Stock Market Update: Sensex rises almost 650 points from the day's low, Nifty closes above 18150

Stock Market Update: Following a decline in global markets, Indian shares opened lower on Thursday as investors worried about the rise in COVID cases in China.

Over 0.5% was lost by the information technology, auto, oil and gas, and metals sectors, which comprised the majority of the key sectoral indices.

Stock Market Update: Nifty and the Wall Street stocks

Of the Nifty 50's constituents, 44 saw declines, with losses exceeding 0.75% at Hindalco, JSW Steel, Maruti Suzuki, Eicher Motors, and Power Grid.

Wall Street stocks ended the day lower after traders evaluated the direction of the US Federal Reserve's rate hikes based on conflicting economic data from earlier in the week and worries over a rise in COVID-19 cases in China. With the MSCI Asia ex-Japan index dropping 1.03%, Asian markets also fell.

European shares slip as COVID surge in China weighs

As the market neared the conclusion of a difficult year in which it wrestled with geopolitical tensions and mounting concerns of an economic slowdown due to aggressive rate hikes by central banks, European shares fell on Thursday in light holiday activity.

STOXX 600 regionally decreased by 0.4%. It has decreased by 12.8% this year so far.

Global markets are concerned about Beijing's decision to further loosen COVID controls after a brief spike this week as rising infections in China have dashed hopes for a quick recovery in the second-largest economy in the world.

Richemont and LVMH, two luxury companies that are exposed to China, were early European index draggers.

Oil dips as China COVID spike dampens demand outlook

The world's top importer of crude oil saw its oil prices fall on Thursday as rising COVID-19 cases in China dampened expectations for a revival in fuel demand.

By 0730 GMT, February Brent futures were down 79 cents, or 1.0%, to $82.47 per barrel, while February U.S. oil was down 80 cents, or 1.0%, to $78.16 per barrel.

While China started to dismantle the world's harshest COVID programme of lockdowns and testing, some nations passed new travel restrictions on Chinese tourists in response to the severity of the most recent outbreak and questions about official data.

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