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Sensex Drops 345 Points; Nifty At 10,313

Indian shares were moving lower on Monday as investors fretted about rising coronavirus cases both at home and abroad.

The benchmark S&P BSE Sensex dropped 345 points, or 0.98 percent, to 34,826 in early trade, while the broader NSE Nifty index was down 69 points, or 0.67 percent, at 10,313.

Hindalco, Coal India, IndusInd Bank, Bajaj Finance and Axis Bank fell 2-4 percent, while Sun Pharma, ITC, Infratel and Cipla rose over 1 percent each.

ITC advanced 1.5 percent on reporting a 9 percent rise in standalone net profit for the March quarter.

Piramal Enterprises dropped half a percent. Global investment firm Carlyle Group Inc has agreed to buy 20 percent stake in Piramal Pharma for around $490 million.

NTPC edged down slightly as it reported a 71.2 percent year-on-year plunge in standalone net profit for the March quarter.

NHPC shed 0.7 percent on reporting a 60 percent fall in quarterly net profit.

IDBI Bank soared 5 percent on news it will divest 27 percent of its stake in IDBI Federal Life Insurance Company to its existing partners.

Reliance Industries declined 0.7 percent. The company has pushed back the start of production from the second wave of discoveries in its eastern offshore KG-D6 block to September/October.

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