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Sensex, Nifty Subdued As Coronavirus Cases Surge, ITC Falls

The NSE Nifty 50 index fell 0.2% to 9,014 by 0413 GMT, while the S&P BSE Sensex dropped 0.2% to 30,546.97.

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Indian shares edged lower on Wednesday due to losses in conglomerate ITC, and as surging domestic coronavirus infections dampened economic growth outlook, while rising U.S.-China tensions also weighed on sentiment.

The NSE Nifty 50 index fell 0.2% to 9,014 by 0413 GMT, while the S&P BSE Sensex dropped 0.2% to 30,546.97.

ITC Ltd fell 2.4% and was the top drag on the bluechip Nifty 50 index.

Meanwhile, the number of coronavirus cases in India surged past 151,700 as of Wednesday, with growth rate of new infections showing no sign of slowing despite a strict weeks-long lockdown.

Shares of Titan Company Ltd fell 2.3% after the company said on Tuesday its operating cash flow was negative in the last two months due to virtually zero sales during the first 6 weeks of lockdown.

India has been under a nationwide lockdown since March 25 to contain the spread of the coronavirus, but Asia's third-largest economy has taken a huge hit as a result.

Fitch on Tuesday projected Indian economy to contract 5% this fiscal year.

(Reuters)


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