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Sensex Drops 270 Points, Nifty Holds Above 9,400

Indian shares opened lower on Friday amid escalating U.S.-China tensions and ahead of the release of official gross domestic product (GDP) data for the January-March period due later in the day.

The benchmark S&P BSE Sensex fell 270 points, or 0.84 percent, to 31,929, while the broader NSE Nifty index was down 79 points, or 0.83 percent, at 9,410.

Andhra Paper and Equitas dropped 1-2 percent ahead of their quarterly results.

Vodafone Idea shares surged as much as 15 percent on reports that Google may take a 5 percent stake in the company.

IDFC First Bank lost 1 percent. Brickworks Ratings has reaffirmed the rating of its long-term bank facilities with a stable outlook.

Federal Bank tumbled 2.7 percent on reporting a 21 percent fall in standalone net profit for the March quarter.

State Bank of India declined 1.4 percent after reducing interest rates on retail term deposits.

Radico Khaitan shed 1.7 percent on reporting a 20 percent fall in Q4 net profit.

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