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Sensex lower, Nifty tests 8,700 ; BSE up 3% at Rs 1,120

ICICI Bank, Infosys, Tata Motors and L&T were the biggest laggards.

Volatility is the new normal for Indian equities
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Pranati Deva New Delhi
Benchmark indices opened on a cautious note taking a pause from the two-day rally post Budget which led Sensex to close at a 4-month high in yesterday’s session.
 
Globally, Bank of England held interest rates at 0.25%. The Fed also kept interest rate unchanged on Wednesday.
 
At 11:49 am, the S&P BSE Sensex was trading at 28,153, down 73 points, while the broader Nifty50 was ruling at 8,712, down 22 points.
 
In the broader market, BSE Midcap and BSE Smallcap indices gained 0.9% and 0.7% respectively.

"The quick turn lower from 8,750 yesterday warns about a