Before Stock Market Opens: From US markets close to SGX Nifty; 9 things to know at 9 am on September 26, 20022

The US and European stocks tumbled on Friday, the dollar scaled a 22-year high and bonds sold off again as fears grew that a central bank prescription of raising interest rates to tame inflation will drag major economies into recession. The Dow Industrials was poised to confirm a bear market as a deepening downturn in business activity across the euro zone, and US business activity contracting for a third straight month in September, left Wall Street wallowing in a sea of red. The Dow Jones Industrial Average fell 2.35 percent, making it the first major US stock index to fall below its June trough on an intraday basis. The S&P 500 lost 2.50 percent and the Nasdaq Composite dropped 2.55 percent.

Shares of Asia-Pacific fell sharply on Monday as negative sentiment continues to weigh in on markets. The Nikkei 225 in Japan dropped 2.19 percent in early trade, and the Topix slipped 2 percent. South Korea’s Kospi lost 2.3 percent. In Australia, the S&P/ASX 200 declined 1.94 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.19 percent lower.

Weak global cues continued exerting pressure on the Indian market as frontline indices the Sensex and the Nifty ended sharply lower on September 23. The market is reeling under pressure due to concerns over aggressive rate hikes and a recession. Many central banks are lifting rates more aggressively as inflation remains at a multi-year high level and the Ukraine war looks far from over. Sensex opened 115 points lower at 59,005.18 and plunged 1138 points in intraday trade to 57,981.95. It closed 1,021 points, or 1.73%, lower at 58,098.92 while the Nifty closed at 17,327.35 with a loss of 302 points, or 1.72%.

At 8:20 am, the SGX Nifty was trading 139 points or 0.8 percent lower at 17,193, indicating a weak opening for the Indian markets.

Oil prices held near eight-month lows on Monday after falling sharply last week, as markets feared that slowing global economic activity will dent demand for crude. London-traded Brent oil futures rose 0.3% to $85.29 a barrel, while U.S. West Texas Intermediate futures were unchanged at $78.67 a barrel by 21:30 ET (01:30 GMT). Both contracts were trading just above their weakest level in eight months and were nursing steep losses from last week. Prices trimmed early gains on Monday after Japanese business activity data showed manufacturing activity in the world’s second-largest economy grew at a slower pace in September from the prior month.

Japan's factory activity growth hit a 20-month low in September, as firms struggled with a global slowdown and pressure from high energy and raw material prices that was exacerbated by a weak yen. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) slipped to a seasonally adjusted 51.0 in September from the prior month's final of 51.5. The headline figure marked the slowest expansion since January 2021, although it stayed above the 50-mark that separates contraction from expansion.

The rupee fell 12 paise to close at 80.99 per dollar in the previous session amid a sharp selloff in the equity market.

Foreign institutional investors (FIIs) have net sold shares worth ₹2,899.68 crore, while domestic institutional investors (DIIs) net bought shares worth ₹299.10 crore on September 23, as per provisional data available on the NSE.

Gold prices fell to a new 2-1/2-year low on Monday, weighed down by a sturdy dollar and prospects of further interest rate hikes by the US Federal Reserve to bring down inflation, reported news agency Reuters.