The market opened higher on first day of truncated week but immediately gave up gains to trade flat. The Sensex rose 5.03 points to 28884.41 while the Nifty fell 6.95 points to 8773.40. The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.3-0.6 percent. About 704 shares have advanced, 253 shares declined, and 88 shares are unchanged on the BSE. L&T, BHEL, HDFC, SBI, Cipla, Tata Steel and NMDC gained 0.5-1 percent while GAIL dropped 2 percent. Dr Reddy's Labs, M&M, HDFC Bank, Sesa Sterlite and Coal India declined 0.5-1 percent. The Indian rupee opened flat at 62.33 per dollar today against Friday's closing value of 62.31 a dollar. We also expect the USD sellers to take advantage of any upticks to 62.45-62.50/dollar.
The USD selling interest will come from exporters and capital inflows." "The CPI data after market hours will be closely watched as it will be the first significant data point after the Reserve Bank of India (RBI) monetary policy last week," In the US, stocks closed higher on Friday with the Dow topping 18,000 for the first time in April as investors looked ahead to start of earnings season.
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