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

Wall Street's main indices posted gains on Thursday mainly lifted by financial institutions and healthcare companies, as investors digested hawkish remarks from policymakers that cemented bets of a large interest rate hike later this month. Indices bounced back and forth in choppy trading as concerns over the Federal Reserve's next steps to tame a surging inflation remain. The Dow Jones Industrial Average rose 193.24 points, or 0.61 percent, to 31,774.52, the S&P 500 gained 26.31 points, or 0.66 percent, to 4,006.18 and the Nasdaq Composite added 70.23 points, or 0.6 percent, to 11,862.13.

Markets in Asia-Pacific were mostly higher as investors digest Federal Reserve Chair Jerome Powell’s latest comments as he vowed to raise rates to tackle inflation “until the job is done.” In Japan, the Nikkei 225 rose 0.61 percent and the Topix rose 0.35 percent. In South Korea, the Kospi was up 0.33 percent and the Kosdaq rose 1.25 percent. In Australia, the S&P/ASX 200 also gained 0.25 percent.

At 8:20 am, the SGX Nifty was trading 94 points or 0.5 percent higher at 17,913, indicating a strong opening for the Indian markets.

BSE Sensex ended 659.31 points or 1.12 percent higher at 59,688.22 while the broader NSE Nifty gained 174.35 points or 0.99 percent to 17,798.75.

Oil prices turned down in early trade on Friday after a slight rebound in the previous session, leaving them set to fall for a second straight week on worries that central banks' aggressive rate hikes and China's COVID-19 curbs will hurt demand. Brent crude futures slipped 12 cents, or 0.1%, to $89.03 a barrel at 0051 GMT, after rising 1.3% on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 19 cents, or 0.2%, to $83.35 a barrel, after climbing 2% in the previous session.

The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at ₹10 or above, according to an official source. Vodafone Idea (VIL) board has offered a stake to the government at a par value of ₹10 per share. There is a SEBI norm that the acquisition should take place at par value. DoT will clear the acquisition after VIL shares stabilise at ₹10 or above, an official source told PTI.

Gold prices saw an uptick in the international markets on September 9 amid dollar fall but the gains of the yellow metal were capped as the prospects of rate hikes loom.

The rupee rose 19 paise to 79.72 per dollar in the previous session on September 8 after the dollar softened against its global peers. Gains in domestic equity market and inflow of foreign funds also helped the domestic currency. Nifty rose by a percent and as per the NSE data; FPIs bought Indian shares worth ₹2,913.09 crore on September 8.

Foreign institutional investors (FIIs) have net bought shares worth ₹2,913.09 crore, whereas domestic institutional investors (DIIs) net sold shares worth ₹212.61 crore on September 8, as per provisional data available on the NSE.