Mumbai: The market has once again opened on a flat note on Tuesday ahead of RBI's monetary policy. The Sensex is down 6.91 points at 26590.20 and the Nifty down 10.10 points at 7948.80. About 364 shares have advanced, 198 shares declined, and 24 shares are unchanged.
Dr Reddy's Labs, Tata Power, M&M, Tata Motors and Wipro are top gainers in the Sensex. Among the losers are Hindalco, Hero MotoCorp, BHEL, Reliance and SBI. The Indian rupee opened marginally lower at 61.60 per dollar as against previous day's closing of 61.53 a dollar.
The dollar was hovering at a four-year peak against a basket of major currencies on track to post its biggest monthly gain in well over a year. Ashutosh Raina of HDFC Bank said, "The focus will be on RBI credit policy today. Globally, the dollar strength continues to be the theme with dollar index settling above the 85 level. Expect the USD/INR pair to trade in 60-61 range as of now, although it will perform better than its peers."
On the global market front, US stocks ended lower following protests in Hong Kong that added to worries about Chinese growth and after a disappointing forecast from Ford Motor Co. Asian markets too were cautious over developments in Hong Kong and as investors focused on data in China and Japan.
Kospi weighed down by data showing August industrial output posted its worst monthly fall since 2008. In commodities, crude hovers around USD 97/bbl on support from strong US economic data last week From precious metals space-- gold holds steady above a nine-month low but poised to post its sharpest monthly loss in 15 months as a rapid climb in the dollar dimmed the metal's appeal.
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