Before Market Opens: 9 essential things to know at 9 am on March 22, 2024

Wall Street’s three major stock indexes on Thursday registered record closing highs for the second day in a row after the Federal Reserve reassured investors about the prospects for rate cuts this year while chip stocks rallied after Micron Technology’s upbeat forecast. The three major indexes had also hit fresh intra-day record highs earlier on Thursday and the Dow ended the day less than 1% away from the 40,000 for the first time. The Dow Jones Industrial Average rose 269.24 points, or 0.68% to 39,781.37, the S&P 500 gained 16.91 points, or 0.32%, to 5,241.53 and the Nasdaq Composite gained 32.43 points, or 0.20%, to 16,401.84.

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Asian stocks were near a weekly gain on Friday and the Nikkei charged to a record high, riding a rally from its global counterparts after a surprise rate cut from the Swiss National Bank had investors wagering who could be next. The SNB’s 25 basis point rate cut on Thursday proved a shot in the arm for global risk sentiment as markets raced ahead to bet on big central banks lowering borrowing costs this year. MSCI’s broadest index of Asia-Pacific shares outside Japan ran into some profit taking in early trade on Friday after jumping nearly 2% in the previous session, and was last 0.17% lower. Other benchmarks in Asia also scaled new peaks, with Japan’s Nikkei and the Taiwan weighted index charging to record highs. Both were on track for a weekly gain of nearly 6% and 3%, respectively. South Korea’s KOSPI similarly hit a two-year top.

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On Thursday, the Indian stock market benchmark indices ended with strong gains led by across-the-board buying amid positive global cues after the US Federal Reserve signaled three interest rate cuts this year. The Sensex jumped 539.50 points, or 0.75%, to close at 72,641.19, while the Nifty 50 settled 172.85 points, or 0.79%, higher at 22,011.95.

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At 8:15 am, Gift Nifty was trading 15 points or 0.07 percent higher at 22,057, indicating a positive opening for the Indian markets.

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Oil prices sank in early Asian trading on Friday on the possibility of a nearing Gaza ceasefire, which could loosen global supply, at the same time a stronger U.S. dollar and faltering gasoline dampened demand sentiment. Brent crude futures fell 18 cents to $85.60 a barrel by 0011 GMT. U.S. crude futures shed 19 cents to $80.88 per barrel.

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The Bank of England decided to keep interest rates unchanged at 5.25% for a fifth-straight meeting on Thursday. The BoE’s committee of interest rate-setters voted 8-1 to keep borrowing costs at their 16-year high of 5.25%. Most economists polled by Reuters had expected one member of the Monetary Policy Committee (MPC) to continue voting for an increase in Bank Rate.

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Accenture share price plunged 9% after the company cut its revenue forecast for fiscal year 2024 as an uncertain economy is likely to prompt clients to curtail spending on its consulting services. The IT services provider now expects full-year revenue growth in the range of 1% to 3%, from its prior forecast of 2% to 5%.

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Gold prices edged higher on Friday and were set for a fourth weekly rise in five after the U.S. Federal Reserve maintained its interest rate cut projections for the year, boosting investor sentiment. Spot gold was up 0.1% at $2,183.93 per ounce, as of 0117 GMT, after hitting an all-time high on Thursday. Bullion has risen 1.3% so far this week.

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Foreign institutional investors (FIIs) net sold shares worth ₹1,826.97 crore, while domestic institutional investors (DIIs) bought ₹3,208.87 crore worth of stocks on March 21, provisional data from the NSE showed.

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Published: 22 Mar 2024, 08:25 AM IST