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Sensex, Nifty Snap Four-day Winning Streak

Indian shares tumbled on Wednesday to snap a four-day winning streak as traders locked in profits ahead of the expiry of monthly derivative contracts due on Thursday.

The benchmark S&P BSE Sensex slumped 561.45 points, or 1.58 percent, to 34,868.98 as banking and financial stocks came under pressure after recent strong gains.

The broader NSE Nifty index ended down 165.70 points, or 1.58 percent, at 10,305.30.

ICICI Bank plunged 7.1 percent on a Bloomberg report that the private lender plans to raise as much as $3 billion through a share sale in September.

Bajaj FinServ, NTPC, Cipla, Axis Bank, SBI, Zee Entertainment Enterprises, Hindalco, Power Grid Corp and IndusInd Bank lost 4-7 percent.

On the positive side, Asian Paints jumped 3.8 percent and Berger Paints India soared 5.6 percent after reporting their quarterly results.

GAIL, Hero MotoCorp, Eicher Motor and ITC all ended up around 3 percent.

Globally, other Asian markets crept to a four-month high, while European stocks fell sharply in early trade on concerns over a spike in coronavirus cases in Tokyo, Germany and the U.S.

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