Before Market Opens: 9 things to know at 9 am on April 21, 2023

Major US stock indices ended lower on Thursday after disappointing quarterly reports from companies including Tesla and AT&T, while investors sought clarity on the path of interest rates. The Dow fell about 110 points, or 0.33 percent, during regular trading Thursday. The S&P 500 dropped 0.6 percent, and the tech-heavy Nasdaq Composite lost 0.8 percent. Tesla shares weighed on the Nasdaq, tumbling nearly 10 percent the day after the company posted first-quarter net income that declined sharply from the year-ago quarter.

Asia-Pacific markets traded mixed on Friday as Japan’s core inflation for March came in at 3.1 percent, unchanged from February, data from the Statistics Bureau showed. This is the second straight month of slowing inflation after Japan’s headline inflation hit a 41-year high of 4.3 percent in January. The Nikkei 225 and Topix climbed marginally, while Australia’s S&P/ASX 200 lost 0.62 percent. South Korea’s Kospi fell 1.16 percent, while the Kosdaq saw a larger loss at 1.94 percent. Futures tied to Hong Kong’s Hang Seng index pointed to a lower open for the market, standing at 20,274 compared to the index’s last close of 20,396.97. Hong Kong will also release its inflation data for March, which is expected to come in at 1.8 percent.

At 8:20 am, the SGX Nifty was trading 4 points or 0.02 percent higher at 17,669, indicating a flat opening for the Indian markets. 

Domestic equity barometer Sensex ended with nominal gains on April 20 as concerns over rate hikes by the US Fed and unimpressive March quarter earnings continued weighing on sentiment. Sensex closed with a mild gain of 65 points, or 0.11 percent, at 59,632.35. The Nifty50 settled at 17,624.45, up 6 points, or 0.03 percent.

Oil prices slid by about $2 a barrel to their lowest level since late March on Thursday, dragged lower by fears a possible recession could dent fuel demand and after a rise in US gasoline inventories. Brent crude futures settled at $81.10 a barrel, shedding $2.02, or 2.4 percent. West Texas Intermediate crude (WTI) futures settled at $77.29 a barrel, losing $1.87, or 2.4 percent.

HCL Tech's fourth-quarter earnings are broadly in line with estimates. The company witnessed double-digit growth in YoY terms, however, sequentially the performance was feeble. Also, the company recorded a single-digit drop in new deal wins. However, the IT-giant's FY24 guidance looks encouraging. In Q4FY23, HCL Tech consolidated PAT stood at ₹3,983 crore up by 10.85% YoY but down by 2.8% QoQ. Revenue from operations came in at ₹26,606 crore increasing by 17.74% YoY but marginally down on a QoQ basis.

Foreign institutional investors (FII) sold shares worth ₹1,169.32 crore, whereas domestic institutional investors (DII) bought shares worth ₹832.72 crore on April 20, National Stock Exchange's provisional data showed.

Gold prices slipped on Friday as the dollar steadied, although softer US economic data reinforced expectations for a pause in the Federal Reserve's rate-hike cycle after a likely increase next month, reported Reuters. Spot gold climbed 0.5 percent to $2,002.69 per ounce, after hitting a two-week low of $1969.1 in the previous session. U.S. gold futures rose 0.4 percent to $2,014.30.

The rupee appreciated 7 paise to close at 82.17 against the US dollar on Thursday, as crude oil prices retreated from elevated levels, reported PTI. Forex traders said a positive trend in domestic equities also supported the local unit.