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

US stocks paused on Monday after a strong rally in the prior session as investors shift focus to a key inflation reading later this week. The Dow Jones Industrial Average fell 55.69 points, or 0.17%, to 33,618.69, the S&P 500 gained 1.87 points, or 0.05%, to 4,138.12 and the Nasdaq Composite added 21.50 points, or 0.18%, to 12,256.92.

Asia-Pacific markets traded mixed ahead of China’s April trade data release as well as US inflation reports later this week. China is projected to record a trade surplus of $74.3 billion, lower than the $88.2 billion in March, according to a Reuters poll. In Australia, the S&P/ASX 200 fell 0.33 percent and South Korea’s Kospi was 0.21 percent down, with the Kosdaq also shedding 0.39 percent. However, Japan’s Nikkei 225 rose 0.5 percent and the Topix was also 0.51 percent up. Japan saw a reduction in household spending in April despite economists surveyed by Reuters expecting to see growth. Futures for Hong Kong’s Hang Seng index stood at 20,222, signaling a lower open compared with its last close of 20,297.03.

At 8:20 am, the SGX Nifty was trading 20 points or 0.10 percent lower at 18,331, indicating a negative opening for the Indian markets. 

Equity benchmark BSE Sensex rebounded more than 1 percent while Nifty reclaimed the 18,200 level on Monday, boosted by heavy buying in banking, financial and auto stocks amid a rally in global stock markets.Besides, continuous foreign fund inflows further bolstered sentiment, traders said. The 30-share BSE Sensex rallied 709.96 points or 1.16 percent to settle at 61,764.25. On similar lines, the broader NSE Nifty climbed 195.40 points or 1.08 percent to end at 18,264.40.

Oil prices gained over 2 percent on Monday as the US recession fears eased, and some traders saw crude’s three-week slide on demand worries as overdone. Brent crude was up $1.65, or 2.19 percent, at $76.95 a barrel. US West Texas Intermediate (WTI) crude also gained $1.78, or 2.5 percent, to $73.12.

Lupin, Apollo Tyres, Westlife Foodworld, Raymond, Nazara Tech, etc. are likely to announce their quarterly results today.

Foreign institutional investors (FII) bought shares worth ₹2,123.76 crore, while domestic institutional investors (DII) purchased shares worth ₹245.27 crore on May 8, provisional data from the National Stock Exchange showed.

The rupee pared initial gains to settle flat at 81.78 against the US dollar on Monday amid a recovery in crude oil prices.

Gold edged higher on Monday, regaining some ground after a retreat in the previous session and ahead of inflation data this week that could provide clues on the outlook for US interest rates. Spot gold rose 0.2 percent to $2,021.37 per ounce. U.S. gold futures settled up 0.4 percent at $2,033.20.