Before Market Opens: 9 things to know at 9 am on March 28, 2023

The S&P 500 ended slightly higher on Monday as a deal for Silicon Valley Bank's assets helped boost the bank shares, while a decline in technology-related stocks limited the day's gains. The S&P 500 banking index gained 3.1 percent, while the KBW regional banking index ended up 0.6 percent. JPMorgan Chase & Co shares climbed 2.9 percent and Bank of America added 5 percent. They were among stocks giving the S&P 500 its biggest boost on Monday. The Dow Jones Industrial Average surged 194.55 points, or 0.6 percent, to 32,432.08, the S&P 500 gained 6.54 points, or 0.16 percent, to 3,977.53 and the Nasdaq Composite dropped 55.12 points, or 0.47 percent, to 11,768.84.

Global stocks rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3% by early morning Hong Kong time. U.S. stock futures, the S&P 500 e-minis, were up 0.21%. Australian shares jumped more than 1%, as lithium and commodity stocks rallied sharply after battery metals explorer Liontown Resources rejected a $3.7 billion buyout bid from Albemarle Corp.

At 8:20 am, the SGX Nifty was trading 50 points or 0.3 percent higher at 17,063, indicating a positive opening for the Indian markets. 

Frontline equity indices the Sensex and the Nifty ended in the green on March 27, breaking their two-session losing run, supported by gains in shares of select heavyweights such as Reliance Industries, Infosys and SBI. The market remained volatile during the session as concerns over the health of the financial system in the US and Europe remained an overhang even though the concerns are easing. Sensex ended 127 points, or 0.22 percent, up at 57,653.86 while the Nifty50 closed at 16,985.70, up 41 points, or 0.24 percent.

Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. West Texas Intermediate US crude gained 8 cents, or 0.1 percent, to $72.89.

S&P Global Ratings on Monday kept its forecast for India's economic growth unchanged at 6 percent in the fiscal year starting April 1, before rising to 6.9 percent in the following year. In the quarterly economic update for Asia-Pacific, S&P saw the inflation rate eased to 5 percent in the 2023-24 fiscal, from 6.8 percent in the current financial year. It saw India's gross domestic product (GDP) likely growing by 7 percent in the current financial year ending March 31 (2022-23), before slowing to 6 percent in the next 2023-24 fiscal.

Foreign institutional investors (FII) sold shares worth ₹890.64 crore, whereas domestic institutional investors (DII) purchased shares worth ₹1,808.94 crore on March 27, National Stock Exchange's provisional data showed.

Gold prices rose around $1,960 as it snaps a two-day downtrend during early Tuesday, despite upbeat United States Treasury bond yields and sluggish US Dollar. In doing so, the gold traders seem to portray the month-end positioning ahead of the key US data while struggling to justify the risk-on mood.

The rupee appreciated by 9 paise to close at 82.31 against the US dollar on Monday, as a positive trend in domestic equities and a weak dollar supported investor sentiments.