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Indian Indices End on Negative Note; UltraTech Cement Slumps 7%

Indian benchmarks extended their loss on Thursday following a highly volatile session.

Both BSE Sensex and NSE Nifty ended on a negative note, mainly dragged by auto and banking stocks.

At the close, the Sensex slid 366.22 points, or 0.7%, to 55,102.68, while the Nifty fell 108 points, or also 0.7%, to 16,498

UltraTech Cement (ULTRACEMCO, BOM:532538) emerged as the top loser on Thursday, with shares slumping 7%, followed by HDFC Life Insurance (HDFCLIFE, BOM:540777) and Asian Paints (ASIANPAINT, BOM:500820).

Conversely, Oil & Natural Gas (ONGC, BOM:500312), UPL (UPL, BOM:512070) and Power Grid Corporation of India (POWERGRID, BOM:532898) were the top gainers.

In corporate news, Indian conglomerate Reliance Industries (RELIANCE, BOM:500325) slipped marginally at the close after announcing its subsidiary Reliance Strategic Business Ventures partnered with Nasdaq-listed Sanmina to create an electronic manufacturing joint venture in India. The JV will set up a manufacturing technology hub to support product development and the network of electronics hardware start-ups in the South Asian country.

In other news, India logged 6,561 fresh COVID-19 cases and 142 new deaths in the last 24 hours.

16:15 Mar 03, 2022 MT Newswires

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