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Sensex Down Over 500 Points; Nifty Dips Below 8,500

Indian shares opened lower on Wednesday, tracking weak global markets as investors continued to fret over rising coronavirus cases and tightened lockdowns across the world.

Closer home, the total number of COVID-19 cases in the country reached 1397, including 1238 active cases.

The government has identified 10 "hotspots" across India where an unusual transmission of the disease has been detected.

The benchmark S&P BSE Sensex dropped 541 points, or 1.84 percent, to 28,926 in early trade, while the broader NSE Nifty index was down 128 points, or 1.49 percent, at 8,469.

Among the prominent decliners, Infosys, Tech Mahindra, Adani Ports and Kotak Bank fell 3-5 percent.

SpiceJet jumped 5 percent after announcing a 10-30 percent pay cut for all its employees across top and mid rung levels.

ONGC lost 4 percent and Reliance Industries fell 2.6 percent after the government cut the domestic natural gas price for the April-September period by a steep 26 percent to its lowest in six years.

IndusInd Bank soared 7.4 percent after its promoters made full loan repayment to citi Bank.

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