Before Market Opens: 9 things to know at 9 am on December 8, 2023 | Mint Primer
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Business News/ Photos / Before Market Opens: 9 things to know at 9 am on December 8, 2023

Before Market Opens: 9 things to know at 9 am on December 8, 2023

Indian markets are likely to open on a muted note ... more

The Nasdaq ended sharply higher on Thursday after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence. Shares of Alphabet (GOOGL.O) jumped 5.3 percent as analysts cheered the launch of the Google-parent's newest AI model, while AMD soared nearly 10 percent after the company estimated the potential market for its data center AI chips could reach $45 billion this year. The Nasdaq Composite jumped 1.37 percent to 14,339.99 points, while Dow Jones Industrial Average rose 18 percent to 36,117.57 points. (REUTERS)
1/9The Nasdaq ended sharply higher on Thursday after Alphabet and Advanced Micro Devices sparked a megacap rally on fresh optimism about artificial intelligence. Shares of Alphabet (GOOGL.O) jumped 5.3 percent as analysts cheered the launch of the Google-parent's newest AI model, while AMD soared nearly 10 percent after the company estimated the potential market for its data center AI chips could reach $45 billion this year. The Nasdaq Composite jumped 1.37 percent to 14,339.99 points, while Dow Jones Industrial Average rose 18 percent to 36,117.57 points. (REUTERS)
Asian stocks fell early Friday, shrugging off a rally on Wall Street, as traders ratchet up bets the Bank of Japan is nearing the end of its negative interest rate policy. Japanese shares slipped for a second day, while the yen rose more than 1% amid thin liquidity. Australian shares also fell while contracts for mainland China pointed to losses. Korean shares gained after the Nasdaq 100 index rallied amid renewed optimism on AI.
2/9Asian stocks fell early Friday, shrugging off a rally on Wall Street, as traders ratchet up bets the Bank of Japan is nearing the end of its negative interest rate policy. Japanese shares slipped for a second day, while the yen rose more than 1% amid thin liquidity. Australian shares also fell while contracts for mainland China pointed to losses. Korean shares gained after the Nasdaq 100 index rallied amid renewed optimism on AI.
At 8:20 am, the GIFT Nifty was trading 6 points or 0.03 percent lower at 21,074, indicating a flat opening for the Indian markets. 
3/9At 8:20 am, the GIFT Nifty was trading 6 points or 0.03 percent lower at 21,074, indicating a flat opening for the Indian markets. 
The Reserve Bank of India (RBI) commenced its three-day Monetary Policy Committee (MPC) meeting on December 6, 2023. The committee’s verdict on the crucial policy rates is eagerly awaited and is scheduled to be disclosed on December 8, 2023. The review by the six-member Monetary Policy Committee (MPC) led by Das will likely indicate the course RBI will adopt in the remainder of the financial year as it seeks to strike a fine balance between sustaining growth and bringing inflation under the 4 percent target amid high food prices. According to the majority of economists on D-Street, the RBI would keep its key repo rate unchanged at 6.50 percent at the conclusion of the December 6-8 MPC meeting, continuing its hawkish stance.
4/9The Reserve Bank of India (RBI) commenced its three-day Monetary Policy Committee (MPC) meeting on December 6, 2023. The committee’s verdict on the crucial policy rates is eagerly awaited and is scheduled to be disclosed on December 8, 2023. The review by the six-member Monetary Policy Committee (MPC) led by Das will likely indicate the course RBI will adopt in the remainder of the financial year as it seeks to strike a fine balance between sustaining growth and bringing inflation under the 4 percent target amid high food prices. According to the majority of economists on D-Street, the RBI would keep its key repo rate unchanged at 6.50 percent at the conclusion of the December 6-8 MPC meeting, continuing its hawkish stance.
