Before Market Opens: Wall Street rejoices over hopes of slower rate hikes; 9 things to know at 9 am on December 1, 2022

Wall Street stocks logged solid gains after the US Federal Reserve Chair Jerome Powell signalled a potential slowdown in the pace of interest rate hikes. Nasdaq Composite surged 4.41 percent, S&P 500 jumped 3.09 percent and Dow Jones rose 2.18 percent. Photographer: Luke MacGregor/Bloomberg

Asian markets were up in the green, following upbeat US markets after the Fed Chair signalled the possibility of a slowdown in the pace of rate hikes. Moreover, China's potential policy shift from zero-Covid also underpinned sentiment. As per Bloomberg, China’s top official in charge of the fight against Covid-19 said the combat against the virus is at a new stage with the Omicron variant weakening and more Chinese citizens getting vaccinated. (AP Photo/Ahn Young-joon)

The Indian equity market is expected to open with solid gains, as indicated by SGX Nifty (Nifty futures on Singapore Stock Exchange). At 8 am, the SGX Nifty was trading 81 points, or 0.43%, higher at 18,997. Positive global cues and in-line GDP prints may boost market sentiment.

India's July-September quarter GDP grew at 6.3 percent, less than half the 13.5 percent growth in the previous quarter as Covid-led disruptions faded. The September quarter GDP print was just above the 6.2 percent forecast by economists in a Reuters poll. (PTI Photo)(PTI08_31_2022_000199A)

Domestic equity benchmarks scaled fresh all-time highs yet again before settling at fresh closing peaks in the previous session on November 30. The Sensex settled at 63,099.65, up 418 points, or 0.67 percent while the Nifty closed the day at 18,758.35, up 140 points, or 0.75 percent.

Oil prices settled up by over $2 per barrel on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery, reported Reuters. Brent Crude traded above the $85 per barrel mark.

The rupee saw sharp gains as the dollar fell ahead of Federal Reserve Chair Jerome Powell's speech. The domestic currency ended 30 paise higher at 81.43 per dollar in the previous session on November 30. The rupee is expected to see some gains as the dollar weakened further after Powell signalled a possible slowdown in the pace of interest rate hikes.

Gold prices rose over 1% in international markets on November 30 as the non-yielding asset races to end its best month since mid-2020 on slower US rate hike expectations, further reinforced by Federal Reserve Chair Jerome Powell's comments, reported Reuters. FILE PHOTO: REUTERS/Ajay Verma

Foreign portfolio investors (FPI) bought Indian shares worth ₹9,010.41 crore on NSE, BSE and MSEI in the previous session on November 30. Conversely, domestic institutional investors (DIIs) sold Indian shares worth ₹4,056.4 crore.