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Sensex, Nifty Extend Losses For Third Day On Growth Concerns

Indian shares fell notably on Monday to extend losses for a third straight session, as concerns over fresh COVID curbs in China and a hawkish Fed policy dented demand for riskier assets.

Meanwhile, India's GDP growth will likely slow down to 6.5 percent in the second quarter of the current fiscal, largely because of adverse input cost movements for certain sectors as well as the impact of the flagging external demand on non-oil merchandise exports, rating agency Icra said.

Goldman Sachs also lowered its forecast for India's economic growth next year, citing a hit to consumer demand from higher borrowing costs and fading benefits from pandemic reopening.

The benchmark S&P BSE Sensex dropped 518.64 points, or 0.84 percent, to 61,144.84, while the broader NSE Nifty index settled 147.70 points, or 0.81 percent, at 18,159.95.

Adani Ports, Tech Mahindra, Hero Moto Corp, Hindalco and Reliance Industries all fell around 2 percent while IndusInd Bank, Axis Bank, Bharti Airtel and BPCL rose 1-2 percent.

Shares of Archean Chemical Industries jumped 12.5 percent on the first day of listing.

RHI Magnesita India surged 7.7 percent after the company announced acquisition of the Indian refractory business of Dalmia Bharat Refractories Limited (DBRL) for Rs 1,708 crore.

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