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Sensex Tumbles 422 Points, Nifty Nears 11,200

Indian shares fell sharply on Wednesday, with heavyweight Reliance Industries, financials and IT stocks pacing the decliners amid mixed global cues and ahead of the expiry of July series derivative contracts tomorrow.

The benchmark S&P BSE Sensex dropped 421.82 points, or 1.10 percent, to 38,071.13, while the broader NSE Nifty index ended down 97.70 points, or 0.86 percent, at 11,202.85.

Market heavyweight Reliance Industries tumbled 3.9 percent on profit taking after an eight-day rally, while Hero MotoCorp, Nestle India, HCL Technologies and Mahindra & Mahindra lost 2-3 percent. TCS and Tech Mahindra fell over 1 percent.

Maruti Suzuki India declined 1.5 percent after it reported a standalone net loss of Rs 249.4 crore in the quarter ended June 2020.

Dr Reddy's Laboratories soared 6.3 percent after it reported a smaller-than-expected drop in net profit for the quarter ended June. Sun Pharma climbed 2 percent and Cipla advanced 2.7 percent.

Tata Steel surged 4 percent on news that it will soon commission its first scrap-based steel plant in India being set up at Rohtak in Haryana.

Tata Coffee shares jumped as much as 12.2 percent after its quarterly net profit grew 77 percent from a year earlier in the June quarter.

IndusInd Bank rallied 3 percent on fund raising reports. Infratel and Grasim also rose about 3 percent.

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