Mumbai: The market kickstarts the week on a firm note. The Sensex is up 90.68 points at 27528.62 and the Nifty is up 26.15 points at 8331.40. About 372 shares have advanced, 153 shares declined, and 83 shares are unchanged. Wipro, ICICI Bank, Tata Motors, Infosys and Hindalco are top gainers in the Sensex. Bharti Airtel, HUL and Tata Steel are losers.
The Indian rupee declined in the early trade. It has opened lower by 14 paise at 63.70 per dollar against 63.56 on Friday. The dollar started the week on the defensive after more disappointing US economic data reinforced expectations the US Federal Reserve will not hike interest rates any time soon.
Agam Gupta of Standard Chartered said, "The USD-INR pair saw dollar demand come in on any dips last week and we expect that price action to continue. We expect importers to buy dollar on any dips to 63.35-63.40/dollar. Upticks to 63.85-63.90/dollar should see exporters hedge long-term receivables." Among global markets, in the US, earnings from Microsoft and Amazon continued to lift spirits with the Nasdaq setting another record for the second day in a row.
The S&P 500 also finished at a new all-time high, Dow Jones though ended just barely in the green. Among big movers, Microsoft rallied 10 per cent after posting earnings of 61 cents per share on USD 21.73 billion on revenue that beat estimates. European equities finished slightly higher as investors reacted to a slew of corporate earnings news.
Asia was trading mixed in morning trade with Kospi hovering around four-year highs. Among commodities, Nymex crude holds above USD 57 a barrel, close to a 2015 high as fights in Yemen intensified creating more tensions over the security of West Asia oil supplies.
From precious metals space, gold hit its lowest level in more than a month on Friday, falling for the third straight week as strength in global equities diverted interest from the precious metal, although uncertainty over the timing of a US rate rise kept prices in a tight range.
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