The market has started the day on a high note. The Sensex is up 66.46 points at 27525.69, and the Nifty is up 20.30 points at 8357.30. About 690 shares have advanced, 190 shares declined, and 67 shares are unchanged. Vedanta, HDFC, Tata Steel, Hindalco and Tata Motors are top gainers while ITC, ONGC, NTPC, GAIL and Reliance are among laggards in the Sensex.
The Indian rupee has maintained it upward momentum as it gained 4 paise in the early trade. The currency has opened at 63.87 per dollar against previous close of 63.91. Pramit Brahmbhatt of Veracity said, "Investors are likely to trade cautiously today as market is unsure of any upside movement in equity markets. Investors are expected to trade watchfully ahead of a series of data due for this week." The dollar maintained its modest gains as traders look to any hints from the US Federal Reserve on the timing and the pace of its future rate hikes.
The Asian markets traded mixed despite a positive finish on Wall Street. US markets close with over 1 percent gains over encouragement from recovery in oil prices. The US Federal Reserve's monetary decision is due tonight. A CNBC survey shows the market still expects a rate hike in September, but the majority is dwindling. European equities, meanwhile, ended in positive territory, as investors kept an eye on the slew of earnings and the start of the Federal Reserve meeting. Crude prices fell as worries about global oversupply weighed in on sentiment. Precious gold continued to trade near the 5.5 year lows ahead of Fed meet.
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