Before Market Opens: 9 things to know at 9 am on September 27, 2022

Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the US economy into a sharp downturn. The Dow Jones Industrial Average fell 1.11 percent to end at 29,260.81 points, while the S&P 500 lost 1.03 percent to 3,655.04. The Nasdaq Composite dropped 0.6 percent to 10,802.92.

Shares in the Asia-Pacific were higher on Tuesday after a sharp fall on Monday. The Nikkei 225 in Japan rose 0.65 percent, and the Topix index gained 0.66 percent. In Australia, the S&P/ASX 200 added 0.46 percent. South Korea’s Kospi was marginally up, and the Kosdaq gained 0.64 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was about flat.

At 8:20 am, the SGX Nifty was trading 64 points or 0.4 percent higher at 17,085, indicating a positive opening for the Indian markets.

The market ended in the red for the fourth consecutive session, with benchmarks the Nifty and the Sensex falling more than 1.5%. Sensex opened 574 points lower at 57,525.03 and fell 1,061 points to touch the intraday low of 57,038.24. The Index closed 954 points, or 1.64%, lower at 57,145.22 while the Nifty50 fell 311 points, or 1.80%, to 17,016.30.

Brent crude fell below $85 a barrel on Monday, as recession fears weighed and the US dollar surged. Brent futures for November settlement shed 2.1 percent to trade at $84.32 per barrel around 1:20pm on Wall Street. West Texas Intermediate futures fell 2.3 percent to trade at $76.97 per barrel, a price last seen in early January.

Gold prices saw some gains but remained near a 2-1/2-year low on expectations of further rate hikes by the US Fed to tame soaring inflation.

The rupee plunged 63 paise to new lifetime low of 81.62 per dollar in the previous session as dollar remained at elevated levels. A sharp fall in the equity market also weighed on rupee.

Foreign institutional investors (FIIs) have net sold shares worth ₹5,101.30 crore, while domestic institutional investors (DIIs) net bought shares worth ₹3,532.18 crore on September 26, as per provisional data available on the NSE.

US Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. In recent weeks, Fed officials have been adamant that they will push rates as far as needed to cool off inflation - even at the cost of rising unemployment and a possible recession.