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Equity benchmarks extended losses in early trade as the 30-share BSE Sensex was down 197.75 points at 31,724.69,
The 50-share NSE Nifty breached psychological 9,900 level, down 70.25 points at 9,894.15.
The broader markets also fell further as the BSE Midcap and Smallcap indices were down nearly 2 percent each. About four shares declined for every share rising on the BSE.