BENGALURU: Indian shares opened lower on Thursday, tracking a slide in global equities, as investors fretted over the surge in COVID cases in China.
The Nifty 50 index was down 0.38% at 18,051.40, as of 09:18 a.m. IST, and the S&P BSE Sensex fell 0.41% to 60,655.13. Most of the major sectoral indexes declined, with information technology, auto, oil and gas, and metals shedding over 0.5%.
Forty-four of the Nifty 50 constituents fell, with Hindalco, JSW Steel, Maruti Suzuki, Eicher Motors and Power Grid losing over 0.75%. Wall Street equities closed lower overnight after investors assessed the US Federal Reserve’s rate hike path on mixed economic data released earlier in the week and concerns over a surge in COVID-19 cases in China.
Asian markets also declined, with the MSCI Asia ex-Japan index losing 1.03%. Intraday volatility will be a factor in today’s session ahead of the expiry of the December derivatives series, the last series of 2022, as traders settle their futures and options contracts.
Indian shares open lower on weak cues; IT stocks slide
Capping losses for domestic equities were oil prices, which fell on China demand concerns.
Brent crude fell below $83 per barrel while US crude hovered around $79 per barrel.
Lower oil prices aid oil-importing countries like India, where crude constitutes the bulk of the country’s import bill.
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