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Sensex, Nifty Decline On Inflation Concerns

(RTTNews) - Indian shares opened lower on Tuesday, tracking weak Asian markets as bond yields rose and crude prices climbed on global supply concerns, putting bringing inflation and rate hike worries back into focus. The benchmark S&P BSE tumbled 360 points, or 0.7 percent, to 52,800 while the broader NSE Nifty index was down 112 points, or 0.7 percent, at 15,720. Bajaj Finance, Bajaj FinServ, Adani Ports, Asian Paints and Titan Company fell 2-3 percent while Mahindra & Mahindra rallied 3.2 percent after launching the new Mahindra Scorpio-N. ONGC advanced 1.6 percent as oil prices extended gains for a third straight session on supply concerns. Aurobindo Pharma fell 1.7 percent after it received a warning letter from SEBI for not sharing complete information related to the US FDA audit. Bank of Baroda rose over 1 percent after its board approved long-term fund raising in single or multiple tranches. Tata Steel shares were little changed. Ratings agency Moody's Investors Service revised the outlook on the company to 'positive' from 'stable'. Vedanta declined 1.5 percent on reports the mining firm has struck a direct transaction with Life Insurance Corporation of India to raise Rs 4,809 crore via 10-year bonds. Cipla dropped 1 percent. The pharma firm is raising its stake in digital tech company GoApptiv Private to 22.02 percent. Brigade Enterprises jumped 3.6 percent after it signed an agreement to develop a housing project in Chennai with an estimated revenue of Rs 1,500 crore over the next five years. TTK Prestige added 1 percent after it acquired a 51 percent stake in Ultrafresh Modular Solutions. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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