Before Market Opens: 9 things to know at 9 am on May 18, 2023

U.S. stocks rose sharply on Wednesday, fueled by optimism over a potential deal on the $31.4 trillion federal debt ceiling and as a rebound in regional bank shares eased concerns about an escalation in the sector's troubles. The major averages all ended Wednesday’s regular session higher. The Dow gained more than 400 points. The S&P 500 rose 1.19 percent, and the Nasdaq Composite advanced 1.28 percent. A rebound in regional bank shares also contributed to Wednesday’s rally.

Asian stocks opened higher Thursday, helped by a cheap yen and rallies on Wall Street driven by hopes for an agreement to avert a US debt default. In Japan, the Nikkei 225 rose 1.7 percent and the Topix was up 1.21 percent as investors further digested Japan’s trade data for April – imports fell further than expected while exports also missed forecasts by Reuters. South Korea’s Kospi gained 0.66 percent and the Kosdaq gained 0.77 percent in Asia’s morning trade. Hong Kong’s Hang Seng index look set for a rebound after a late sell off on Wednesday’s session, with futures at 19,680 compared to the HSI’s close of 19,560.57. 

At 8:20 am, the SGX Nifty was trading 50 points or 0.27 percent higher at 18,282, indicating a positive opening for the Indian markets. 

Indian shares fell on Wednesday, dragged by a broad slide across sectors, as investors booked profits on a nearly 5% rise in the benchmark Nifty 50 in fiscal 2024 so far, while weak global cues amid debt ceiling negotiations in the U.S. weighed. The Nifty 50 closed 0.57% down at 18,181.75, while the S&P BSE Sensex fell 0.60% to 61,560.64. Both indexes extended losses to a second consecutive session.

Oil prices rose 2 percent on Wednesday as optimism on oil demand and U.S. debt ceiling negotiations outweighed supply concerns. Brent crude futures rose $1.48, or 2 percent, to $76.39 a barrel. West Texas Intermediate U.S. crude was up $1.50 cents or 2.1 percent to $72.36.

IndiGo, SBI, ITC, Gail (India), United Spirits, etc. will announce their March quarter results today.

Foreign institutional investors (FIIs) bought shares worth ₹149.33 crore, whereas domestic institutional investors (DIIs) sold shares worth ₹203.87 crore on May 17, provisional data from the National Stock Exchange showed.

The rupee fell 13 paise to close at 82.38 (provisional) against the US currency on Wednesday, weighed down by the strength of the American currency in the overseas market and a negative trend in domestic equities.

Gold retreated on Wednesday as the dollar advanced after hawkish comments from U.S. Federal Reserve officials raised doubts over interest-rates cuts this year. Spot gold dropped 0.4 percent to $1,981.29 per ounce after touching its lowest since April 27. U.S. gold futures fell 0.4 percent to $1,984.90.