Before Market Opens: 9 things to know at 9 am on December 11, 2023 | Mint Primer
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Business News/ Photos / Before Market Opens: 9 things to know at 9 am on December 11, 2023

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

Indian markets are likely to open on a muted note on Monday following losses in Asian peers, ahead of US Fed meet amid hopes for an early rate cut next year. Meanwhile, Gift Nifty was up just 6 points, indicating a flat start. Let's take a look at some key cues before the market opens today:

The US Treasury yields increased after a strong US jobs report forced markets to reevaluate expectations for the timing of rate cuts by the Federal Reserve. A Reuters report states that a gauge of global stocks rose on Friday, on track for its sixth straight week of gains. As oil prices rebounded, energy shares led the S&P 500 to a four-month high while stocks rose in choppy trading. The S&P 500 gained 16.15 points, or 0.35 percent, to 4,601.74, the Nasdaq Composite gained 62.39 points, or 0.44 percent, to 14,402.38, and the Dow Jones Industrial Average increased by 109.47 points, or 0.30%, to 36,227. (REUTERS)

1/9The US Treasury yields increased after a strong US jobs report forced markets to reevaluate expectations for the timing of rate cuts by the Federal Reserve. A Reuters report states that a gauge of global stocks rose on Friday, on track for its sixth straight week of gains. As oil prices rebounded, energy shares led the S&P 500 to a four-month high while stocks rose in choppy trading. The S&P 500 gained 16.15 points, or 0.35 percent, to 4,601.74, the Nasdaq Composite gained 62.39 points, or 0.44 percent, to 14,402.38, and the Dow Jones Industrial Average increased by 109.47 points, or 0.30%, to 36,227. (REUTERS)

Asian shares drifted lower on Monday ahead of a week packed with a quintet of central bank meetings and data on U.S. inflation that could make or break market hopes for an early and rapid fire round of rate cuts next year. An upbeat payrolls report has already seen investors scale back expectations for a March cut by the Federal Reserve, though May remains priced at a 76% chance. With so much riding on the outcomes, investors were understandably cautious and MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.7%. Japan's Nikkei bounced 1.6% after shedding 3.4% last week amid speculation of an end to super-easy monetary policy. Chinese blue chips slipped 0.6% after data showed consumer prices fell 0.5% in November, the sharpest drop since late 2020.

2/9Asian shares drifted lower on Monday ahead of a week packed with a quintet of central bank meetings and data on U.S. inflation that could make or break market hopes for an early and rapid fire round of rate cuts next year. An upbeat payrolls report has already seen investors scale back expectations for a March cut by the Federal Reserve, though May remains priced at a 76% chance. With so much riding on the outcomes, investors were understandably cautious and MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.7%. Japan's Nikkei bounced 1.6% after shedding 3.4% last week amid speculation of an end to super-easy monetary policy. Chinese blue chips slipped 0.6% after data showed consumer prices fell 0.5% in November, the sharpest drop since late 2020.

Frontline indices the Sensex and the Nifty 50 ended in positive territory on Friday, December 8, on gains led by banking and IT stocks, including HDFC Bank, Infosys and ICICI Bank, after the Reserve Bank of India kept the repo rate unchanged and raised the GDP growth forecast for the financial year 2024. Following the policy announcement, the Nifty 50 breached the 21,000 mark for the first time and hit its all-time high of 21,006.10 during the session. The Sensex also hit its fresh record high of 69,893.8 during the session. Nifty 50 closed at 20,969.40, up 68 points, or 0.33 per cent while the Sensex closed the day at 69,825.60, up 304 points, or 0.44 per cent.

3/9Frontline indices the Sensex and the Nifty 50 ended in positive territory on Friday, December 8, on gains led by banking and IT stocks, including HDFC Bank, Infosys and ICICI Bank, after the Reserve Bank of India kept the repo rate unchanged and raised the GDP growth forecast for the financial year 2024. Following the policy announcement, the Nifty 50 breached the 21,000 mark for the first time and hit its all-time high of 21,006.10 during the session. The Sensex also hit its fresh record high of 69,893.8 during the session. Nifty 50 closed at 20,969.40, up 68 points, or 0.33 per cent while the Sensex closed the day at 69,825.60, up 304 points, or 0.44 per cent.

