Before Market Opens: 9 things to know at 9 am on April 11, 2023

U.S. stock indexes clawed back from steep losses to a mixed close on Monday as investors digested Friday's employment report and prepared for an eventful week of inflation data and bank earnings. The Dow Jones Industrial Average rose 101.23 points, or 0.3%, to 33,586.52, the S&P 500 gained 4.09 points, or 0.10%, to 4,109.11 and the Nasdaq Composite dropped 3.60 points, or 0.03%, to 12,084.36.

Stocks in the Asia-Pacific rose on Tuesday as the Bank of Korea held interest rates at 3.5 percent, in line with expectations. South Korea’s Kospi rose 0.4 percent and the Kosdaq was fractionally lower. Australia’s S&P/ASX 200 led gains in the region and traded 1.3 percent higher. In Japan, the Nikkei 225 rose 0.97 percent in its first hour of trade and the Topix gained 0.6 percent.

At 8:20 am, the SGX Nifty was trading 40 points or 0.23 percent higher at 17,725, indicating a strong opening for the Indian markets.

Domestic equity benchmarks the Sensex and the Nifty ended flat on April 10 amid mixed global cues following the US jobs data which again pointed to a tight labour market fuelling investors' concerns that the Federal Reserve will raise interest rates at its next meeting in May. The Sensex closed 14 points, or 0.02 percent, up at 59,846.51 while the Nifty closed the day at 17,624.05, up 25 points, or 0.14 percent.

Oil prices edged higher on Tuesday as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand.Investors were awaiting a slate of reports on inflation, oil demand and supply due this week that could give the market direction. Brent crude rose 8 cents at $84.26 a barrel by 0004 GMT, while U.S. West Texas Intermediate gained 11 cents to $79.85 a barrel.

The Federal Reserve may not need to raise interest rates further to fight inflation, as the fallout from last month's turmoil in the banking sector and a series of recent labor data point to a slowing US economy, a BlackRock executive said on Monday.

The rupee closed 9 paise lower at 81.98 per dollar in the previous session, as per Bloomberg data, as the greenback grew stronger amid anticipation of more rate hikes by the US Fed following the strong US jobs data. However, positive domestic market and foreign capital inflow capped the losses for the domestic currency.

Gold prices rose on Tuesday after falling more than a percent in the previous session, as the dollar eased while investors awaited this week's US inflation data that could influence the Federal Reserve's monetary policy trajectory, reported Reuters.

Foreign institutional investors (FII) bought shares worth ₹882.52 crore, whereas domestic institutional investors (DII) bought shares worth ₹351.50 crore on April 10, National Stock Exchange's provisional data showed.