The market has opened flat with a positive bias. The Sensex gained 23.31 points at 28246.39 and the Nifty rose 5.75 points to 8573.70. About 690 shares have advanced, 271 shares declined, and 65 shares are unchanged on the BSE. Infosys, Dr Reddy's Labs, TCS, Lupin, Sun Pharma, BPCL and HCL Tech gained 0.7-1.6 percent while Tata Steel fell 2 percent on profit booking.
ITC, M&M, GAIL, HUL, Bank of Baroda, PNB and Asian Paints lost 0.5-1.6 percent. The Indian rupee opened flat at 63.77 per dollar today against previous close of 63.75. Mohan Shenoi of Kotak Mahindra Bank said, "Dollar continues to rally versus commodity currencies and other major currencies on the back of strong US data and expectations of September Fed rate hike.
"Rupee has been trading in a tight range as custodial flows are offsetting the impact of strengthening dollar trend globally. Dollar-rupee is expected to trade today in a range of 63.70 to 64/dollar," he added. The dollar traded little changed as data shows the US services sector expanded at its fastest pace in 10 years, supporting the view the Federal Reserve would raise interest rates in September.
Meanwhile, global cues were positive with the US stocks closing off session highs as a renewed decline in oil and disappointment on Disney earnings pressured stocks. Asian stocks rose in early trade, tracking modest gains in the US. Japan's Nikkei traded over a two-week high, as the Bank of Japan kicked off its monthly two-day policy meeting. In commodities, Brent crude slips below 50 dollars per barrel. Crude prices were at fresh 5-month lows after a surge in US gasoline stockpiles while precious metal gold remained under pressure on expectations of a September US rate hike.
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