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Sensex, Nifty Fall For Third Day

Indian shares ended lower for a third day running on Friday as weak GDP data from the U.S. and Europe rekindled concern the economic recovery from the coronavirus pandemic is stalling.

The benchmark S&P BSE Sensex moved in a range of 450 points before ending the session down 129.18 points, or 0.34 percent at 37,606.89. The broader NSE Nifty index slid 28.70 points or 0.26 percent to settle at 11,073.45.

Heavyweight Reliance Industries declined 1.8 percent. While the company's April-June profit beat analysts' estimates, the Covid-19 induced lockdown impacted the group's operations and revenue during the quarter.

Kotak Mahindra Bank, Bajaj Auto, HDFC Bank and Eicher Motors dropped 1-3 percent.

Sun Pharma jumped 5.5 percent and State Bank of India rallied 2.4 percent after posting encouraging earnings results for the June quarter.

UPL, JSW Steel, Grasim and Cipla rose 3-5 percent.

Globally, other Asian markets ended mostly lower after data showed the U.S. economy contracted by the most in 73 years in the second quarter.

Coronavirus fears and the possibility of a delayed November election in the U.S. also weighed on markets, while better-than-expected quarterly earnings results from tech giants such as Apple, Amazon, Alphabet and Facebook as well as upbeat data from China and Japan helped ease worries about a global economic recovery.

European shares pared early gains as downbeat Eurozone GDP data offset earlier optimism over encouraging earnings updates from the U.S. technology giants.

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