Before Market Opens: Market may open in the red amid weak global cues; 9 things to know at 9 am on December 6, 2022

US markets ended lower on December 5 as better-than-expected services sector data raised worries that the Federal Reserve could hike interest rates for longer. The Dow Jones Industrial Average fell 1.4 percent to close at 33,947.1, the S&P 500 lost 1.79 percent to end at 3,998.84, and the Nasdaq Composite dropped 1.93 percent to finish on 11,239.94. (AP Photo/Lee Jin-man)

Asian stocks followed the US markets lower after strong services data raised concerns that the Federal Reserve may deliver higher interest rates. Shanghai Composite Index slipped 0.26 percent, KOSPI also traded 0.23 percent lower but Nikkei moved up 0.17 percent. REUTERS/Paulo Whitaker/File Photo

SGX Nifty (Nifty futures on Singapore Stock Exchange) indicated a negative start for the domestic market on December 6. At 8:10 am, the SGX Nifty was trading 95 points, or 0.51 percent, lower at 18,715.

Domestic market benchmarks the Sensex and the Nifty ended flat on December 5 as investors shifted focus to the RBI MPC outcome. While the Sensex fell 34 points, or 0.05 percent, to end at 62,834.60 while the Nifty closed at 18,701.05, up 5 points, or 0.03 percent. Mid and smallcaps outperformed the benchmarks as the BSE Midcap index rose 0.10 percent while the Smallcap index clocked a gain of 0.25 percent.

Oil prices edged higher on December 6 after a G7 price cap on Russian seaborne oil came into force on December 5 on top of a European Union embargo on imports of Russian crude by sea, reported Reuters. Benchmark Brent Crude rose higher by a percent. REUTERS/Angus Mordant/File Photo/File Photo

Gold prices were little changed in early Asian trade on December 6, after falling more than 1.5 percent in the previous session as the US dollar rebounded on bets that strong economic data may prompt bigger interest rate hikes by the Federal Reserve, reported Reuters. REUTERS/Ajay Verma

The rupee fell 48 paise to close at 81.80 per dollar in the previous session after the dollar advanced against its global peers. Weakness in the equity market and selling by foreign portfolio investors also put pressure on the rupee. The US dollar held firm against major peers on December 6 after strong services data in the US bolstered the case for the Federal Reserve to lift interest rates higher than expected. Photographer: Dhiraj Singh/Bloomberg

India’s services activity continued to rise in November, recording the fastest output growth in three months, with new orders accruing at the highest pace since August, reported Mint on December 5. The Purchasing Managers‘ Index (PMI) for the services sector, released by credit rating agency S&P Global, improved to 56.4 in November from 55.1 in October, as the survey showed an expansion in output and job creation.

Foreign portfolio investors (FPI) sold Indian shares worth ₹1,139.07 crore on NSE, BSE and MSEI in the previous session on December 5. Conversely, domestic institutional investors (DIIs) bought Indian shares worth ₹2,607.98 crore, data from NSE showed.