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Business News/ Markets / Before Market Opens: 9 things to know at 9 am on October 11, 2023

Before Market Opens: 9 things to know at 9 am on October 11, 2023

Indian markets are likely to open on a positive note on Wednesday following gains in global peers after dovish comments from U.S. Federal Reserve officials pushed Treasury yields lower. Meanwhile, Gift Nifty was up 17 points. Let's take a look at some key market cues before the market opens today:

Wall Street indexes closed higher on Tuesday, to notch their third straight day of gains, after dovish comments from U.S. Federal Reserve officials pushed Treasury yields lower as investors cautiously monitored developments in the Middle East. The 10-year Treasury yield came off its 16-year peak on Tuesday, and was tracking for its steepest single-day drop since August, as trading resumed in the U.S. bond market which had been closed for a holiday on Monday. The Dow Jones Industrial Average rose 134.65 points, or 0.4%, to 33,739.3, the S&P 500 gained 22.58 points, or 0.52%, to 4,358.24 and the Nasdaq Composite added 78.61 points, or 0.58%, to 13,562.84.

1/9Wall Street indexes closed higher on Tuesday, to notch their third straight day of gains, after dovish comments from U.S. Federal Reserve officials pushed Treasury yields lower as investors cautiously monitored developments in the Middle East. The 10-year Treasury yield came off its 16-year peak on Tuesday, and was tracking for its steepest single-day drop since August, as trading resumed in the U.S. bond market which had been closed for a holiday on Monday. The Dow Jones Industrial Average rose 134.65 points, or 0.4%, to 33,739.3, the S&P 500 gained 22.58 points, or 0.52%, to 4,358.24 and the Nasdaq Composite added 78.61 points, or 0.58%, to 13,562.84.

Asia's stockmarkets rose on Wednesday and the dollar beat a retreat as a dovish shift in tone from Federal Reserve officials had traders paring U.S. interest rate expectations, though with a wary eye on U.S. inflation data due on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.3% to a two-week high in morning trade. Japan's Nikkei rose 0.5%. The Topix however, fell 0.12 percent. South Korea’s Kospi popped 1.63 percent on its open even as chip giant Samsung Electronics forecasted a 78 percent drop in its third-quarter operating profit, while the Kosdaq was up 1.68 percent.

2/9Asia's stockmarkets rose on Wednesday and the dollar beat a retreat as a dovish shift in tone from Federal Reserve officials had traders paring U.S. interest rate expectations, though with a wary eye on U.S. inflation data due on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.3% to a two-week high in morning trade. Japan's Nikkei rose 0.5%. The Topix however, fell 0.12 percent. South Korea’s Kospi popped 1.63 percent on its open even as chip giant Samsung Electronics forecasted a 78 percent drop in its third-quarter operating profit, while the Kosdaq was up 1.68 percent.

At 8:20 am, the GIFT Nifty was trading 17 points or 0.09 percent higher at 19,793, indicating a positive opening for the Indian markets. 

3/9At 8:20 am, the GIFT Nifty was trading 17 points or 0.09 percent higher at 19,793, indicating a positive opening for the Indian markets. 

Benchmark indices Sensex and Nifty rallied nearly 1 percent on Tuesday following gains in financials, auto and IT shares after recent sharp losses and positive global trends.  The 30-share Sensex spurted by 566.97 points or 0.87 percent to close at 66,079.36 as 26 of its constituents ended in the green and four declined. The index opened sharply higher by 400 points and gained further to touch the day’s high of 66,180.17.The broader Nifty of the National Stock Exchange jumped 177.50 points or 0.91 percent to settle at 19,689.85, driven by gains in Coal India, Adani Ports and Bharti Airtel. (MINT_PRINT)

4/9Benchmark indices Sensex and Nifty rallied nearly 1 percent on Tuesday following gains in financials, auto and IT shares after recent sharp losses and positive global trends.  The 30-share Sensex spurted by 566.97 points or 0.87 percent to close at 66,079.36 as 26 of its constituents ended in the green and four declined. The index opened sharply higher by 400 points and gained further to touch the day’s high of 66,180.17.The broader Nifty of the National Stock Exchange jumped 177.50 points or 0.91 percent to settle at 19,689.85, driven by gains in Coal India, Adani Ports and Bharti Airtel. (MINT_PRINT)

