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Nifty, Sensex open flat; Tata Motor gains

Nifty, Sensex open flat; Tata Motor gains

New Delhi: The market on Tuesday opened flat with the Nifty still below 7750. The 50-share index traded at 7731.05 and the Sensex is down 11.44 points at 25218.92.

NTPC, ITC, ICICI Bank, Cipla and Tata Motors are top gainers while TCS, Hero MotoCorp, SBI and Bharti Airtel are losers in the Sensex.

The Indian rupee opened lower by 14 paise at 67.63 per dollar on Tuesday against its previous close of 67.49.

The market witnessed a hawkish surprise from April as the FOMC minutes increased the probability of Fed rate hike sooner than later. This coupled with Brexit fears has kept the markets on tenterhooks.

The US dollar gained against the euro after Federal Reserve officials made hawkish remarks on monetary policy, while the dollar slipped against the yen on Japanese trade data that came out on Monday and US resistance to currency intervention from Tokyo.

The timing of future Fed rate hikes in the face of a sluggish economy is a major focus among stock investors who have benefited from historically low borrowing costs since the 2008 financial crisis. The Dow Jones industrial average and the Nasdaq Composite traded higher for much of the session but they made a pronounced dip in the final few minutes. (ANI)