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Sensex Slumps 883 Points; Nifty Nears 14,350

Indian shares succumbed to heavy selling pressure on Monday, though positive global cues helped markets cut some early losses.

The 30-share BSE Sensex ended down 882.61 points, or 1.81 percent, at 47,949.42 as surging Covid-19 cases across the country amid shortage of essential medicines and oxygen fanned fears of harsher restrictions and more economic pain.

The benchmark index hit as low as 47,362.71 before recouping some loss, thanks to positive cues from Asia and Europe on the back of positive earnings updates and upbeat economic data from the United States.

The broader NSE Nifty index hit an intraday low of 14,191.40 before settling at 14,359.45, down 258.40 points, or 1.77 percent, from its previous close.

IndusInd Bank, Hero MotoCorp, ONGC, Power Grid Corp and Adani Ports lost 4-5 percent in the Nifty pack, while Britannia Industries, Cipla and Dr Reddy's Laboratories rose 1-2 percent.

HDFC Bank gave up 1.1 percent despite the private sector lender posting strong quarterly results.

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