Nifty slips below 18,000 on Fed rate hike, Covid fears

“The global market backdrop continues to be weak due to the strong economic data from the US. The paradox of good economic news turning out to be bad news for markets is playing out. Data from US on consumer confidence, jobless claims, and Q3 GDP numbers surprised on the upside, indicating continuation of the hawkish monetary stance from the Fed,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.