Before Market Opens: 9 things to know at 9 am on September 15, 2023

The Dow Jones Industrial Average rallied the most in over a month as traders cheered the revival of Wall Street’s IPO market and a decent batch of economic data. The Dow was up for the first day in three, climbing 331.58 points, or 0.96 percent to 34,907.11. The 30-stock index closed above its 50-day moving average for the first time since Sept 1. It was also the blue-chip average’s best day since Aug 7. The S&P 500 gained about 0.84 percent to 4,505.10, while the Nasdaq Composite moved 0.81 percent higher to 13,926.05.

Asia-Pacific markets climbed ahead of key economic data out of China, which could give clues on the trajectory of the world’s second-largest economy. China will release August data for its house prices, unemployment rate and retail sales, as well as urban investment.Japan’s Nikkei 225 climbed 1.06 percent, while the Topix continued to push new 33-year highs and gained 0.98 percent. Most notably, shares of investment holding company Softbank surged over 3 percent, after shares of subsidiary Arm surged almost 25 percent on the Nasdaq. In Australia, the S&P/ASX 200 rose 1.56 percent. South Korea’s Kospi advanced 0.65 percent,  while the Kosdaq was flat. Futures for Hong Kong’s Hang Seng index stood at 18,171, higher than the HSI’s last close of 18,047.92.

At 8:20 am, the GIFT Nifty was trading 19 points or 0.09 percent higher at 20,236, indicating a positive opening for the Indian markets. 

The NSE benchmark Nifty advanced over 33 points to close at a fresh lifetime high of 20,103 while Sensex ticked higher for the tenth straight session on Thursday, helped by fag-end buying in oil & gas, metal and commodity stocks amid a largely firm trend in global equities. After swinging between gains and losses throughout the session, the 30-share BSE Sensex climbed 52.01 points or 0.08 percent to settle at 67,519. During the session, it jumped 304.06 points or 0.45 percent to hit its all-time intra-day high of 67,771.05. The Nifty advanced 33.10 points or 0.16 percent to end at its all-time closing high of 20,103.10. During the day, it gained 97.65 points or 0.48 percent to reach its lifetime intra-day peak of 20,167.65.

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end.

Yatra Online, the country's third-largest online travel company, has mopped up ₹348.75 crore from 33 anchor investors on September 14, a day before its initial public offering (IPO) opens. Marquee investors that participated in the anchor book included Morgan Stanley, Goldman Sachs, Societe Generale, BNP Paribas Arbitrage, Elara India Opportunities Fund, Whiteoak Capital, and Quantum-State Investment Fund. ICICI Prudential Mutual Fund, Mirae Asset, Tata Mutual Fund, Bandhan Mutual Fund, Max Life Insurance Company, Bajaj Allianz Life Insurance Company, and Edelweiss Trusteeship also invested in the company via the anchor book.

The rupee pared initial gains to settle 2 paise lower at 83.03 against the US dollar on Thursday, weighed down by a surge in crude oil prices and strong American currency overseas.

Foreign institutional investors (FII) bought shares worth ₹294.69 crore, while domestic institutional investors (DII) sold ₹50.80 crore worth of stocks on September 14, provisional data from the National Stock Exchange (NSE) showed.

Gold prices held near a three-week low on Thursday after higher-than-expected US producer prices data and retail sales numbers raised worries that U.S. interest rates are likely to stay higher for longer, boosting the dollar and bond yields. Spot gold rose 0.1 percent to $1,909.19 per ounce by 10:52 a.m. EDT (1452 GMT), after touching $1,904.93, its lowest since Aug. 25.