The market has kick-started the week on flat note. The Sensex is down 5.02 points at 28231.37 and the Nifty is up 2.85 points at 8567.45. About 677 shares have advanced, 306 shares declined, and 78 shares are unchanged. Hindalco, GAIL, Dr Reddy's Labs, Vedanta and Tata Steel are top gainers in the Sensex.
Tata Motors loses 1 percent while BHEL, ITC, ICICI Bank and L&T are among laggards. The Indian rupee has opened marginally higher at 63.75 per dollar against Friday's close of 63.81. Agam Gupta of Standard Chartered Bank said, "We expect USD-INR to trade in 63.70-63.90/dollar range. We anticipate demand for dollar to emerge from local government banks on any dips to 63.75/dollar.
The dollar remained firm near four-month high against major currencies after solid US jobs data backed expectations that the US Fed will raise interest rates as early as September. While mainland stocks were unshaken by less-than-stellar economic indicators over the weekend, the rest of Asian indices slid early Monday tracking offshore losses and amid worries surrounding China.
Wall Street ended lower on Friday on the back of declines in oil prices and upbeat job growth data that was seen as putting the Federal Reserve on course for a potential rate hike in September. The Dow Jones Industrial Average shed 0.27 percent to chalk up its seven straight session of declines, the worst losing streak since the summer of 2011. In China, fresh disappointing data heightened pressure for Beijing to roll out further stimulus measures to support the world's second-largest economy.
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