Before Market Opens: From Adani Enterprises to Budget 2023; 9 things to know at 9 am on January 30, 2023

Wall Street advanced on Friday, marking the end of a rocky week in which economic data and corporate earnings guidance hinted at softening demand but also economic resiliency ahead of next week's Federal Reserve monetary policy meeting. The Dow Jones Industrial Average rose 28.67 points, or 0.08 percent, to 33,978.08, the S&P 500 gained 10.13 points, or 0.25 percent, to 4,070.56 and the Nasdaq Composite added 109.30 points, or 0.95 percent, to 11,621.71.

Asian shares started cautiously on Monday in a week that is certain to see interest rates rise in Europe and the United States, along with US jobs and wage data that may influence how much further they still have to go. MSCI's broadest index of Asia-Pacific shares outside Japan up 11 percent in January at a nine-month high. Early Monday, the index was up 0.1 percent as investors looked forward to China's market resuming after the Lunar New Year holidays, while Japan's Nikkei added 0.2 percent.

Indian shares fell to their lowest level in over a week on Wednesday, dragged by Adani group stocks after a short-seller raised fresh concerns about the group's debt in a report that had a ripple effect across the market. The Nifty 50 index closed 1.25% lower at 17,891.95, while the S&P BSE Sensex fell 1.27% to 60,205.06. Stocks of the seven listed Adani group companies fell between 1.5% and 9% after Hindenburg, a well-known U.S. short-seller, said in a report that key listed companies in the group controlled by billionaire Gautam Adani had substantial debt.

At 8:20 am, the SGX Nifty was trading 0.5 points or 0.33 percent lower at 17,689, indicating a flat opening for the Indian markets. 

Oil prices climbed in early Asia trade on Monday, supported by tensions in the Middle East following a drone attack in Iran and as Beijing pledged over the weekend to promote a consumption recovery that would support fuel demand. Brent crude futures rose 54 cents, or 0.6%, to $87.20 a barrel by 0115 GMT while U.S. West Texas Intermediate crude was at $80.22 a barrel, up 54 cents, or 0.7%. Israel appears to have been behind an overnight drone attack on a military factory in Iran, a U.S. official said on Sunday.

Foreign institutional investors (FII) on January 27 net sold shares worth ₹5,977.86 crore, the highest outflow in a single day since April 18, 2022, whereas domestic institutional investors (DII) net bought shares worth ₹4,252.33 crore, as per provisional NSE data.

Foreign investors have pulled out a net of over ₹17,000 crore this month so far due to the attractiveness of the Chinese markets and the cautious stance adopted by them ahead of the Union Budget and US Federal Reserve meeting. The outflow in January came after a net inflow of ₹11,119 crore in December and ₹36,239 crore in November.

The rupee rose 7 paise to close at 81.52 per dollar in the previous session on January 27 despite strong selloff in the domestic equity markets. Analysts pointed out profit taking in the global crude oil prices and an increase in the foreign exchange reserves supported the rupee at lower levels. The rupee may remain volatile ahead of the US Fed policy outcome and the Indian Union Budget.

Gold prices held steady in early Asian hours on Monday, with investors awaiting the US Federal Reserve's rate-hike verdict due this week. Traders are eyeing the Fed's policy meeting scheduled on January 31-February 1. The market broadly expects the US central bank to scale back rate hikes to 25 basis points (bps) from 50 bps announced in December, reported Reuters.