Before Market Opens: 9 things to know at 9 am on September 12, 2022

US stocks rallied on Friday, with the major indices recording their first weekly gain in four weeks as investors went on a buying spree, shrugging off concerns about the economic outlook. The gains followed a sharp sell-off that began in mid-August, triggered by concerns about the impact of tighter monetary policies and signs of an economic slowdown in Europe and China. The Dow Jones Industrial Average rose 377.19 points, or 1.19 percent, to 32,151.71, the S&P 500 gained 61.18 points, or 1.53 percent, to 4,067.36 and the Nasdaq Composite added 250.18 points, or 2.11 percent, to 12,112.31.

Asian share markets made cautious gains on Monday on hopes a key reading on US inflation will show some cooling, while the US dollar was restrained by the risk of higher European interest rates and Japanese intervention. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent, having bounced modestly from a two-year low hit last week. Japan's Nikkei added another 0.9 percent, after rallying 2 percent last week.

At 8:20 am, the SGX Nifty was trading 11 points or 0.06 percent higher at 17,853, indicating a muted opening for the Indian markets.

Key domestic equity indices ended slightly higher on September 9 even as global cues were positive after the dollar retreated against its major global peers. The 30-share pack closed at 59,793.14, up 105 points, or 0.18% while the Nifty50 closed the day at 17,833.35, up 35 points or 0.19%.

Oil prices slipped during Asian trade on Monday as the prospect of further interest rate hikes in the United States and Europe to quell inflation and the imposition of strict COVID-19 restrictions in China overshadowed the global demand outlook. Brent crude futures dropped 78 cents, or 0.9%, to $86.01 a barrel by 0040 GMT, after settling 4.1% higher on Friday. US West Texas Intermediate crude was at $92.11 a barrel, down 73 cents, or 0.8%, after a 3.9% gain in the previous session.

Foreign institutional investors (FIIs) have net-bought shares worth ₹2,132.42 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹1,167.56 crore on September 9, as per provisional data available on the NSE.

Gold prices saw an uptick as the dollar traded lower. Investors now shift focus to key US inflation data to anticipate the possibility of the size of the next rate hike by the US Fed.

The rupee ended 13 paise higher at 79.58 per dollar in the previous session after the dollar eased against its global peers.

India’s foreign exchange reserves dropped by $8 billion to $553.11 billion as of the week ended September 2, the lowest since October 9, 2020, the Reserve Bank of India (RBI) said on September 9. The $8 billion decline in reserves was the most since July 8. The reserves stood at $561.05 billion in the prior week, or in the week ended August 26 and have fallen for five consecutive weeks. The decline in reserves was led by a drop in foreign currency assets to $492.12 billion, down from $498.65 billion in the prior week.