Before Market Opens: 9 things to know at 9 am on June 8, 2023

The S&P 500 and Nasdaq closed in negative territory on Wednesday as investors took profits after a months-long megacap stocks run and ahead of key economic and policy events next week. The broad-market index closed 0.38 percent lower, while the Nasdaq dropped 1.29 percent. The 30-stock Dow was the outlier, with a gain of 0.27 percent or 91.74 points.

Asian shares slipped on Thursday after a surprise interest rate hike by Bank of Canada revived worries that U.S. rates could stay higher for longer and the Federal Reserve could remain hawkish when it meets next week. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.53%, while Japan's Nikkei edged 0.08% higher. Australia's S&P/ASX 200 index eased 0.09%.

At 8:20 am, the SGX Nifty was trading 18 points or 0.10 percent higher at 18,730, indicating a positive opening for the Indian markets. 

Investors await the Reserve Bank of India's monetary policy decision today. Most analysts expect the central bank to likely to leave the repo rate unchanged at 6.50% for a second straight meeting. The repo rate has been raised by a total 250 basis points since May last year to quell high inflation which has finally started showing signs of easing.

Benchmark equity indices ended with gains on Wednesday, logging their fourth day of rally amid fresh foreign fund inflows and a mixed trend in global markets. The gains in metal, realty, oil & gas and industrials stocks also supported the market's rally. Rising for the fourth straight session, the 30-share BSE Sensex climbed 350.08 points or 0.56 percent to settle at 63,142.96. The NSE Nifty advanced 127.40 points or 0.68 percent to end at 18,726.40.

Oil prices climbed about 1 percent on Wednesday as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks and weak Chinese export data. Brent crude futures settled 66 cents, or 0.9 percent, higher at $76.95 a barrel, while US West Texas Intermediate crude futures gained 79 cents, or 1.1 percent, to $72.53.

The rupee gained 8 paise to settle at 82.52 against the US dollar on foreign fund inflows and risk-on sentiments ahead of the Reserve Bank of India's monetary policy decision.

Foreign institutional investors (FIIs) bought shares worth ₹1,382.57 crore, while domestic institutional investors (DIIs) purchased shares worth ₹392.30 crore on June 7, provisional data from the National Stock Exchange shows.

Gold prices fell on Wednesday, weighed by an uptick in U.S. bond yields, while investors looked forward to inflation data and Federal Reserve policy meeting next week for more clarity on interest rate path. Spot gold was last down 1.15 percent to $1,940.2676 per ounce. U.S. gold futures settled down 1.2 percent to $1,958.40.