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

Major US stock indices ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion. The Dow Jones Industrial Average fell 184.74 points, or 0.56 percent, to 32,632.64, the S&P 500 lost 30.39 points, or 0.72 percent, to 4,170.7 and the Nasdaq Composite dropped 35.41 points, or 0.28 percent, to 12,795.55.

Shares in Asia-Pacific edged higher in Wednesday morning trade, recovering partially from losses earlier in the week as investors continue to assess the potential economic ramifications of the ongoing war in Ukraine. In Japan, the Nikkei 225 gained 1 percent while the Topix index advanced 1.15 percent. The Hang Seng Index added 0.26 percent to 20,820.02 and the Shanghai Composite Index gained 0.31 percent to 3,303.71.

Indian markets ended in the green after four consecutive sessions of losses on March 8. Investors lapped up shares of the recently beaten-down sectors such as IT, pharma, realty and FMCG owing to some comfort on the valuation front. Sensex ended the day 581 points, or 1.10 percent, higher at 53,424.09 while the Nifty finished 150 points, or 0.95 percent, higher at 16,013.45.

Oil prices settled around 4 percent higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year-end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude. Brent crude futures settled at $127.98 a barrel, 3.9 percent higher, while U.S. crude futures settled at $123.70 a barrel, a 3.6 percent increase.

At 8:20 am, the SGX Nifty was trading 55 points or 0.35 percent higher at 15,970, indicating a positive start for the Indian markets.

The rupee closed at 76.92 against the US dollar on March 8. Meanwhile, the Reserve Bank of India (RBI) has conducted a USD/INR sell-buy swap auction for $5 billion with banks to elongate the maturity profile of its forward dollar book which might have saved rupee from plunging to its record low.

Foreign institutional investors (FIIs) net sold Indian equities worth ₹8,142.6 crore on Tuesday, according to provisional exchange data. However, domestic institutional investors (DIIs) made net purchases worth ₹6,489.6 crore.

Gold traded higher, inching towards a record high on March 9 as investors continued rushing for safe-haven metal on rising fears around the Russia-Ukraine crisis. Gold April futures contract settled at $2043.30 per troy ounce in the previous session. Gold and silver extended their gains after the US banned Russian oil and gas imports. However, gold and silver also off day highs after a statement of Ukrainian President Zelenski as Ukraine is no longer seeking to be a member of NATO. Global inflation concerns are also supporting safe haven buying in precious metals.

Russia's ongoing invasion in Ukraine shows no signs of abating and is still going on. As many as three rounds of talks have taken place between the two countries but have failed to resolve the crisis. As per a Reuters report, US has imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine.