Before Market Opens: China COVID protests to oil prices, 9 things to know at 9 am on November 28, 2022

Updated: 28 Nov 2022, 08:26 AM IST
TL;DR.

The Indian market may open lower tracking global cues. Major Asian markets, including the Chinese, Japanese and Korean markets, traded lower amid worries over protests against Covid curbs in China. 

Global stocks weakened on November 28 as protests in major Chinese cities against the country's strict zero-Covid policy raised worries about the management of the virus in the world's second-largest economy, as per Reuters. S&P 500 and Nasdaq futures both fell, pointing to possible declines in Wall Street later in the day.

Major Asia markets, including Hang Seng (down 4.02%), Shanghai Composite Index (down 2%), KOSPI (down 1.11%), and Nikkei (down 0.77%) fell after concerns over Covid-led restrictions and protests against the curbs. (AP Photo/Kin Cheung)

SGX Nifty (Nifty futures on Singapore Stock Exchange) is indicating a negative start for the Indian market. At 8.20 am, the SGX Nifty was trading 69 points, or 0.37%, lower at 18,592.  File photo: REUTERS/Francis Mascarenhas

Indian benchmark indices the Sensex and the Nifty ended at fresh closing highs in the previous session on November 25. The gains, however, were slim as investors booked some profit at higher levels while concerns over rate hikes and global economic slowdown persisted. Sensex closed 21 points, or 0.03%, up at 62,293.64 and Nifty settled at 18,512.75, up 29 points, or 0.15%.

Crude oil prices declined as protests in China clouded the outlook for demand. West Texas Intermediate Crude slid to the lowest level since 2021. Brent Crude fell more than 2% and traded near the $82 per barrel mark.

The rupee fell 6 paise to close at 81.69 in the previous session amid gains in the equity market. The domestic currency may see some pressure as the dollar rose against its major peers today as Asian markets opened. (Photo: iStock)

Gold prices slipped in international markets on November 28 due to a stronger US dollar which made the yellow metal more expensive for buyers in other currencies.

China’s industrial profits declined in the first 10 months of the year weighed down by Covid restrictions and falling factory-gate prices. Industrial profits in the January-to-October period fell 3.0% from a year earlier, data from the National Bureau of Statistics showed Sunday. That compared with a decline of 2.3% in the first nine months, reported Bloomberg. FILE PHOTO via REUTERS/File photo

Foreign portfolio investors (FPI) bought Indian shares worth 369.08 crore on NSE, BSE and MSEI in the previous session on November 25. On the flip side, domestic institutional investors (DIIs) sold Indian shares worth 295.92 crore.

First Published: 28 Nov 2022, 08:26 AM IST