At 8:20 am, the GIFT Nifty was trading 6 points or 0.03 percent higher at 21,075, indicating a flat opening for the Indian markets. 

4/9At 8:20 am, the GIFT Nifty was trading 6 points or 0.03 percent higher at 21,075, indicating a flat opening for the Indian markets. 

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent and maintained the policy stance of 'withdrawal of accommodation' on Friday. Besides, the RBI raised its real GDP growth projection for FY24 to 7 percent from 6.5 percent earlier. However, the central bank kept the inflation forecast unchanged as it projected Consumer Price Index (CPI)-based inflation, or retail inflation, at 5.4 percent for FY24. The RBI sounded optimistic about India's economic growth even though it highlighted that the global economic environment remains fragile amid geopolitical tensions. Apart from the bullish commentary on India's growth, RBI also talked about the risk of over-tightening. This raised expectations that the central bank won't hinder growth and might lower interest rates if needed.

5/9The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent and maintained the policy stance of 'withdrawal of accommodation' on Friday. Besides, the RBI raised its real GDP growth projection for FY24 to 7 percent from 6.5 percent earlier. However, the central bank kept the inflation forecast unchanged as it projected Consumer Price Index (CPI)-based inflation, or retail inflation, at 5.4 percent for FY24. The RBI sounded optimistic about India's economic growth even though it highlighted that the global economic environment remains fragile amid geopolitical tensions. Apart from the bullish commentary on India's growth, RBI also talked about the risk of over-tightening. This raised expectations that the central bank won't hinder growth and might lower interest rates if needed.

Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered. Brent crude futures rose 11 cents, or 0.2%, to $75.95 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures were at $71.30 a barrel, up 7 cents, or 0.1%. Both contracts jumped more than 2% on Friday but fell for the seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns. (REUTERS)

6/9Oil prices inched higher on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year lingered. Brent crude futures rose 11 cents, or 0.2%, to $75.95 a barrel by 0119 GMT, while U.S. West Texas Intermediate crude futures were at $71.30 a barrel, up 7 cents, or 0.1%. Both contracts jumped more than 2% on Friday but fell for the seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns. (REUTERS)

The Indian rupee closed slightly lower on Friday, tracking subdued moves in its Asian peers, as investors turned their attention to a crucial U.S. labour market report due later in the day. The rupee ended at 83.3850 against the U.S. dollar, against its previous close of 83.3525. The local unit logged a weekly loss of 0.1%.

7/9The Indian rupee closed slightly lower on Friday, tracking subdued moves in its Asian peers, as investors turned their attention to a crucial U.S. labour market report due later in the day. The rupee ended at 83.3850 against the U.S. dollar, against its previous close of 83.3525. The local unit logged a weekly loss of 0.1%.

Foreign institutional investors (FIIs) net bought shares worth  <span class='webrupee'>₹</span>3,632.30 crore, while domestic institutional investors (DIIs) sold  <span class='webrupee'>₹</span>434.02 crore worth of stocks on December 8, provisional data from the National Stock Exchange (NSE) showed.

8/9Foreign institutional investors (FIIs) net bought shares worth 3,632.30 crore, while domestic institutional investors (DIIs) sold 434.02 crore worth of stocks on December 8, provisional data from the National Stock Exchange (NSE) showed.

Gold steadied on Monday after a sharp decline in the previous session, as investors looked forward to several major central bank meetings and U.S. inflation data release this week for further direction. Spot gold was up 0.1% at $2,005.85 per ounce as of 0038 GMT, after dropping about 3.3% last week in its worst week in more than two months. U.S. gold futures rose 0.3% to $2,021.90.

9/9Gold steadied on Monday after a sharp decline in the previous session, as investors looked forward to several major central bank meetings and U.S. inflation data release this week for further direction. Spot gold was up 0.1% at $2,005.85 per ounce as of 0038 GMT, after dropping about 3.3% last week in its worst week in more than two months. U.S. gold futures rose 0.3% to $2,021.90.

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