Nifty slips below 18,000; breadth strong

Key indices are trading weak after seeing a gap-down opening. The Nifty slipped below the key 18,000 mark in opening trade. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 178.55 points or 0.3% to 60,174.54. The Nifty 50 index fell 58.75 points or 0.33% to 17,958.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.15% while the S&P BSE Small-Cap index was up 0.29%.

The market breadth is strong. On the BSE, 1518 shares rose and 891 shares fell. A total of 115 shares were unchanged.

Stocks in Spotlight:

MOIL gained 1.81%. The PSU company reported 7.36% fall in consolidated net profit to Rs 51.38 crore on 4.66% fall in total income to Rs 287.04 crore in Q2 FY22 over Q2 FY21. The company's board has approved buyback of up to 3.38 crore equity shares at Rs 205 each for an aggregate consideration not exceeding Rs 693.77 crore.

Berger Paints India fell 0.82%. The paint maker reported a 0.95% fall in consolidated net profit to Rs 218.85 crore on 26.75% rise in total income to Rs 2238 crore in Q2 FY22 over Q2 FY21.

Metropolis Healthcare declined 3.4%. The company reported a 3.33% fall in consolidated net profit to Rs 58.27 crore on 5.75% rise in total income to Rs 308.19 crore in Q2 FY22 over Q2 FY21.

Global Markets:

Asian stocks are trading mixed on Thursday after data released overnight showed U.S. consumer inflation spiked in October.

Wall Street closed sharply lower on Wednesday as surging consumer prices curbed investor risk appetite and stoked worries of a protracted wave of red hot inflation.

Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday

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