Before Market Opens: 9 things to know at 9 am on September 25, 2023

US stocks retreated on Friday, concluding what has been a tough week for the market. The Dow Jones Industrial Average slid 106.58 points, or 0.31 percent, to close at 33,963.84. The S&P 500 shed 0.23 percent to 4,320.06. The Nasdaq Composite slipped 0.09 percent to 13,211.81. Ford ended the day up 1.9 percent after a source told CNBC that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis also traded slightly higher, while General Motors finished lower. Friday’s slide marked the fourth straight day of losses for the three major indexes.

Asia-Pacific markets are mixed as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region. The capital region’s inflation data is seen as a leading indicator of nationwide trends. In Australia, futures for the S&P/ASX 200 fell 0.45 percent to start the week. In contrast, Japan’s Nikkei 225 climbed 0.24 percent and the Topix is up 0.16 percent, rebounding from losses last week. South Korea’s Kospi slid 0.24 percent and the Kosdaq 0.94 percent, extending losses from the week before. Futures for Hong Kong’s Hang Seng index stood at 18,040, pointing to a weaker open compared with the HSI’s close of 18,057.45.

At 8:20 am, the GIFT Nifty was trading 56 points or 0.29 percent higherat 19,699, indicating a strong opening for the Indian markets. 

Equity benchmark indices Sensex and Nifty stayed on the back foot for the fourth straight session on Friday as investors offloaded healthcare, consumer durable and commodity stocks amid a weak trend in global markets. Foreign fund outflows and heavy selling in HDFC shares also hit investor sentiments, traders said. After oscillating nearly 500 points between gains and losses during the day, the 30-share BSE Sensex declined 221.09 points or 0.33 percent to settle at 66,009.15. During the day, it hit a high of 66,445.47 and a low of 65,952.83. The Nifty fell 68.10 points or 0.34 percent to end at 19,674.25.

Oil prices held steady on Friday but closed the week lower on profit-taking and as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes. Brent futures settled 3 cents lower at $93.27 a barrel. It fell 0.3 percent in the week, breaking a three-week streak of gains. US West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5 percent, to $90.03 a barrel, as US oil rig counts fell. The benchmark fell 0.03 percent for the week, the first decline in four weeks.

The flow of initial public offers (IPOs) on Dalal Street will be strong this week too, starting today i.e., September 25, as ₹4,095 crore worth of IPOs by 18 companies will be opening for subscription, including four in the mainboard segment. There are also five ongoing issues. The IPO of port-related infra company JSW Infrastructure, the first IPO from the JSW Group since 2010, will be opening on September 25. The public issue aims to raise ₹2,800 crore at the upper end of the price band of ₹113-119 per share. The offer will close on September 27.

The rupee appreciated 19 paise to 82.94 (provisional) against the US dollar on Friday, as the inclusion of India in the JPMorgan bond index boosted investor sentiment. Forex traders said the decision of JPMorgan Chase & Co to include Indian government bonds in its benchmark emerging market index is expected to have far-reaching implications for India’s debt market and global investors. At the interbank foreign exchange market, the local unit opened at 82.75 against the US dollar and touched the lowest level of 82.97 in the day trade. The rupee finally settled 19 paise higher at 82.94 (provisional) against the previous close.

Gold prices edged higher on Friday, helped by a slight pullback in the dollar and bond yields as investors digested a still hawkish stance from the Federal Reserve. Spot gold rose 0.3 percent to $1,925.21 per ounce by 1:59 pm EDT (1759 GMT), following three sessions of losses. US gold futures settled 0.3 percent higher at $1,945.60 per ounce.

Foreign institutional investors (FII) sold shares worth ₹1,326.74 crore, while domestic institutional investors (DII) bought ₹801.27 crore worth of stocks on September 22, provisional data from the National Stock Exchange (NSE) showed.