The market has opened flat but quickly slipped into red. The Sensex is down 9.92 points at 28495.01, and the Nifty is down 5.20 points at 8628.30. About 639 shares have advanced, 209 shares declined, and 77 shares are unchanged. GAIL, Dr Reddy's Labs, Bajaj Auto, Wipro and M&M are top gainers while Tata Steel, Vedanta, HUL, Hindalco and ITC are among laggards in the Sensex. The Indian rupee slipped 6 paise in the early trade on Thursday at 63.64 per dollar versus 63.58 Wednesday.
The dollar gained after its biggest fall in a month on Tuesday. Sterling too gained in response to minutes from the Bank Of England's last meeting that suggested some policymakers support higher interest rates. Asian stocks mostly traded on the back foot, as investors digested a flurry of economic data amid dampened sentiment due to a weaker finish on Wall Street overnight. The spotlight remains on the commodity space; spot gold edged up modestly to USD 1,092.90 an ounce in early Asian trade after chalking up its 10th straight day of losses, in the longest losing streak for the precious metal in almost 20 years.
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