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Business News/ Photos / Before Market Opens: 9 things to know at 9 am on November 28, 2023

Before Market Opens: 9 things to know at 9 am on November 28, 2023

Indian markets are likely to open higher on Tuesday, despite mixed trade in global peers after S&P upped India's FY24 growth forecast to 6.4%. Meanwhile, Gift Nifty was also up 21 points, indicating a positive start. Let's take a look at some key cues before the market opens today:

U.S. stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked in to high gear and retailers lured bargain hunters with Cyber Monday deals. All three major U.S. stock indexes ended the session modestly in the red.The Dow Jones Industrial Average fell 56.68 points, or 0.16%, to 35,333.47, the S&P 500 lost 8.91 points, or 0.20%, to 4,550.43 and the Nasdaq Composite dropped 9.83 points, or 0.07%, to 14,241.02. (REUTERS)

1/9U.S. stocks edged lower on Monday, with investors taking a post-Thanksgiving pause as the holiday shopping season kicked in to high gear and retailers lured bargain hunters with Cyber Monday deals. All three major U.S. stock indexes ended the session modestly in the red.The Dow Jones Industrial Average fell 56.68 points, or 0.16%, to 35,333.47, the S&P 500 lost 8.91 points, or 0.20%, to 4,550.43 and the Nasdaq Composite dropped 9.83 points, or 0.07%, to 14,241.02. (REUTERS)

Asian stocks edged higher on Tuesday, while the dollar was at its lowest in three months as investors remained convinced the Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.39% higher and set for a near 7% gain in November, its strongest monthly performance since January. Japan's Nikkei eased 0.20% but is up 8% this month, on course for its strongest monthly performance in three years. China's blue-chip CSI 300 Index was 0.23% lower while Hong Kong's Hang Seng index fell 0.70%, a day after data showed profit at China's industrial firms grew at a slower pace in October. 

2/9Asian stocks edged higher on Tuesday, while the dollar was at its lowest in three months as investors remained convinced the Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.39% higher and set for a near 7% gain in November, its strongest monthly performance since January. Japan's Nikkei eased 0.20% but is up 8% this month, on course for its strongest monthly performance in three years. China's blue-chip CSI 300 Index was 0.23% lower while Hong Kong's Hang Seng index fell 0.70%, a day after data showed profit at China's industrial firms grew at a slower pace in October. 

The Indian stock market was closed yesterday, November 27, on account of Guru Nanak Jayanti. Meanwhile, on Friday, November 24, domestic benchmark equity indices Sensex and Nifty 50 ended flat weighed down by a slide in information technology (IT) and FMCG (fast-moving consumer goods) stocks in the midst of mixed global cues. On the other side, metal and pharma stocks rose. The 30-share BSE Sensex ended lower by 47.77 points or 0.07 percent at 65,970.04 level while the Nifty 50 closed at 19,794.70 level, down 7.30 points or 0.04 percent. 

3/9The Indian stock market was closed yesterday, November 27, on account of Guru Nanak Jayanti. Meanwhile, on Friday, November 24, domestic benchmark equity indices Sensex and Nifty 50 ended flat weighed down by a slide in information technology (IT) and FMCG (fast-moving consumer goods) stocks in the midst of mixed global cues. On the other side, metal and pharma stocks rose. The 30-share BSE Sensex ended lower by 47.77 points or 0.07 percent at 65,970.04 level while the Nifty 50 closed at 19,794.70 level, down 7.30 points or 0.04 percent. 

At 8:20 am, the GIFT Nifty was trading 21 points or 0.11 percent higher at 19,877, indicating a positive opening for the Indian markets. 

4/9At 8:20 am, the GIFT Nifty was trading 21 points or 0.11 percent higher at 19,877, indicating a positive opening for the Indian markets. 

S &P Global Ratings said India’s economy in FY24 will grow at a faster clip than it previously projected before hitting a slower-than-estimated trajectory in the next financial year. The rating agency revised the Gross Domestic Product (GDP) growth projection for financial year 2024 to 6.4% from 6% earlier on the back of strong domestic tailwinds. However, it lowered the growth projection for financial year 2025 to 6.4% from 6.9% earlier.

5/9S &P Global Ratings said India’s economy in FY24 will grow at a faster clip than it previously projected before hitting a slower-than-estimated trajectory in the next financial year. The rating agency revised the Gross Domestic Product (GDP) growth projection for financial year 2024 to 6.4% from 6% earlier on the back of strong domestic tailwinds. However, it lowered the growth projection for financial year 2025 to 6.4% from 6.9% earlier.

Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand. Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6%, at $75.28 a barrel, after falling for three straight sessions. (REUTERS)

6/9Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand. Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate (WTI) crude futures were trading 43 cents higher, also 0.6%, at $75.28 a barrel, after falling for three straight sessions. (REUTERS)

Gold prices hit a more than six-month high on Monday, firming above the $2,000 per ounce level, as a weaker dollar and expectations of an end to US interest rate hikes lifted demand. Spot gold was up 0.6 percent at $2,013.99 per ounce by 1311 GMT, after reaching its highest since May 16. US gold futures also rose 0.6 percent to $2,015.00. The dollar eased 0.2 percent against a basket of major currencies, hovering around a more than two-month low touched last week and making gold less expensive for holders of other currencies.

7/9Gold prices hit a more than six-month high on Monday, firming above the $2,000 per ounce level, as a weaker dollar and expectations of an end to US interest rate hikes lifted demand. Spot gold was up 0.6 percent at $2,013.99 per ounce by 1311 GMT, after reaching its highest since May 16. US gold futures also rose 0.6 percent to $2,015.00. The dollar eased 0.2 percent against a basket of major currencies, hovering around a more than two-month low touched last week and making gold less expensive for holders of other currencies.

Currency markets were closed yesterday, November 27, on account of Gurunanak Jayanti. Meanwhile on Friday (Nov 24), the Indian rupee ended 3 paise lower at a record closing low against the US dollar tracking weakness in Asian peers and dollar demand from foreign banks. The local currency ended at a fresh closing low of 83.37 a dollar as compared to previous close of 83.34.

8/9Currency markets were closed yesterday, November 27, on account of Gurunanak Jayanti. Meanwhile on Friday (Nov 24), the Indian rupee ended 3 paise lower at a record closing low against the US dollar tracking weakness in Asian peers and dollar demand from foreign banks. The local currency ended at a fresh closing low of 83.37 a dollar as compared to previous close of 83.34.

Foreign institutional investors net bought shares worth  <span class='webrupee'>₹</span>2,625.21 crore, while domestic institutional investors purchased  <span class='webrupee'>₹</span>134.46 crore worth of stocks on November 24, provisional data from the National Stock Exchange showed.

9/9Foreign institutional investors net bought shares worth 2,625.21 crore, while domestic institutional investors purchased 134.46 crore worth of stocks on November 24, provisional data from the National Stock Exchange showed.

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