Before Market Opens: 9 things to know at 9 am on September 7, 2022

Wall Street's main indices closed lower on Tuesday, the first session after the US Labor Day holiday and summer vacations, as traders assessed fresh economic data in volatile trading. The Dow Jones Industrial Average fell 173.14 points, or 0.55 percent, to 31,145.3; the S&P 500 lost 16.07 points, or 0.41 percent, to 3,908.19; and the Nasdaq Composite dropped 85.96 points, or 0.74 percent, to 11,544.91.

Markets in Asia-Pacific opened lower on Wednesday as investors anticipate the Federal Reserve to give its summary on current economic conditions, also known as the Beige Book. The Nikkei 225 in Japan traded 0.41 percent lower and the Topix was also 0.37 percent lower. In South Korea, the Kospi traded 0.73 percent lower, and the S&P/ASX 200 in Australia was 0.47 percent lower.

Frontline indices the Sensex and the Nifty ended in the red on September 6 with banking, financial and FMCG stocks among the top drags. Sensex closed with a loss of 49 points, or 0.08%, at 59,196.99 while the Nifty settled at 17,655.60, down 10 points or 0.06%.

At 8:20 am, the SGX Nifty was trading 193 points or 1.1 percent lower at 17,482, indicating a gap down opening for the Indian markets.

Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from OPEC+'s first output target cut since 2020. Brent crude was down $3.26, or 3.4 percent, to $92.48 at 11:27 a.m. EDT (1527 GMT). US West Texas Intermediate (WTI) fell from Monday's trading to $86.37, down 50 cents or 0.6 percent from Friday's close.

The Life Insurance Corporation (LIC) of India and the central government are likely to offer a 60 percent stake for sale in IDBI Bank, as per media reports. The Expression of Interest (EoI) for the divestment process will be invited by October. It was earlier reported that LIC and the government could sell up to 65 percent stake in IDBI Bank. The two currently own close to 94 percent in IDBI Bank, out of which the Centre owned 45.48 percent stake and LIC held 49.24 percent, as of June 30.

Gold prices fell on Wednesday, as the US dollar and Treasury yields rose after economic data bolstered expectations the Federal Reserve will continue on an aggressive rate-hike path, reported news agency Reuters.

The rupee ended flat at 79.84 per dollar in the previous session amid a fall in crude oil prices. However, weakness in the equity market weighed on the rupee.

Foreign institutional investors (FIIs) have net bought shares worth ₹1,144.53 crore, while domestic institutional investors (DIIs) net purchased shares worth ₹632.97 crore on September 6, as per provisional data available on the NSE.