Before Market Opens: 9 things to know at 9 am on March 29, 2023

US stocks ended slightly lower on Tuesday as investors weighed comments from a top US regulator on struggling banks and sold shares of technology-related names after their recent strong run. The Dow Jones Industrial Average fell 37.83 points, or 0.12 percent, to 32,394.25, the S&P 500 lost 6.26 points, or 0.16 percent, to 3,971.27 and the Nasdaq Composite dropped 52.76 points, or 0.45 percent, to 11,716.08.

Asian shares rose sharply on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite, while Alibaba's stock soared on the internet behemoth's plans to split into six units. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.82% higher, while Japan's Nikkei advanced 0.49%. Hong Kong's Hang Seng index surged over 2% and China's CSI 300 benchmark edged up 0.4%.

At 8:20 am, the SGX Nifty was trading 14 points or 0.08 percent higher at 17,004, indicating a flat but positive opening for the Indian markets. 

Benchmark equity indices Sensex and Nifty ended marginally lower in highly volatile trade on Tuesday as losses in IT and auto stocks were largely offset by gains in banking and oil shares amid mixed global trends. The 30-share BSE Sensex ended 40.14 points or 0.07 percent lower at 57,613.72 as 19 of its stocks declined and 11 advanced. The broader NSE Nifty closed lower by 34 points or 0.20 percent to finish at 16,951.70 after gyrating between 17,061.75 and 16,913.75.

Crude oil prices edged up on Tuesday, extending sharp gains from the previous session on supply disruption risks from Iraqi Kurdistan and hopes that banking sector turmoil is contained. Brent crude futures settled at $78.65 a barrel, up 53 cents, or 0.7 percent. West Texas Intermediate US crude settled at $73.20 a barrel, gaining 39 cents, or 0.5 percent.

Consumer confidence inched up in March after two straight monthly declines, even as persistent inflation, bank collapses and anxiety over a possible recession weighed on American households. The Conference Board reported Tuesday that its consumer confidence index rose to 104.2 in March from 103.4 in February. Optimism about current conditions fell, though consumers grew slightly more positive about the short-term future. That's a reversal from recent surveys. The board said that despite the uptick in confidence, the index remains below 2022's average level of 104.5.

Gold prices rose on Tuesday, drawing support from a weaker US dollar even as higher bond yields and receding fears of a full-blown banking crisis limited gains for the safe haven asset. Following two sessions of declines, spot gold gained 0.3 percent to $1,961.70 per ounce by 10:25 a.m. EDT (14:25 GMT). US gold futures rose 0.5 percent to $1,963.70.

Foreign institutional investors (FII) bought shares worth ₹1,531.13 crore, whereas domestic institutional investors (DII) sold shares worth ₹156.11 crore on March 28, National Stock Exchange’s provisional data showed.

The rupee gained 15 paise to settle at 82.16 against the US dollar on Tuesday supported by a weak American currency in the overseas market and fresh foreign fund inflows.