Sensex Tumbles 395 Points; Nifty Nears 11,800

(RTTNews) - Indian shares tumbled on Friday as a proposal in the Union Budget to increase the minimum public shareholding from 25 percent to 35 percent sparked fears that it will suck out liquidity from the market.

The benchmark S&P-BSE Sensex slumped 394.67 points or 0.99 percent to 39,513.39, with metal, auto and pharma stocks pacing the declines. The broader Nifty index dropped 135.60 points or 1.14 percent to 11,811.15.

Coal India, Hero Moto Corp, ONGC, Wipro, Vedanta, Sun Pharma, UPL, Mahindra & Mahindra, NTPC and Yes Bank slumped 4-9 percent in the Nifty pack while ITC, Kotak Bank, IndusInd Bank and Indiabulls Housing Finance rose 1-3 percent.

Global cues were mixed as investors awaited a key U.S. jobs report later in the day and the resumption of trade talks between the U.S. and China next week for directional cues.
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