Before Market Opens: US stocks fall, Asia trades mixed; 9 things to know at 9 am on November 29, 2022

Key US stock market indices fell more than a percent as concerns over China's strict Covid restrictions weighed on sentiment. As reported by Reuters, the Dow Jones Industrial Average fell 497.57 points, or 1.45%, to 33,849.46, the S&P 500 lost 62.17 points, or 1.54%, to 3,963.95 and the Nasdaq Composite dropped 176.86 points, or 1.58%, to 11,049.50. REUTERS/Paulo Whitaker/File Photo

Asian stock markets were mixed as concerns over rate hikes and China protests persisted. China's Shanghai Composite Index and Korea's KOSPI moved higher but Japan's Nikkei slipped. Investors took heart from stronger-than-expected Chinese earnings, new housing support and speculation that nationwide demonstrations may hasten a shift away from Covid-Zero policies, reported Bloomberg.

The Indian equity market is expected to open lower as indicated by SGX Nifty (Nifty futures on Singapore Stock Exchange). At 8 am, the SGX Nifty was trading 60 points, or 0.32%, lower at 18,669.

The record-setting spree of the Indian market continued on November 28 even though global cues remained weak due to concerns over the protests in China against Covid-led restrictions. In intraday trade, the Sensex and the Nifty scaled their fresh all-time highs of 62,701.4 and 18,614.25, respectively. Sensex closed with a gain of 211 points, or 0.34%, at 62,504.80. The Nifty50 settled at 18,562.75, up 50 points, or 0.27%.

Oil prices traded volatile amid concerns about slowing demand in top crude importer China due to strict Covid-19 curbs while reports of OPEC+ production cuts offered comfort. Brent Crude and U.S. West Texas Intermediate (WTI) crude futures fell in early trade but moved slightly up after some time. Brent Crude traded 0.31% up at 83.45 per dollar around 7:45 am. REUTERS/Nick Oxford/File Photo

The rupee inched up 2 paise to settle at 81.67 in the previous session as the dollar gained ground amid a selloff in the US equity markets. The dollar is expected to remain elevated after hawkish remarks from Federal Reserve officials. FILE PHOTO. REUTERS/Adnan Abidi

Gold prices were flat in early Asian trade on Tuesday after declining about 1% in the previous session as US Federal Reserve officials signalled that interest rates would remain high to bring down inflation. The yellow metal had hit a one-week high on Monday before closing lower for the first time in five sessions, reported Reuters. FILE PHOTO. REUTERS/Ajay Verma

Morgan Stanley believes the Sensex may jump 10% in a base case scenario in 2023 scaling to 68,500 points by December. As per PTI, in a report penned by its chief India economist Ridham Desai and his team, the brokerage said, an up-trending profit cycle, a likely peak in short rates in Q1 2023 and ebbing global macro risks relative to 2022 make the case for 'absolute upside to Indian stocks.' That said, India's relative gains may take a breather in 2023. Photograph: Alex Kraus/Bloomberg

Foreign portfolio investors (FPI) bought Indian shares worth ₹935.88 crore on NSE, BSE and MSEI in the previous session on November 28. Domestic institutional investors (DIIs), too, bought Indian shares worth ₹87.93 crore.