Sensex slides 366 points in volatile trading; cement stocks plunge

Mumbai (Maharashtra) [India], March 3 (ANI): The Indian stock markets benchmark Sensex closed 366 points down in volatile trading on Thursday as crude oil price soared to a nine-year high of $118 a barrel amid intensified conflict between Russia and Ukraine.
The Indian equities started the day on a positive note with the benchmark Sensex opening with a gain of 450 points. The index turned volatile later in the day and eventually closed in the red.
The 30 stock S&P BSE Sensex ended the day at 55,102.68 points, which is 366.22 points or 0.66 per cent down from its previous day's close at 55,468.90 points.
The Sensex opened sharply higher at 55,921.44 points and surged to a high of 55,996.62 points. The Sensex hit a low of 54,931.48 points in the intra-day.
The Sensex had lost 778.38 points or 1.38 per cent on Wednesday.
The broader Nifty 50 of the National Stock Exchange closed 107.90 points or 0.65 per cent down at 16,498.05 points against its previous day's close at 16,605.95 points. The Nifty had lost 187.95 points or 1.12 per cent on Wednesday.
There was heavy selling pressure in cement stocks. UltraTech Cement tumbled 6.47 per cent to Rs 5981.85.
Asian Paints slumped 5.20 per cent to Rs 2871.45. Dr Reddy's Laboratories dipped 3.49 per cent to Rs 3719.65. Maruti Suzuki fell 2.76 per cent to Rs 7598.10. Hindustan Unilever slipped 2.65 per cent to Rs 2091.65.
However, major IT and metal stocks rallied. Wipro surged 2.58 per cent to Rs 569.60. Tech Mahindra jumped 2.43 per cent to Rs 1427.30. HCL Technologies jumped 2.08 per cent to Rs 1139.75. Infosys closed 1.02 per cent higher at Rs 1720.55.
Tata Steel rose 1.14 per cent to Rs 1303.15. Power Grid Corporation soared 3.34 per cent to Rs 217.90. (ANI)