Before Market Opens: 9 things to know at 9 am on October 12, 2022

The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session. The Dow Jones Industrial Average rose 36.44 points, or 0.12%, to 29,239.32, the S&P 500 lost 23.65 points, or 0.65%, to 3,588.74 and the Nasdaq Composite dropped 115.91 points, or 1.1%, to 10,426.19.

Asia-Pacific markets were mixed on Wednesday amid concerns over the global economy and ahead of the Bank of Korea’s rate decision. Investors are also waiting for inflation data from the US due later this week. The Nikkei 225 in Japan was lower by about 0.2% while the Topix lost 0.15%. In Australia, the S&P/ASX 200 was flat. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. South Korea’s Kospi shed 0.23%.

At 8:20 am, the SGX Nifty was trading 33 points or 0.2 percent higher at 16,973, indicating a positive opening for the Indian markets.

Domestic market benchmarks continued reeling under pressure in light of weak global cues amid concerns over rate hikes, recession and the Ukraine war. As Reuters reported,  World stocks headed back towards their lowest levels in almost two years on Tuesday, with sentiment weighed down by unease about rapidly rising interest rates, an escalation in the Ukraine war and China stepping up pandemic measures. Sensex fell 844 points, or 1.46%, to 57,147.32 while the Nifty suffered a loss of 257 points, or 1.49%, to end at 16,983.55.

Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. US West Texas Intermediate crude was at $88.66 a barrel, down 69 cents, or 0.8%.

The International Monetary Fund (IMF) has announced another cut to its gross domestic product (GDP) growth forecast for India for the current financial year, this time by 60 basis points to 6.8 percent. At 6.8 percent, the multilateral agency's forecast is below that of the Reserve Bank of India (RBI), which on September 30 lowered it by 20 basis points to 7 percent. The growth downgrade reflects a weaker-than-expected outturn in the second quarter and more subdued external demand, IMF said in the latest update to its World Economic Outlook report released on October 11.

The rupee rebounded from its all-time low to close 19 paise higher at 82.21 against the US dollar on Tuesday amid softening crude oil prices.

Spot gold lost 0.94 percent to $1,670.20 per ounce as of 8:20 am on Wednesday.

Foreign institutional investors (FIIs) turned net sellers to the tune of ₹4,612.67 crore, whereas domestic institutional investors (DIIs) net bought shares worth ₹2,430.76 crore on October 11, as per provisional data available on the NSE.