Before Market Opens: 9 things to know at 9 am on May 8, 2023

U.S. stocks rallied on Friday, with the Dow posting its biggest one-day percentage gain since Jan. 6, as shares of Apple surged more than 4% after upbeat results and U.S. jobs data pointed to a resilient labor market. The Dow on Friday added more than 546 points, while the S&P 500 and Nasdaq Composite popped 1.85 percent and 2.25 percent respectively. The gains came even after a stronger-than-expected April jobs report.

Asian shares crept higher on Monday as investors braced for a week where U.S. inflation data will test wagers the next move in interest rates will be down, while worries about a possible credit crunch weighed on the dollar. Caution made for a slow start in markets and MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%, while Japan's Nikkei eased 0.3%. In Australia, the S&P/ASX 200 opened 0.66 percent higher, while in South Korea, the Kospi rose 0.8 percent and the Kosdaq was up 0.68 percent. Futures tied to Hong Kong’s Hang Seng index point to a lower open for the index, trading at 19,984 compared to its last close of 20,049.31.

At 8:20 am, the SGX Nifty was trading 30 points or 0.17 percent higher at 18,154, indicating a positive opening for the Indian markets. 

Benchmark equity indices Sensex and Nifty declined more than 1 per cent at close on Friday dragged down by a heavy sell-off in index major HDFC twins. The 30-share BSE Sensex tanked 694.96 points or 1.13 percent to settle at 61,054.29. The NSE Nifty fell 186.80 points or 1.02 per ent to end at 18,069. 

Oil prices rose on Friday but fell for the third straight week after a sharp fall earlier this week ahead of benchmark interest rate rises and on concern that the US banking crisis will slow the economy and sap fuel demand. Brent crude closed $2.80, or 3.9 percent higher, at $75.30 a barrel. U.S. West Texas Intermediate settled up $2.78, or 4.1 percent, at $71.34 after four days of declines that sent the contract to lows last seen in late 2021.

Foreign institutional investors (FII) bought shares worth ₹777.68 crore, whereas domestic institutional investors (DII) sold shares worth ₹2,198.77 crore on May 5, provisional data from the National Stock Exchange showed.

UPL, Indian Bank, Canara Bank, Happiest Minds, Mahanagar Gas, Pidilite Industries, Exide Industries, etc. will release their fourth quarter numbers today.

Gold beat a fast retreat on Friday after stronger-than-expected U.S. payrolls data tempered expectations of interest rate cuts from the Federal Reserve. Spot gold lost 1.7 percent to $2,015.33 per ounce by 1:40 p.m. EDT (1740 GMT) but was up 1.3 percent for the week after surging to $2,072.19 on Thursday, just shy of its record high of $2,072.49, following the Fed’s hint that its hiking cycle may be ending.

The currency market was closed on Friday on account of Buddha Purnima.