Sensex, Nifty flat; HUL, LT, ICICI Bank early gainers

09:14

Moneycontrol Bureau The market has opened with some mild gains. The Sensex is up 37.03 points at 27432.76, and the Nifty is up 14.00 points at 8260.30. About 412 shares have advanced, 125 shares declined, and 18 shares are unchanged.

HUL, L&T, Tata Motors, Hindalco and ICICI Bank are top gainers in the Sensex. GAIL, Hero, HDFC Bank, Wipro and ONGC are among the laggards.

The Indian rupee opened marginally lower at 63.72 per dollar as against previous day's closing value of 63.67 a dollar.

Ashutosh Raina of HDFC Bank said, "The USD/INR pair has been fairly rangebound consolidating around the 63.50/dollar levels, with year-end demand and global dollar strength coupled with suspected intervention keeping it in a tight range."

The euro remains rooted close to a 28-month trough against the dollar, but did not dip beneath that low. Greek bond yields shot higher after the vote as investors took fright, with the borrowing costs on 10-year bonds rising to 9.7 percent.

In the US stocks closed narrowly mixed, amid fresh lows on oil prices and earlier pressure on European stocks from Greece's failure to elect a president. The CBoE volatility index traded above 15.

In Europe, shares closed mixed, with Greece struck by renewed political uncertainty after its politicians failed to agree on a new president. France's cac and the UK's FTSE both posted modest gains, while the German DAX closed flat.
However, stock indexes in "peripheral" Europe underperformed, led by Greece. The Athens index closed down around 3.9 percent, with the Italian FTSE MIB down 1.1 percent and the Spanish IBEX lower by roughly 1 percent.

Greek stocks and bonds were hit after politicians in the country failed for a third time to endorse Prime Minister Antonis Samaras' preferred candidate. This means that general elections will occur early next year, potentially jeopardizing Greece's hard-won economic recovery.

In commodities, crude oil prices tumble, with Brent and NYMEX crude hitting their lowest levels since may 2009 on selling by investors convinced that supply disruptions in Libya would not offset a global supply glut.

In the precious metals space gold prices fell, as a strong US dollar and bearish chart signal offset uncertainty over the prospect of fresh elections in Greece.

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