Before Market Opens: 9 things to know at 9 am on October 19, 2022

Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally. The Dow Jones Industrial Average rose 337.98 points, or 1.12 percent, to 30,523.8, the S&P 500 gained 42.04 points, or 1.14 percent, to 3,719.99 and the Nasdaq Composite added 96.60 points, or 0.9 percent, to 10,772.40.

Shares in the Asia-Pacific inched higher on Wednesday following a second day of gains in major US indices. The Nikkei 225 in Japan added 0.42 percent and the Topix gained 0.3 percent. South Korea’s Kospi ticked 0.14 percent higher. In Australia, the S&P/ASX 200 rose 0.32. MSCI’s broadest index of Asia-Pacific shares outside Japan was fractionally higher.

At 8:20 am, the SGX Nifty was trading 25 points or 0.14 percent higher at 17,520, indicating a positive opening for the Indian markets.

Domestic market benchmarks - the Sensex and the Nifty - ended in the green on October 18, extending gains into the third consecutive session supported by positive global cues. Markets in the US and Europe clocked gains on hopes of healthy corporate earnings. Sensex rose 550 points, or 0.94%, to end at 58,960.60 while the Nifty closed the day with a gain of 175 points, or 1.01%, at 17,486.95.

Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China. Brent crude futures rose 73 cents, or 0.8%, to $90.76 a barrel by 0100 GMT. U.S. West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4%. WTI's front-month contract expires on Thursday.

Production at US factories spiked in September, led by output gains in both durable and nondurable goods, indicating strength in the manufacturing sector despite Fed efforts to hamper demand through higher interest rates. Manufacturing output rose 0.4 percent last month, keeping pace with an upwardly revised 0.4 percent gain in August, the Federal Reserve said on Tuesday. Economists polled by Reuters had forecast factory production would rise 0.2 percent. Output increased 4.7 percent from a year earlier.

Gold prices declined in international markets amid rising dollar's. While rate hikes are widely expected, investors and traders awaited British inflation numbers later in the day.

Foreign institutional investors (FIIs) have net sold shares worth ₹153.40 crore, whereas domestic institutional investors (DIIs) net bought shares worth ₹2,084.71 crore on October 18, as per provisional data available on the NSE.

The rupee ended flat at 82.36 per dollar in the previous session. Analysts pointed out that gains in equity market might have supported the domestic unit while the dollar rose.