Sensex Drops Over 300 Points

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The S&P BSE Sensex and NSE Nifty 50 Indexes extended declines to third day in opening trades led by declines in HDFC Bank after its asset quality deteriorated in June quarter. Losses in HDFC, ITC, Bajaj Finance, ICICI Bank, Axis Bank and Infosys also weighed on the benchmarks. The S&P BSE Sensex fell as much as 348 points to break 38,000 mark and the NSE Nifty 50 Index fell below its important psychological level of 11,400. Mid- and small-cap shares were also facing selling pressure as both the indexes fell over a per cent each.

As of 9:23 am, the Sensex traded 0.71 per cent or 271 points lower at 38,065 and the NSE Nifty 50 Index dropped 0.74 per cent or 84 points to 11,335.

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