Before Market Opens: Hawkish Fed punctures market sentiment; 9 things to know at 9 am on December 15, 2022

Key US stock indices ended in the red on December 14 after the US Federal Reserve raised interest rates by 50 basis points and projected more increases by the end of 2023. The Dow Jones Industrial Average slipped 0.42 percent, the S&P 500 declined 0.61 percent, and the Nasdaq Composite dropped 0.76 percent.  (AP Photo/Julia Nikhinson)

Asian stocks opened lower, following US equities after the Fed signalled more rate hikes are coming which may raise unemployment rates and hit the economy significantly. Korea's Kospi, Japan's Nikkei, and China's Shanghai Composite index traded lacklustre. (AP Photo/Kin Cheung)

The US Federal Reserve raised interest rates by 50 bps and said the hikes would continue until they were convinced that inflation has come down sustainably. As reported by Reuters, Fed Chair Jerome Powell said that the Fed's latest policymaker projections don't necessarily mean the economy will fall into a recession. He suggested the risk is worth it, and that the Fed has no plans to cut rates to cushion the blow. Photographer: Graeme Sloan/Bloomberg

Extending gains into the second consecutive session, Sensex and the Nifty ended higher on December 14 ahead of the US FOMC outcome. Sensex closed at 62,677.91, up 145 points, or 0.23 percent while the Nifty closed with a gain of 52 points, or 0.28 percent, at 18,660.30. The BSE Midcap index rose 0.59 percent while the Smallcap index clocked a gain of 0.68 percent.

SGX Nifty (Nifty futures on Singapore Stock Exchange) indicated a negative start for the domestic market on December 15. At 7:30 am, the SGX Nifty was trading 58 points, or 0.31 percent, lower at 18,692.

Addressing the lower house of Parliament on December 14, Union Finance Minister Nirmala Sitharaman said that the government will meet the fiscal deficit target of 6.4 percent of the GDP in the current financial year. She also said, quoting the World Bank report, that India's forex reserves are one of the highest in the world, providing a cushion against global spillover. (Photo by Pratham Gokhale/Hindustan Times)

Gold prices inched down in early Asian hours on December 15, after the US Federal Reserve said war against inflation will continue and more interest rates hikes will be done next year.

The rupee jumped 35 paise to close at 82.46 per dollar in the previous session on December 14 as the greenback eased ahead of the FOMC outcome. Meanwhile, the dollar edged up after the Fed said more hikes are coming. Photographer: Dhiraj Singh/Bloomberg

The domestic market witnessed buying from both foreign and domestic institutional investors on December 14. Foreign portfolio investors (FPI) bought Indian shares worth ₹372.16 crore on NSE, BSE and MSEI while the domestic institutional investors (DIIs) also bought Indian shares worth ₹926.45 crore, data from NSE showed.