Nifty opens above 7450, Sensex gains; Tata Motors, Sun Pharma up

The market has opened higher on Wednesday as the Sensex is up 109.45 points or 0.4 percent at 24595.40. The Nifty is up 38.25 points or 0.5 percent at 7474.40. About 504 shares have advanced, 124 shares declined, and 29 shares are unchanged. Tata Motors, Sun Pharma, Axis Bank, Maruti and Bajaj Auto are top gainers in the Sensex. Among losers are GAIL and TCS. The Indian rupee opened marginally lower by 7 paise at 67.90 per dollar versus 67.83 Monday. Pramit Brahmbhatt of Veracity said, "We have a positive stance on the rupee for the day as it will take cues from the positive domestic as well as global equity market." "We expect the rupee to maintain support at 68/dollar levels and resistance at 67.60/dollar for the day," he added. The dollar steady with the market waiting for a interest rate decision from the Federal Reserve.

Markets trimmed early gains tracking weakness in China after the benchmark Shanghai Composite was down nearly 3%.

In the auto pack, Tata Motors was up 1.4%, Maruti Suzuki and Hero MotoCorp were up 0.2%-1.4% each.

Among Sensex heavyweights, ICICI Bank and Infosys were up 0.4%-0.9% each.

Pharma shares were also trading firm in early trades led by Sun Pharma up 1.7% followed by Lupin and Dr Reddy's Labs.

GLOBAL MARKETS

Asian markets were trading mixed with Japanese shares gaining the most ahead of the outcome of the US Federal Reserve two-day meet which ends later today. The benchmark Nikkei was up 2.2% while Hang Seng was up 1.2% and Straits Times was up 0.7%. However, shares in China pared early gains and was trading lower economic slowdown. The benchmark Shanghai Composite extended losses and was down nearly 3%.

US stocks ended over 1% higher on Tuesday tracking a rebound in crude oil prices and encouraging earnings from select corporates. The Dow Jones industrial average ended up 1.8% at 16,167, the broader S&P 500 ended up 1.4% at 1,904 while the tech-laden Nasdaq ended up 1.1% at 4,568.

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