Nifty Cracks Below 18,000: TaMo, HUL Top Losers, Global Cues, Nasdaq Hits Low

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Nifty Cracks Below 18,000: TaMo, HUL Top Losers, Global Cues, Nasdaq Hits Low

By Malvika Gurung -- The domestic market indices made a negative opening on Thursday, tracking dismal global cues as rising Covid-19 cases in China erased investor optimism on the economy gaining momentum after the country relaxed its stringent restrictions.

At the time of writing, benchmark indices Nifty50 declined 0.55% to 18,023 levels, after sliding below the 18,000 mark to 17,992.8 on Thursday, while Sensex slipped 0.47% to 60,626.9 points. The market volatility barometer India VIX advanced 0.37% to 15.45.

The Maharatna central PSU ONGC (NS: ONGC ) was the top gainer on Nifty, with heavyweights SBI (NS: SBI ), Bharti Airtel (NS: BRTI ), Tata Steel (NS: TISC ) and IndusInd Bank (NS: INBK ) supporting the market, while all other constituents of the index traded in the red, led by giants including UltraTech Cement (NS: ULTC ), Tata Motors (NS: TAMO ), Apollo Hospitals (NS: APLH ), Tata Consumers, Hindustan Unilever (NS: HLL ) and Britannia (NS: BRIT ), among others.

All sectoral indices under the Nifty umbrella sank in a sea of red, with losses led by Nifty FMCG , Nifty Consumer Durables and Nifty Realty . Nifty Bank dropped 0.42%.

Indices on Wall Street tanked in the overnight session on Wednesday, with Nasdaq hitting its lowest closing of 2022 and since the start of the bear market in Nov 2021 at 10,213.288.

Asian markets rattled too, with major indices plunging up to 2% on Thursday’s intraday trade as concerns rose amid surging Covid cases in China, mixed economic data and geopolitical tensions looming in 2023.

Read Also: Nifty, Sensex Open in Red: SGX Nifty Down, Global Cues Driving Mood

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