Before Market Opens: 9 things to know at 9 am on March 22, 2023

Wall Street closed sharply higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate. All three major US stock indices were bright green as the session closed, with energy, consumer, discretionary, and financials enjoying the most sizable gains. The Dow Jones Industrial Average rose 316.02 points, or 0.98 percent, to 32,560.6, the S&P 500 gained 51.3 points, or 1.30 percent, to 4,002.87 and the Nasdaq Composite added 184.57 points, or 1.58 percent, to 11,860.11.

Asia-Pacific markets rose on Wednesday as investors looked ahead to the US Federal Reserve’s latest update on its rate hike decision, as the central bank attempts to balance its inflation fight and stem a banking crisis. Japanese markets led gains in the region, with the Nikkei 225 up 1.54 percent and the Topix higher at 1.77 percent after breaching the 2 percent level earlier. In Australia, the S&P/ASX 200 rose 0.9 percent, while in South Korea, the Kospi rose 0.67 percent.

At 8:20 am, the SGX Nifty was trading 40 points or 0.24 percent higher at 17,184, indicating a positive opening for the Indian markets.

Domestic equity benchmarks the Sensex and the Nifty ended in the green on March 21, supported by shares of banking and financial heavyweights, amid positive global cues as investors digested the rescue of global investment bank Credit Suisse. Following healthy gains in the major global markets, Sensex closed 446 points, or 0.77 percent, higher at 58,074.68 while the Nifty ended at 17,107.50, up 119 points, or 0.70 percent.

Oil prices rose more than 2 percent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand. Brent crude settled up $1.53, or 2.1 percent, at $75.32 a barrel, while US West Texas Intermediate (WTI) closed up $1.69, or 2.5 percent to $69.33.

The retail inflation is expected to range tightly between 5 percent and 5.6 percent if the country manages to successfully deal with the El Nino event, the Reserve Bank of India (RBI) bulletin said on March 21. “Over the financial year ahead (2023-24), inflation is expected to range tightly between 5.0 and 5.6 percent if India survives an El Nino event adversely affecting the southwest monsoon, given global uncertainties,” the bulletin said.

Foreign institutional investors (FII) sold shares worth ₹1,454.63 crore, whereas domestic institutional investors (DII) bought shares worth ₹1,946.06 crore on March 21, the National Stock Exchange’s provisional data showed.

The rupee slipped 3 paise to close at 82.59 against the US dollar on Tuesday ahead of the much-anticipated US Federal Reserve decision on key policy rate.

Gold prices edged higher on Wednesday as the dollar eased, while investors kept a close watch on the U.S. Federal Reserve's interest rate decision and policy outlook, reported Reuters.