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Sensex, Nifty Edge Lower On Weak Global Cues

Indian shares opened slightly lower on Friday amid weak global cues as the U.S. Senate passed a legislation that may block some of the Chinese firms from getting listed on U.S. exchanges and Beijing said it would impose a new national security legislation on Hong Kong.

Investors await the 10 am press conference by Reserve Bank of India (RBI) for further direction. It is expected that Governor Shaktikanta Das will announce an extension of the loan moratorium for term loans for a few more months in the backdrop of extension of the nationwide lockdown till May 31.

The benchmark S&P BSE Sensex dropped 40 points, or 0.13 percent, to 30,892 in early trade, while the broader NSE Nifty index was down 28 points, or 0.31 percent, at 9,078.

Shree Cement, Infratel, Bajaj Auto, Tata Steel and Hindalco tumbled 2-3 percent, while SBI, Infosys and Zee Entertainment Enterprises climbed 1-3 percent.

Trent, Godrej Industries and IDFC First Bank rose over 1 percent ahead of their earnings results.

Reliance Industries gained 0.7 percent after KKR agreed to pick up 2.32 percent equity stake in Jio Platforms for Rs 11,367 crore.

Bharti Airtel shed half a percent after it acquired a strategic stake in Gurgaon-based AI-focused start-up Voicezen for an undisclosed amount.

Hindustan Zinc eased half a percent on reporting a 33.4 percent decline in quarterly profit.

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