Before Market Opens: 9 things to know at 9 am on November 2, 2022

US stocks closed lower for a second straight session on Tuesday after data indicating that the labour market remained on solid ground dimmed hopes the Federal Reserve might have enough reason to begin reducing the size of its interest rate hikes. The Dow Jones Industrial Average fell 79.75 points, or 0.24 percent, to 32,653.2, the S&P 500 lost 15.88 points, or 0.41 percent, to 3,856.1 and the Nasdaq Composite dropped 97.30 points, or 0.89 percent, to 10,890.85.

Shares in the Asia-Pacific were mixed on Wednesday as investors brace for another likely 75-basis-point rate hike by the Federal Reserve. In Japan, the Nikkei 225 fell 0.11 percent and the Topix was 0.11 percent higher. The Kospi in South Korea lost 0.19 percent. Australia’s S&P/ASX 200 traded 0.15 percent higher, bucking the trend in the region. The MSCI’s broadest index of Asia-Pacific shares outside Japan was about flat.

Domestic equity benchmarks the Sensex and the Nifty clocked healthy gains on November 1, extending their gains into the fourth consecutive session, as investors remained hopeful that the US Fed will not throw a negative surprise on rate hikes on November 2. The US Fed Reserve FOMC Meeting for November 2022 is scheduled for November 1-2 in which a 75-basis-point increase in lending rate is widely expected. Analysts hope that the US Fed will deliver a smaller 50-bp increase in its December meet. Sensex closed 375 points, or 0.62%, higher at 61,121.35. Nifty50 closed at 18,145.40, up 133 points, or 0.74%.

At 8:20 am, the SGX Nifty was trading 26 points or 0.15 percent lower at 18,228, indicating a negative opening for the Indian markets.

Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in US crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures picked up 17 cents, or 0.1 percent, to $94.82 a barrel at 0014 GMT, while US West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3 percent, to $88.63 a barrel.

India's manufacturing sector activity gained some momentum in October, while price pressures remained contained. According to the S&P Global's Purchasing Managers' Index, India's manufacturing PMI rose to 55.3 from 55.1 in September, data released on November 1 showed. A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction. This is the 16th consecutive 50-plus print for the manufacturing PMI.

Foreign institutional investors (FIIs) have net bought shares worth ₹2,609.94 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹730.14 crore on November 1, as per provisional data available on the NSE.

Gold prices inched up after the dollar softened against its global peers ahead of the US Federal Reserve's monetary policy meet outcome which is also expected to hint at the future pace of interest rate hikes.

The rupee ended with a gain of 7 paise at 82.71 per dollar in the previous session amid gains in the equity market and healthy buying by foreign portfolio investors.