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

US stocks closed lower for a fourth consecutive session on Thursday as economic data did little to alter expectations the Federal Reserve would continue raising interest rates for longer than previously thought. The Dow Jones Industrial Average fell 146.51 points, or 0.46 percent, to 32,001.25, the S&P 500 lost 39.8 points, or 1.06 percent, to 3,719.89 and the Nasdaq Composite dropped 181.86 points, or 1.73 percent, to 10,342.94.

Asia-Pacific markets opened lower on Friday as markets continued to process the US Federal Reserve’s 75 basis point interest rate hike. Japan’s Nikkei 225 fell 1 percent in early trade. The Topix slid 0.8 percent. In South Korea, the Kospi declined fractionally. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. Australia’s S&P/ASX 200 slipped 0.23 percent.

Key equity indices the Sensex and the Nifty ended lower on November 3, mirroring weak global sentiment after the US Fed hiked rates by 75 bps and Fed Chair Jerome Powell said policy rates may rise even higher than the previously estimated levels. Weak global cues continued weighing on sentiment, making the equity benchmarks the Sensex and the Nifty extend their losses into the second consecutive session. The index closed 70 points, or 0.11%, lower at 60,836.41 while the Nifty50 settled 30 points, or 0.17%, lower at 18,052.70.

At 8:20 am, the SGX Nifty was trading 7 points or 0.04 percent higher at 18,121, indicating a flat opening for the Indian markets.

Oil prices slid in early trade on Friday, extending losses from the previous session on fears U.S. interest rates will go higher than previously expected and fresh concerns that COVID outbreaks will dent fuel demand in China. Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel at 0025 GMT after falling 1.5% in the previous session. The contract was on track to fall more than 1% for the week. U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.3%, to $87.90 a barrel, deepening a 2% loss from the previous session, but on course to end flat for the week.

Britannia Industries, Cipla, Titan Company, GAIL India, InterGlobe Aviation, Aditya Birla Fashion and Retail, City Union Bank, Cummins India, Dreamfolks Services, Elgi Equipments, Escorts Kubota, Go Fashion (India), Mahindra Logistics, Marico, Tube Investments of India, TVS Motor Company, and Wockhardt will be in focus ahead of their September FY23 quarter earnings on November 4.

The rupee ended 10 paise lower at 82.89 per dollar in the previous session after a 75 bps rate hike and Fed Chair comment that the policy rates will be higher than earlier expected levels boosted dollar.

Foreign institutional investors (FIIs) net bought shares worth ₹677.62 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹732.11 crore on November 3, as per provisional data available on the NSE.

Gold looked on course to register a weekly loss in international market due to dollar's rise amid the anticipation of more rate hikes by the US Fed in coming months.