Before Market Opens: 9 things to know at 9 am on September 13, 2023

Wall Street stocks ended lower on Tuesday as Oracle shares tumbled more than 13% after a weak forecast and surging oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week. The Nasdaq Composite was particularly hard-hit, declining 1 percent as tech names came under pressure. The S&P 500 fell nearly 0.6 percent, while the Dow ticked down less than 0.1 percent. 

Asian shares were subdued after Wall Street wobbled overnight with markets bracing for key U.S. inflation data on Wednesday, while an oil price spike stoked anxiety about persistent price pressures, complicating the interest rate outlook. MSCI's broadest index of Asia-Pacific shares outside Japan was flat while Tokyo's Nikkei eased 0.2%. Australia's resource-heavy shares lost 0.7%, Chinese blue-chips were flat but Hong Kong's Hang Seng index moved 0.6% higher. 

At 8:20 am, the GIFT Nifty was trading 43 points or 0.22 percent higher at 20,073, indicating a strong opening for the Indian markets. 

The BSE Sensex extended its rally for the eighth day running on Tuesday, while Nifty ended marginally lower after scaling its fresh all-time high level amid mixed global market trends. The 30-share BSE Sensex climbed 94.05 points or 0.14 percent to settle at 67,221.13. During the day, it jumped 412.02 points or 0.61 percent to 67,539.10. The Nifty, however, pared all its gains and ended marginally lower by 3.15 points or 0.02 percent at 19,993.20 in a volatile trade. During the day, it climbed 114 points or 0.57 percent to hit its all-time high of 20,110.35.

Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China.

India's headline retail inflation rate fell to 6.83 percent in August, data released by the Ministry of Statistics and Programme Implementation on September 12, as vegetable prices cooled somewhat compared to the previous month. At 6.83 percent, the Consumer Price Index (CPI) inflation print for August is 61 basis points lower than July's 15-month high of 7.44 percent. However, it is the second month in a row that inflation has come in higher than the upper bound of the Reserve Bank of India's (RBI) tolerance limit of 2-6 percent. It is also the 47th month in a row that it has stayed above the central bank's medium-term target of 4 percent. One basis point is one-hundredth of a percentage point.

Foreign institutional investors (FII) sold shares worth ₹1,047.19 crore, while domestic institutional investors (DII) bought ₹259.48 crore worth of stocks on September 12, provisional data from the National Stock Exchange (NSE) showed.

Gold slipped to a more than two-week low on Tuesday as the dollar rebounded, while investors positioned for the US inflation print on Wednesday. Spot gold was down 0.6 percent at $1,909.50 per ounce, its lowest since August 25. US gold futures dipped 0.8 percent to $1,932.60.

The rupee appreciated 9 paise to close at 82.94 against the US dollar on Tuesday amid fresh foreign fund inflows and expectations of better macroeconomic data.