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Sensex opens higher, Nifty still below 7750; MM, Wipro dip

M&M, Wipro and Tata Motors are major losers while NTPC, TCS, HDFC twins and Tata Steel.

09:15

TheNewsInternational Team

The market has opened in green with eyes on FOMC meeting tonight. The Sensex is up 92.40 points or 0.4 percent at 25412.84, and the Nifty up 24.35 points or 0.3 percent at 7725.25. About 193 shares have advanced, 34 shares declined, and 12 shares are unchanged.

M&M, Wipro and Tata Motors are major losers while NTPC, TCS, HDFC twins and Tata Steel.

The Indian rupee has opened marginally higher at 66.9 per dollar compared to 66.92 a dollar in previous session.

NS Venkatesh, IDBI Bank says the rupee closed stronger in previous session but the market is nervous ahead of the FOMC decisions and will be closely tracking movements in other EM currencies.

He expects a narrow range for the rupee between Rs 66.90-67.05/USD today.
In case of bonds, Venkatesh says the 10-year benchmark yield closed lower yesterday.

The 10-year benchmark yield is expected to trade between 7.79-7.81 percent, he says.

Asian stocks gained early trade with sentiment lifting as Wall Street rose before a likely hike in US interest rates, while the dollar held to large gains made as Treasury yields picked up.

The Federal Reserve is expected to announce a hike in interest rates when its two-day policy setting meeting ends later in the day. It would be the first US rate hike in nearly a decade, signaling the beginning of an end to an expansionary monetary policy that has supplied a tidal wave of liquidity to risk asset markets globally.

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