INDIA STOCKS-Indian shares fall as COVID surge in China dents risk appetite

BENGALURU, Dec 29 (Reuters) - 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 U.S. 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. Capping losses for domestic equities were oil prices, which

fell on China demand concerns. Brent crude fell below

$83 per barrel while U.S. 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.

($1 = 82.7360 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by

Janane Venkatraman and Eileen Soreng)