Domestic equity benchmarks the Nifty 50 and the Sensex snapped their seven-day winning streak on Thursday, December 7, on profit booking in select heavyweights amid weak global cues. Nifty closed the day at 20,901.15, down 37 points, or 0.17 percent while Sensex ended 132 points, or 0.19 percent, lower at 69,521.69.  Mid and smallcap indices outperformed the benchmarks significantly. The BSE Midcap index closed with a gain of 0.66 percent at 35,347.59 after hitting its fresh record high of 35,371.44 during the session. The Smallcap index ended the day 0.28 percent higher at 41,287.95 after hitting its fresh record high of 41,369.78 during the day.
5/9Domestic equity benchmarks the Nifty 50 and the Sensex snapped their seven-day winning streak on Thursday, December 7, on profit booking in select heavyweights amid weak global cues. Nifty closed the day at 20,901.15, down 37 points, or 0.17 percent while Sensex ended 132 points, or 0.19 percent, lower at 69,521.69.  Mid and smallcap indices outperformed the benchmarks significantly. The BSE Midcap index closed with a gain of 0.66 percent at 35,347.59 after hitting its fresh record high of 35,371.44 during the session. The Smallcap index ended the day 0.28 percent higher at 41,287.95 after hitting its fresh record high of 41,369.78 during the day.
Oil prices rose in early trade on Friday but were on track to fall 6% for the week, hovering near six-month lows, with investors fretting about weak energy demand in Asia combined with high U.S. crude production. Brent crude futures rose 68 cents, or 0.9%, to $74.73 a barrel by 0136 GMT, while U.S. West Texas Intermediate crude futures gained 64 cents, also up 0.9%, to $69.98 a barrel. (Reuters)
6/9Oil prices rose in early trade on Friday but were on track to fall 6% for the week, hovering near six-month lows, with investors fretting about weak energy demand in Asia combined with high U.S. crude production. Brent crude futures rose 68 cents, or 0.9%, to $74.73 a barrel by 0136 GMT, while U.S. West Texas Intermediate crude futures gained 64 cents, also up 0.9%, to $69.98 a barrel. (Reuters)
The rupee (INR) traded on a flat note on Thursday, December 7, and settled at 83.36 (provisional) against the US dollar. Tracking elevated American currency in the overseas market and a muted trend in domestic equities, the domestic currency depreciated by four paise for the day from its previous close after moving within a range of 83.36-83.37 throughout the session.
7/9The rupee (INR) traded on a flat note on Thursday, December 7, and settled at 83.36 (provisional) against the US dollar. Tracking elevated American currency in the overseas market and a muted trend in domestic equities, the domestic currency depreciated by four paise for the day from its previous close after moving within a range of 83.36-83.37 throughout the session.
Foreign institutional investors (FIIs) net offloaded shares worth  <span class='webrupee'>₹</span>1,564.03 crore, while domestic institutional investors (DIIs) sold  <span class='webrupee'>₹</span>9.66 crore worth of stocks on December 7, provisional data from the National Stock Exchange (NSE) showed.
8/9Foreign institutional investors (FIIs) net offloaded shares worth 1,564.03 crore, while domestic institutional investors (DIIs) sold 9.66 crore worth of stocks on December 7, provisional data from the National Stock Exchange (NSE) showed.
Gold firmed on Thursday on a weaker dollar in the run-up to U.S. non-farm payrolls data, as traders hoped for signs of a weaker labour market to boost chances of a rate cut by the Federal Reserve as early as March.Spot gold edged up 0.3 percent to $2,029.92 per ounce by 2:25 p.m. ET (1925 GMT). US gold futures settled 0.1 percent lower at $2,046.40.
9/9Gold firmed on Thursday on a weaker dollar in the run-up to U.S. non-farm payrolls data, as traders hoped for signs of a weaker labour market to boost chances of a rate cut by the Federal Reserve as early as March.Spot gold edged up 0.3 percent to $2,029.92 per ounce by 2:25 p.m. ET (1925 GMT). US gold futures settled 0.1 percent lower at $2,046.40.
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