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The
market has opened marginally higher. The Sensex is up 28.47 points at 27024.34
and the Nifty is up 1.35 points at 8087.05. About 607 shares have advanced, 152
shares declined, and 29 shares are unchanged.
Wipro,
TCS, HDFC, ONGC and ICICI Bank are top gainers.Sun Pharma, Sesa Sterlute, HDFC
Bank, GAIL and Hero are major laggards.
The
Indian rupee opened flat at 60.97 per dollar against the previous day close of
60.92.The dollar hovered below a 14-month peak against a basket of major
currencies as the sell-off in sterling and the euro tapered off, but commodity
currencies remained under pressure.
"Expect
investors to trade cautiously and track the market closely at higher levels.
Rupee is expected to trade rangebound to slightly weak tracking the local
equity movement. See a range of 60.50-61.50/dollar."
IIP for
July and CPI for august will be released today. IIP falling to 1.7 percent
month on month primarily due to weak core sector data and base effect. CPI on
the other hand is likely to soften to 7.7 percent mainly on account of food
inflation. Core inflation will be key and could surprise with market
expectation anywhere between 6.9 percent to 7.3 percent.
In the
US, stocks cut losses to close mixed as geopolitical tensions lingered ahead of
consumer data. Boosted by low oil prices, transports also gained and helped
stocks turn positive.
In
commodities, crude prices rebounded from multi-month lows as global tensions
and profit-taking momentarily outweighed fears about ample supply. Separately
IEA expects global oil demand to grow by 0.9 million barrels a day in 2014.
That's a drop of 65,000 barrels per day, compared with last month's forecast.
From
precious metals space, gold logged its fourth straight daily loss yesterday,
weighed by increasing speculation that the US Federal Reserve could soon raise
rates sooner than expected. It was trading around USD 1240 an ounce.
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