Before Market Opens: 9 things to know at 9 am on September 1, 2022

U.S. stocks ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist. The Dow Jones Industrial Average fell 280.44 points, or 0.88%, to 31,510.43; the S&P 500 lost 31.16 points, or 0.78%, to 3,955; and the Nasdaq Composite dropped 66.93 points, or 0.56%, to 11,816.20.

Asian Markets are trading weak with Taiwan Weighted, Nikkei, Kospi down over 1% each, and Hang Seng down 0.7 percent. SGX Nifty Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 37.50 points. The Nifty futures were trading around 17,472.50 levels on the Singaporean exchange.

At 8:20 am, the SGX Nifty was trading 40 points or 0.2 percent lower at 17,469, indicating a weak opening for the Indian markets.

Domestic market benchmarks clocked substantial gains on August 30 with the Sensex and the Nifty rising almost 3% in light of broadly positive global cues. The 30-share pack, eventually, closed with a stellar gain of 1,564 points, or 2.70%, at 59,537.07 while the Nifty50 settled 446 points, or 2.58% higher at 17,759.30. Markets were closed on August 31 on account of Ganesh Chaturthi.

India's GDP growth surged to 13.5 percent in April-June from 4.1 percent the previous quarter, data released on August 31 showed. The sharp uptick in growth was driven by a favourable base effect and the ongoing economic revival. The Indian economy grew slower than anticipated last quarter, with economists predicting growth would come in at 15 percent,. The growth rate is also lower than the Reserve Bank of India's (RBI) forecast of 16.2 percent.

Oil prices fell in early Asian trade on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb COVID-19 in China. Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel by 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.4%, to $89.23 a barrel.

Gold slipped in the international market on August 31 and was on track for its longest monthly losses since 2018, pressured by aggressive rate hikes by major central banks worldwide, reported news agency Reuters.

Foreign institutional investors (FIIs) net bought shares worth ₹4,165.86 crore, while domestic institutional investors (DIIs) net sold shares worth ₹656.72 crore on August 30, as per provisional data available on the NSE.

The rupee ended 51 paise higher at 79.46 in the previous session on August 30 amid sharp gains in the equity market and strong buying by the FPIs. FPIs bought Indian shares worth ₹4,165.86 crore on August 30 while the Nifty jumped 2.6%.