MUMBAI The NSE Nifty fell 1.6 percent on Tuesday, posting its first drop in three sessions, as investors booked profits in banks and capital goods stocks, while sentiment was also hit after exports shrank in January for a 14th straight month.
Shares extended some losses in the afternoon session after Qatar said four of the world's largest producers agreed to freeze their output at January levels, provided other major exporters followed suit.
India imports two-thirds of its energy needs and could be hurt by higher oil prices.
The broader Nifty fell 1.6 percent, while the benchmark BSE Sensex declined 1.54 percent.
Bank of Baroda fell 6.1 percent after the state-run lender rallied 22.5 percent on Monday following positive management comments.
(Reporting by Aastha Agnihotri; Editing by Gopakumar Warrier)
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Updated Date: Feb 16, 2016 16:19:45 IST