09:15
Moneycontrol Bureau The market has opened flat. The Sensex is up 16.24 points 27441.97 and the Nifty is up 7.85 points at 8307.25. About 398 shares have advanced, 165 shares declined, and 273 shares are unchanged.TCS, Tata Motors, BHEL, Wipro and Hero are top gainers while ITC, ICICI Bank, Sesa Sterlite, Dr Reddy's Labs and Hindalco are among the laggards.
The Indian rupee has gained further ground. It has opened higher by 6 paise at 62.08 per dollar versus 62.14 Tuesday.
The dollar nears one-month lows against the yen as US yields continued to shrink, but it scaled a nine-year peak on the euro as bolder stimulus from the European Central Bank seemed imminent.
NS Venkatesh of IDBI Bank said, "The rupee movement today is expected to be in a narrow range aided by dollar sales by the custodian banks and exporters. The rupee is expected to take cues from the equity markets. The range for today is seen between 62.09-62.20/dollar."
Among global markets, stocks in the US closed modestly lower, after a near 300-point rally on the Dow evaporated amid falling commodity prices and worries that Germany would throw cold water on the European Central Bank taking additional steps to bolster the region's economy.
In Europe, equities closed sharply higher, with a surge in retail stocks helping in boosting investor sentiment. Rate of inflation in the UK fell to 0.5 percent in December year-on-year, according to new data on Tuesday morning. This was its lowest level in 14 years.The Asian stock markets are trading mixed this morning due to global growth concerns. Nikkei is lower as yen is still below 118.
Meanwhile, World Bank lowers its global growth forecast for 2015 and 2016.The global development leader predicted the global economy would grow 3 percent this year, lower than the 3.4 percent forecast it made in June, with disappointing economic prospects in the euro zone, Japan and some major emerging economies likely to offset the benefit of lower oil prices.In commodities, crude edges above USD 46 per barrel, helped by a flurry of short-covering as the prices remain six-year lows
From precious metals space, gold hits a 12-week high as investors seek refuge from turbulence in stock and currency markets.
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