Before Market Opens: 9 things to know at 9 am on March 4, 2022

US stocks initially rose after Powell eased widely held expectations of a 50 basis-point hike in interest rates when policymakers meet in two weeks. But stocks later fell after Powell told a Senate committee in the second day of testimony before Congress that Russia's war in Ukraine could hit the US economy from higher prices to dampened spending and investment. The Dow Jones Industrial Average fell 0.29 percent, the S&P 500 lost 0.53 percent and the Nasdaq Composite dropped 1.56 percent.

Asian markets witnessed heavy selling pressure in early trade on Friday with oil prices jumping as a report of a nuclear power plant on fire amid continued fierce fighting between Ukraine and Russian troops further unnerved investors. Japan's Nikkei 225 fell 2.4 percent and South Korea's Kospi was down 1.2 percent. Hong Kong's Hang Seng slumped nearly 3 percent. MSCI's Asia Pacific ex Japan index was down 1.5 percent.

Indian indices ended lower on Thursday dragged by financials and auto stocks. However, gain in oil and gas stocks capped some losses. Sensex fell 366 points to settle at 55,103 while the Nifty50 declined 108 points to end at 16,498.

Brent crude futures, the international benchmark for oil, climbed to $120 a barrel before falling on hopes the US and Iran will agree soon to a nuclear deal that could add output to a badly undersupplied market. US crude settled down $2.93 at $107.67 a barrel, while Brent slipped $2.47 to settle at $110.46.

The rupee declined by 15 paise to close at 75.95 (provisional) against the US dollar on Thursday, pressured by surging crude oil prices amid intensifying conflict between Russia and Ukraine.

At 8:20 am, the SGX Nifty was trading 108 points or 0.66 percent lower at 16,300, indicating a negative start for the Indian markets.

Foreign institutional investors (FIIs) net sold Indian equities worth ₹6,644.7 crore on Thursday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases to the tune of ₹4,799.2 crore.

Gold rose on Friday, eyeing its best weekly gain since May 2021, as investors scrambled for safe-haven assets after Russia attacked a nuclear power plant in Ukraine — the largest of its kind in Europe. Spot gold rose 0.6 percent to $1,946.41 per ounce by 0100 GMT and was on track for a weekly gain of about 3 percent. US gold futures also rose 0.6 percent to $1,948.60.

Ukrainian authorities said the safety of the Zaporizhzhia nuclear power plant was now secured, after a fire broke out Friday when the station came under fire from invading Russian forces. The director of the plant said that the nuclear safety is now guaranteed. According to those responsible for the plant, a training building and a laboratory were affected by the fire. Oleksandr Starukh, head of the military administration of the Zaporizhzhia region, said on Facebook.