Before Market Opens: 9 things to know at 9 am on August 28, 2023

US stocks ended a volatile session higher on Friday as investors digested comments from Federal Reserve Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained. The Dow Jones Industrial Average gained 247.48 points, or 0.7 percent, on Friday, but finished the week 0.45 percent lower. The S&P 500 added about 0.7 percent, while the Nasdaq Composite advanced about 0.9 percent. Both the broad-based and tech-heavy index notched their first winning week in four, adding about 0.8 percent and 2.3 percent.

Asian shares crept higher on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on U.S. jobs and inflation could decide whether interest rates have to rise again. Chinese blue chips shed 2% last week to hit its lows for the year so far, and all eyes will be on the official PMI for August out on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.2%, having eked out minor gains last week to break a three-week losing streak. Japan's Nikkei rose 0.9%, underpinned in part by the persistent weakness of the yen. S&P 500 futures edged up 0.1% and Nasdaq futures 0.2%, extending last week's modest rise.

Benchmark Sensex declined by 365 points and Nifty settled below the 19,300 level in a volatile trade on Friday as financials, IT and oil shares took a hit amid concerns over potential rate hikes and weak trend in global markets. Falling for a second day in a row, the BSE Sensex closed lower by 365.83 points or 0.56 percent at 64,886.51. During the day, it dropped 519.77 points or 0.79 percent to 64,732.57. The NSE Nifty declined by 120.90 points or 0.62 percent to end at 19,265.80.

At 8:20 am, the GIFT Nifty was trading 30 points or 0.16 percent lower at 19,268, indicating a positive opening for the Indian markets. 

Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand. Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel by 0049 GMT while U.S. West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3%.

Reliance Industries' 46th annual general meeting (AGM) is expected to set the tone for the markets in the coming week, with investors eyeing a slew of major announcements. The AGM today comes just a few days after Jio Financial Services' listing, and Qatar Investment Authority's acquisition of stake in Reliance Retail Ventures Limited (RRVL). In its 2022 AGM, the company announced the roll out of Jio 5G across India by December 2023. In 2021, it was the entry into green energy, and the year before, it announced the induction of Google as a minority investor.

Gold fell on Friday, en route to snap a four-session streak of gains after Federal Reserve Chair Jerome Powell left the door open to more interest rate hikes. Spot gold last fell 0.21 percent to $1,913.3643 per ounce. U.S. gold futures settled 0.4 percent lower at $1,939.90.

The rupee on Friday declined by 8 paise to settle at 82.64 against the US dollar, snapping its three-day rally due to forex outflows, a strong American currency and negative equity markets.

Foreign institutional investors (FII) sold shares worth ₹4,638.21 crore, whereas domestic institutional investors (DII) purchased ₹1,414.35 crore worth of stocks on August 25, provisional data from the National Stock Exchange (NSE) showed. Overall in August, the pace of inflow from foreign investors ebbed with a net investment of ₹10,689 crore on higher crude oil prices and the resurfacing of inflation risks.