Nifty defends 18,000 but sheds 130 pts, Sensex down 420 pts

Crypto meltdown and uncertain economic outlook played a role in dragging the Asian markets today.

Tokyo, Shanghai and Hong Kong ended in the red while the European market is also trading lower on Thursday.

All eyes on US inflation data scheduled to be released today.

Indices dragged on Thursday with Sensex and Nifty dropped 0.7%

Indian benchmark indices weren't immune to the negative global cues and struggled on Thursday shedding 0.7% in the process.

Nifty went below 18,000 intraday but managed to stay above it at the end and closed at 18,028, an overall drop of 129 points. Sensex, meanwhile, closed at 60,613, a loss of 420 points.

All the sectoral indices ended in red but Auto was among the biggest laggards despite Hero MotoCorp shining. PSU Bank and Consumer Durables indices were other prominent draggers.

As already mentioned, Hero MotoCorp shined as it ended with a gain of more than 2%.

Tata Motors and M&M were among the laggards and played a role in dragging the Auto index.

Axis Bank and Bajaj Finserv also featured among the biggest droppers.

Asian markets dropped on Thursday as the impact of US midterm results on inflation remained uncertain.

Moreover, investors are also keenly waiting for the inflation data from the US, scheduled to be released later today.

Japanese shares fell as heavyweights Honda Motor and Sumitomo Rubber dropped on disappointing forecasts.

The Nikkei lost 0.98% to close at 27,446.10, while the broader Topix fell 0.66% to 1,936.66.

Chinese stocks dropped as the nation increased Covid restrictions in some of its biggest cities, dampening hopes of a reopening that triggered a rally earlier this month.

The Hang Seng China Enterprises Index slid 2.1% Thursday taking its three-day drop to almost 4%.

Hang Seng index slid by 1.7% and Shanghai Composite Index dropped 0.39%.

Europe also dropped in the morning session. London, Paris, and Frankfurt all opened on Thursday in the red continuing the slide in European markets.