Before Market Opens: 9 things to know at 9 am on June 29, 2022

Stocks on global indexes fell sharply on Tuesday, with the S&P 500 down 2% after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day. The Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99, The S&P 500 lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite dropped 343.01 points, or 2.98%, to 11,181.54.

Shares in the Asia-Pacific fell on Wednesday after Wall Street’s negative performance on Tuesday. Investors will also be looking forward to Australia’s retail sales report and Japan’s consumer confidence data release. The Nikkei 225 in Japan was down 0.95%, and the Topix slipped 0.87%. Australia’s S&P/ASX 200 was 0.23% lower. In South Korea, the Kospi dropped 1.53%, while the Kosdaq fell 1.52%.

At 8:20 am, the SGX Nifty was trading 147 points or 0.9 percent lower at 15,706 indicating a gap-down opening for the Indian markets.

Benchmark indices rebounded from early lows to close marginally higher on Tuesday following buying in oil and gas, IT and auto stocks amid a recovery in global equities. BSE Sensex settled 16.17 points or 0.03 percent higher at 53,177.45. The NSE Nifty gained 18.15 points or 0.11 percent to 15,850.20.

Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while western governments agreed to explore ways to cap the price of Russian oil. Brent crude futures climbed by $1.19, or 1%, to $116.28 a barrel. US West Texas Intermediate (WTI) crude futures rose 96 cents, or 0.9%, to $110.53. Both contracts ended the previous session nearly 2% higher.

Mukesh Ambani steps down as Reliance Jio director, Akash Ambani appointed as chairman The board of Reliance Jio, the telecom arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), has appointed Akash Ambani as its chairman, a regulatory filing stated on June 28. Akash Ambani, the son of RIL chief Mukesh Ambani, had joined Jio in 2014.

Spot gold rose by 0.10 percent at $1,823.20 per ounce, as of 7:25 am on Wednesday.

Foreign institutional investors (FIIs) net sold ₹1,244.44 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers to the tune of ₹1,205.63 crore worth of shares on June 28, as per provisional data available on the NSE.

The rupee plunged by 48 paise to close at record low of 78.85 against the US dollar on Tuesday, weighed down by persistent foreign capital outflows and a surge in crude oil prices.