Oil prices oil fell more than $1 a barrel on Tuesday, continuing a slide that began earlier in the day with traders focused on demand levels but still cautious as they watched for potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas. Brent crude was down 38 cents at $87.77 a barrel as of 1:07 p.m. ET, while US West Texas Intermediate (WTI) crude fell 35 cents to $86.03 a barrel. Both benchmarks had fallen by more than $1 in earlier trade. Brent and WTI had surged more than $3.50 on Monday as the clashes raised fears that the conflict could spread beyond Gaza. (AP)

5/9Oil prices oil fell more than $1 a barrel on Tuesday, continuing a slide that began earlier in the day with traders focused on demand levels but still cautious as they watched for potential supply disruptions amid military clashes between Israel and the Palestinian Islamist group Hamas. Brent crude was down 38 cents at $87.77 a barrel as of 1:07 p.m. ET, while US West Texas Intermediate (WTI) crude fell 35 cents to $86.03 a barrel. Both benchmarks had fallen by more than $1 in earlier trade. Brent and WTI had surged more than $3.50 on Monday as the clashes raised fears that the conflict could spread beyond Gaza. (AP)

India's largest tech services giant TCS is likely to report moderate growth in its fiscal second-quarter earnings, mainly due to weak discretionary spending in the IT sector. Tata Consultancy Services is set to declare its Q2FY24 financial results on October 11. Analysts expect that the softness observed in the past two quarters will continue, despite the company securing significant deal wins, as profit realisation will require time.TCS’ profit after tax (PAT) for the July-September quarter is expected to rise 3.12 percent quarter-on-quarter to  <span class='webrupee'>₹</span>11,420 crore, according to an average of five brokerages’ estimates. The firm is likely to report a quarter-on-quarter increase of 1.5 percent in revenue to  <span class='webrupee'>₹</span>60,270 crore for the quarter. (MINT_PRINT)

6/9India's largest tech services giant TCS is likely to report moderate growth in its fiscal second-quarter earnings, mainly due to weak discretionary spending in the IT sector. Tata Consultancy Services is set to declare its Q2FY24 financial results on October 11. Analysts expect that the softness observed in the past two quarters will continue, despite the company securing significant deal wins, as profit realisation will require time.TCS’ profit after tax (PAT) for the July-September quarter is expected to rise 3.12 percent quarter-on-quarter to 11,420 crore, according to an average of five brokerages’ estimates. The firm is likely to report a quarter-on-quarter increase of 1.5 percent in revenue to 60,270 crore for the quarter. (MINT_PRINT)

The rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment. However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over the conflict in the Middle East weighed on the domestic currency, forex traders said. At the interbank foreign exchange, the rupee opened at 83.23 and traded in the narrow range of 83.22 to 83.26 against the greenback. It finally settled at 83.24 (provisional), registering a gain of 4 paise over its previous close.

7/9The rupee gained 4 paise to settle at 83.24 (provisional) against the US dollar on Tuesday, as a rally in domestic equity markets boosted investor sentiment. However, elevated crude prices in the overseas markets and safe-haven dollar buying amid concerns over the conflict in the Middle East weighed on the domestic currency, forex traders said. At the interbank foreign exchange, the rupee opened at 83.23 and traded in the narrow range of 83.22 to 83.26 against the greenback. It finally settled at 83.24 (provisional), registering a gain of 4 paise over its previous close.

Gold prices slipped on Tuesday after rising nearly 2% in the previous session as investors cautiously turned back to riskier assets and looked forward to further cues on the U.S. central bank’s policy stance. Spot gold was just 0.05 percent higher at 1,861.8308 per ounce as of 112:58pm after rising to a more than one week high earlier in the session.

8/9Gold prices slipped on Tuesday after rising nearly 2% in the previous session as investors cautiously turned back to riskier assets and looked forward to further cues on the U.S. central bank’s policy stance. Spot gold was just 0.05 percent higher at 1,861.8308 per ounce as of 112:58pm after rising to a more than one week high earlier in the session.

Foreign institutional investors (FII) offloaded shares worth  <span class='webrupee'>₹</span>1,005.49 crore, while domestic institutional investors (DII) purchased  <span class='webrupee'>₹</span>1,963.34 crore worth of stocks on October 10, provisional data from the National Stock Exchange (NSE) showed.

9/9Foreign institutional investors (FII) offloaded shares worth 1,005.49 crore, while domestic institutional investors (DII) purchased 1,963.34 crore worth of stocks on October 10, provisional data from the National Stock Exchange (NSE) showed.

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