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Indian shares ended lower on Thursday, dragged by index heavyweights such as ITC Ltd and Larsen & Toubro Ltd, as caution prevailed amid lingering concerns over the ongoing trade war between the United States and China. The broader NSE index ended 0.29 percent lower at 10,741.10, while the benchmark BSE index closed 0.32 percent lower at 35,432.39.

The rate-setting committee's members struck a balanced note on its rate stance going forward and cited rising inflation pressure due to high oil prices as the key reason for raising interest rates earlier this month, minutes of the June 6 meeting showed on Wednesday. "The RBI (Reserve Bank of India) minutes suggest probably one more hike this year, which, I believe is already discounted by the markets," said Krish Subramanyam, co-head and equity adviser at Altamount Capital.

Pipe makers fell, with Jindal Saw Ltd hitting a more than 10-month low after the US Commerce Department said it was imposing preliminary duties that could top 500 percent on welded pipe from countries including India.

Dr. Reddy's Laboratories Ltd and Power Grid Corp of India Ltd were also among the top losers, falling over 2 percent each. The Nifty FMCG index was on track to post losses for a seventh straight session, with index heavyweight ITC Ltd dropping for a second straight session.

Copyright Reuters, 2018


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