Before Market Opens: 9 things to know at 9 am on September 6, 2023

Wall Street's three major averages closed lower on Tuesday with the Dow leading declines as Treasury yields rose along with oil prices and investors assessed prospects for the Federal Reserve's interest rate path. The Dow finished close to 200 points, or roughly 0.6 percent, lower, while the S&P 500 and Nasdaq Composite slipped 0.4 percent and nearly 0.1 percent.

Asia stocks fell on Wednesday after weak economic data in China and Europe heightened concerns over global growth, while the dollar firmed as investors weighed the outlook for U.S. interest rates. MSCI's gauge of Asia Pacific stocks outside Japan was down 0.5% at 0143GMT. Australia's S&P/ASX 200 fell 0.55% even as second-quarter gross domestic product beat forecasts with a 0.4% rise. The Hang Seng Index and China's benchmark CSI300 Index both opened down about 0.3%.

At 8:20 am, the GIFT Nifty was trading 11 points or 0.06 percent lower at 19,659, indicating a flat but negative opening for the Indian markets. 

Equity benchmark indices Sensex and Nifty closed higher for the third straight day on Tuesday on gains in market heavyweights ITC, Reliance Industries and Infosys amid a bearish trend in global equities.Besides, robust domestic macroeconomic data added to the positive momentum, traders said. The BSE benchmark index climbed 152.12 points or 0.23 percent to settle at 65,780.26. During the day, it gained 203.56 points or 0.31 percent to 65,831.70. The Nifty rose 46.10 points or 0.24 percent to end at 19,574.90.

Oil prices surged 2 percent on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts by three months to the end of this year, worrying investors about potential shortages during peak winter demand. Brent crude futures rose by $2.08, or about 2.3%, to $91.08 a barrel, eclipsing the $91 level for the first time since last November. Meanwhile, US. West Texas Intermediate crude October futures rose $2.42, or about 2.8 percent, to $87.97 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected.

Jio Financial Services (JFS) will be removed from the NSE Indices including the Nifty 50 from September 7, National Stock Exchange said in a press release. In accordance with the index methodology, as JIOFIN has not hit price band on two consecutive trading days on September 4, 2023 and September 5, 2023 at NSE, the Index Maintenance Sub-Committee (Equity) has decided to exclude JIOFIN from various indices effective from September 7, 2023 (close of September 6, 2023),  said NSE. Even if JFS hits the price band on September 6, the exclusion shall not be deferred further, it added. Along with Nifty 50, the stock will be excluded from Nifty 100, Nifty 200, Nifty 500, Nifty Energy, Nifty India Manufacturing and 13 other indices.

Gold slipped to a one-week low on Tuesday on rising bond yields and as investors opted for the U.S. dollar to hedge against global growth concerns. Spot gold declined 0.6 percent to $1,926.49 per ounce. US gold futures fell 0.8 percent to $1,952.00. Jitters about global growth, particularly in China and the Euro zone, caused rival safe-haven dollar to hit multi-month highs against a basket of currencies, making gold more expensive for overseas buyers.

Foreign institutional investors (FII) sold shares worth ₹1,725.11 crore, while domestic institutional investors (DII) bought ₹1,077.86 crore worth of stocks on September 5, provisional data from the National Stock Exchange (NSE) showed.

The rupee plunged by 33 paise to close at 83.04 (provisional) against the US dollar on Tuesday, tracking a strong American currency and higher crude oil prices.