Before Market Opens: 9 things to know at 9 am on August 29, 2023

Wall Street ended higher on Monday, with gains in 3M and Goldman Sachs ahead of key inflation and jobs data this week that will offer more clues on the Federal Reserve's interest rate path. The S&P 500 and Nasdaq Composite climbed 0.6 percent and 0.8 percent, respectively. The Dow finished more than 200 points higher, which equates to a gain of about 0.6 percent. 

Asian stocks broadly rose after US equities moved higher, with traders awaiting a raft of economic figures over the next few days for clues on the outlook for global central bank policy. An Asian equity gauge climbed 0.5%, supported by gains in Hong Kong, Japan and Australia. Shares in mainland China fell at the open, before heading into positive territory. US futures steadied following the S&P 500’s first back-to-back advance in August.

At 8:20 am, the GIFT Nifty was trading 12 points or 0.06 percent lower at 19,341, indicating a muted but negative opening for the Indian markets. 

Equity benchmark indices climbed on Monday after two days of fall, tracking strength in global markets and buying in HDFC Bank. The BSE Sensex climbed 110.09 points or 0.17 percent to settle at 64,996.60. During the day, it jumped 326.94 points or 0.50 percent to 65,213.45. The NSE Nifty gained 40.25 points or 0.21 per cent to end at 19,306.05

Oil prices were flat on Tuesday as worries that further possible U.S. interest rate hikes could pull down demand were countered by concerns a tropical storm off the U.S. Gulf Coast could impact supply.

Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, has exited Zomato by selling entire its shareholding in the food delivery giant for ₹1,123.85 crore, via open market transactions on August 28. The internet fund sold 12.34 crore shares or 1.44 percent stake in Zomato, as per bulk deals data available on exchanges. The shares were sold at an average price of ₹91.01 per share. However, the stock climbed 1.5 percent to ₹92.35 at the day's closure.

The rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices.

oreign institutional investors (FII) sold shares worth ₹1,393.25 crore, whereas domestic institutional investors (DII) purchased ₹1,264.01 crore worth of stocks on August 28, provisional data from the National Stock Exchange (NSE) showed.

Gold prices edged higher on Monday, helped by a retreat in the dollar and bond yields, while investors awaited a slew of U.S. economic data this week for more clues on interest rate outlook. Spot gold rose 0.4 percent to $1,921.86 per ounce. US gold futures gained 0.6 percent to $1,952. The dollar was down 0.1% against rivals, making gold less expensive for other currency holders.