance surged nearly 18 percent and Reliance Infrastructure jumped 10 percent on strong quarterly earnings results.

LIC Housing Finance slumped 7.7 percent after reports that its merger with
IDBI Bank could be put on fast track. The company, however, denied these reports.

Globally, other Asian markets ended mixed as coronavirus worries persisted and Chinese policymakers ramped up support for the economy and companies that have been hit by a slump in sales and activity. European stocks were modestly higher in early trade.

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