Before Market Opens: Sensex, Nifty likely to open higher; 9 things to know at 9 am on September 29, 2022

Global equities staged a partial comeback on Wednesday -- with Wall Street stocks surging around 2% -- as the Bank of England said it would step in to the bond market in an attempt to dampen investors' fears of contagion across the financial system. The Dow Jones Industrial Average jumped 548.75 points, or 1.88%, to 29,683.74. The S&P 500 gained 1.97% to 3,719.04. The Nasdaq Composite was 2.05% higher at 11,051.64 at the close.

Shares in the Asia-Pacific rose at the open on Thursday following a rebound on Wall Street overnight. The rally in the US came after the Bank of England said it would intervene in the bond market to stabilise conditions. The Nikkei 225 in Japan advanced 1% and the Topix index gained 0.31%. Australia’s S&P/ASX 200 jumped 1.38%. In South Korea, the Kospi added 1.5%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.72%.

Dometic market benchmarks the Sensex and the Nifty extended their losing streak into the sixth consecutive session on September 28 as concerns over aggressive rate hikes and inflation continue to weigh on sentiment. Sensex closed 509 points, or 0.89%, lower at 56,598.28. The Nifty50 ended at 16,858.60, down 149 points, or 0.87%.

At 8:20 am, the SGX Nifty was trading 146 points or 0.86 percent higher at 17,035, indicating a gap-up opening for the Indian markets.

The Reserve Bank's rate-setting panel started its 3-day deliberations on Wednesday amid expectations of yet another rate hike of 50 basis points to check high inflation, in line with similar actions taken by other major central banks, including the US Fed. The Reserve Bank's rate-setting panel will start its 3-day deliberations on Wednesday amid expectations of yet another rate hike of 50 basis points to check high inflation, in line with similar actions taken by other major central banks, including the US Fed. The RBI, which has since May raised the repo rate by 140 basis points (bps), may yet again go for a 50-bps increase, which will take the key rate to a three-year high of 5.9 per cent, say experts.

Oil prices jumped higher on Wednesday for a second day, rebounding from recent losses as the US dollar eased off recent gains and US fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand. US crude rose 4.5% to $82.06 per barrel and Brent was at $89.22, up 3.4% on the day.

The rupee fell 36 paise to end at 81.94 per dollar in the previous session as the dollar remained up on prospects of more aggressive rate hikes.

Foreign institutional investors (FIIs) net sold shares worth ₹2,772.49 crore, while domestic institutional investors (DIIs) net bought shares worth ₹2,544.17 crore on September 28, as per provisional data available on the NSE.

Gold prices declined on a stronger dollar but concerns over economic growth capped the losses. US Fed's intent to keep hiking rates to bring the soaring inflation down has pushed the dollar to multi-year high level against its major peers which is weighing on the demand of yellow metal.