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Sensex Down 400 Points In Early Trade; Nifty Dips Below 14,800

Indian shares opened notably lower on Monday as investors digested the latest updates related to the Covid-19 situation in the country and awaited cues from the upcoming RBI's monetary policy meeting.

The benchmark S&P BSE Sensex slumped 400 points, or 0.8 percent, to 49,629 in early trade, while the broader NSE Nifty index was down 93 points, or 0.6 percent, at 14,774.

Oil marketing companies BPCL, HPCL and IOC fell 1-2 percent. Union Petroleum Minister Dharmendra Pradhan assured that petrol, diesel and LPG prices will reduce in the upcoming days.

Reliance Capital tumbled 3 percent on news it has defaulted on interest payments on term loans of HDFC and Axis Bank.

Adani Enterprises jumped 3.5 percent after its wholly-owned subsidiary Adani Road Transport won a Rs 1,169.10 crore highway project in Odisha.

Maruti Suzuki India was down about 1 percent. Its subsidiary Suzuki Motor Gujarat has commenced production at Plant C in its Ahmedabad facility.

Reliance Industries dropped half a percent after it received shareholder approval to hive off its oil to chemical business into a separate unit.

HDFC fell over 2 percent. In a quarterly update, the mortgage lender announced that its individual loan business continued to exhibit improvement in the January-March quarter.

Bajaj Auto lost more than 2 percent and TVS Motor Company edged down slightly after unveiling their monthly sales figures.

SAIL surged nearly 5 percent. The company has registered its best ever quarterly sales at 4,27 million tons during Q4FY21.

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