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Sensex Drops 290 Points; Nifty Slips Below 17,250

(RTTNews) – Indian shares were moving lower in cautious trade on Wednesday, as investors waited to hear from the U.S. Federal Reserve on when it would stop buying assets and start raising interest rates, give the economic threat posed by the new coronavirus variant.

The benchmark S&P BSE Sensex dropped 290 points, or half a percent, to 57,826 in early trade, while the broader NSE Nifty index was down 89 points, or half a percent, at 17,235.

IT stocks were coming under selling pressure, with Infosys, TCS and HCL Technologies all falling more than 1 percent.

Bajaj Finance and Divis Laboratories fell around 2 percent each.

ITC dropped half a percent after announcing it is considering demerger plans.

L&T Infotech fell more than 1 percent after it opened a new delivery center in Hyderabad for digital solutions.

Paytm plunged as much as 9.5 percent as the anchor lock-in period ended.

Trent soared 4.4 percent after the company unveiled plans to reclaim ground in the beauty business it exited 23 years ago.

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