scorecardresearchBefore Market Opens: 9 things to know at 9 am on March 16, 2022

Before Market Opens: 9 things to know at 9 am on March 16, 2022

Updated: 16 Mar 2022, 08:31 AM IST
TL;DR.

Indian indices are likely to make a gap-up on Wednesday following gains across global peers as investors awaited the outcome of the US Federal Reserve's policy review. The rise was also supported by decline in crude oil prices to below $100 per barrel.

Indian equity benchmarks snapped its sis-session winning streak to settle lower on Tuesday dragged by losses in metal, IT, oil & gas and select financial shares. The Sensex fell 709 points to settle at 55,777 and the broader Nifty50 benchmark settled at 16,663, down 208 points.

Indian equity benchmarks snapped its sis-session winning streak to settle lower on Tuesday dragged by losses in metal, IT, oil & gas and select financial shares. The Sensex fell 709 points to settle at 55,777 and the broader Nifty50 benchmark settled at 16,663, down 208 points.

The three main Wall Street stock indexes rallied on Tuesday, a day before an expected interest rate hike by the US Federal Reserve, while oil prices dropped 7% on hopes of an end to the conflict in Ukraine. The Dow Jones Industrial Average rose 1.82% to 33,544.34, the S&P 500 gained 2.14% to 4,262.45 and the Nasdaq Composite added 2.92% to 12,948.62.

The three main Wall Street stock indexes rallied on Tuesday, a day before an expected interest rate hike by the US Federal Reserve, while oil prices dropped 7% on hopes of an end to the conflict in Ukraine. The Dow Jones Industrial Average rose 1.82% to 33,544.34, the S&P 500 gained 2.14% to 4,262.45 and the Nasdaq Composite added 2.92% to 12,948.62.

Oil prices tumbled more than 6% on Tuesday to their lowest in almost three weeks, as Russia suggested it would allow a revival of the Iran nuclear deal to go forward and as traders worried growing pandemic lockdowns in China could dent demand. Both Brent and US crude futures benchmarks settled below $100 per barrel for the first time since late February.

Oil prices tumbled more than 6% on Tuesday to their lowest in almost three weeks, as Russia suggested it would allow a revival of the Iran nuclear deal to go forward and as traders worried growing pandemic lockdowns in China could dent demand. Both Brent and US crude futures benchmarks settled below $100 per barrel for the first time since late February.

Shares in Asia-Pacific rose in Wednesday trade, as investors watch for developments around the Covid situation in China as well as the upcoming rate decision by the US Federal Reserve. In Japan, the Nikkei 225 climbed 1.36% while the Topix index gained 1.4%. South Korea’s Kospi advanced 0.68%.

Shares in Asia-Pacific rose in Wednesday trade, as investors watch for developments around the Covid situation in China as well as the upcoming rate decision by the US Federal Reserve. In Japan, the Nikkei 225 climbed 1.36% while the Topix index gained 1.4%. South Korea’s Kospi advanced 0.68%.

At 8:25 am, the Singapore Exchange (SGX) Nifty futures were up 277 points or 1.7 percent at 16,926, indicating a gap-up opening for the Indian indices.

At 8:25 am, the Singapore Exchange (SGX) Nifty futures were up 277 points or 1.7 percent at 16,926, indicating a gap-up opening for the Indian indices.

Foreign institutional investors (FIIs) net sold Indian equities worth  <span class='webrupee'>₹</span>1,249.7 crore on Tuesday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases worth  <span class='webrupee'>₹</span>98.3 crore.

Foreign institutional investors (FIIs) net sold Indian equities worth 1,249.7 crore on Tuesday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases worth 98.3 crore.

Gold and silver extended its fall in the previous session ahead of the FOMC meeting outcome. Both precious metals settled on a weaker note in the international markets. Gold April futures contract settled at $1929.70 per troy ounce with a loss of 1.59 percent and silver May futures contract were settled at $25.16 per troy ounce with a loss of 0.56 percent.

Gold and silver extended its fall in the previous session ahead of the FOMC meeting outcome. Both precious metals settled on a weaker note in the international markets. Gold April futures contract settled at $1929.70 per troy ounce with a loss of 1.59 percent and silver May futures contract were settled at $25.16 per troy ounce with a loss of 0.56 percent.

The rupee closed 4 paise lower at 76.61 against the US dollar on March 15, Bloomberg data showed, as investors turned cautious ahead of the US Fed meeting amid growing uncertainty over the Russia-Ukraine conflict. Heavy selling equities and continued foreign capital outflows also put pressure on the domestic unit.

The rupee closed 4 paise lower at 76.61 against the US dollar on March 15, Bloomberg data showed, as investors turned cautious ahead of the US Fed meeting amid growing uncertainty over the Russia-Ukraine conflict. Heavy selling equities and continued foreign capital outflows also put pressure on the domestic unit.

Investors are expecting the US Federal Reserve to raise interest rates for the first time in three years by at least 25 basis points amid surging prices in its monetary policy meet later today.

Investors are expecting the US Federal Reserve to raise interest rates for the first time in three years by at least 25 basis points amid surging prices in its monetary policy meet later today.

First Published: 16 Mar 2022, 08:31 AM IST