Before Market Opens: 9 things to know at 9 am on May 19, 2023

U.S. stocks rallied and the dollar reached a seven-week peak on Thursday as discount retail giant Walmart Inc raised its sales outlook and strong economic data calmed recession fears while also dampening hopes the Federal Reserve would cut interest rates before year-end. The Dow Jones Industrial Average finished up 115.14 points, or 0.34 percent, to close at 33,535.91 after trading down for most of the session. The tech-heavy Nasdaq gained 1.51 percent to finish at 12,688.84. The day marked a second consecutive positive session for the major averages.

Asian stocks advanced alongside US equity futures on rising hopes that lawmakers in Washington will avert a first-ever US default. Japan stocks were on course to seeing its best week since October as the Nikkei 225 rose 0.67 percent, maintaining the highest levels since 1990 and the Topix climbed 0.37 percent in early trade — marking its sixth winning streak. Australia’s S&P/ASX 200 inched up 0.23 percent, while South Korea’s Kospi gained 0.42 percent and the Kosdaq was 0.37 percent higher. 

At 8:20 am, the SGX Nifty was trading 33 points or 0.18 percent higher at 18,211, indicating a positive opening for the Indian markets. 

Equity benchmark indices pared their intra-day gains and ended lower on Thursday, pulled down by index majors ITC and State Bank of India after their fourth-quarter earnings failed to cheer investors. After trading in the green for the most part of the day, the 30-share BSE Sensex declined 128.90 points or 0.21 percent to settle at 61,431.74. The NSE Nifty fell 51.80 points or 0.28 percent to end at 18,129.95.

Oil prices dipped on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand. Brent crude futures slipped 87 cents, or 1.1 percent, to $76.09 a barrel by 9:48 ET. U.S. West Texas Intermediate crude was down 72 cents, or almost 1 percent, at $72.12 a barrel.

The country’s largest public sector lender State Bank of India (SBI) on May 18 reported its highest-ever quarterly net profit of ₹16,694 crore for the March quarter of the financial year 2022-23, recording an 83 percent rise from the year-ago period. In FY23, SBI's gross non-performing assets (GNPA) declined to ₹90,027 crore from ₹1.12 lakh crore in the previous year.

Foreign institutional investors (FIIs) bought shares worth ₹970.18 crore, whereas domestic institutional investors (DIIs) sold shares worth ₹849.96 crore on May 18, provisional data from the National Stock Exchange showed.

The rupee fell 25 paise to close at 82.62 against the US currency on Thursday, weighed down by a strong greenback in the overseas market and a negative trend in domestic equities.

Gold extended declines on Thursday after more strong economic readings from the U.S. further soured bets that the Federal Reserve may ease up on interest rates hikes, with bullion also pressured by optimism for a debt ceiling deal. Spot gold fell 1.3 percent to $1,955.3586 per ounce by 12:31 p.m. EDT, after earlier touching its lowest since April 3 at $1,951.73. U.S. gold futures were 1.3 percent lower at $1,958.