Sensex recovers, Nifty inches towards 8200; banks rebound
The market has opened flat with the Nifty still below 8200. The 50-share index is up 14.50 points or 0.2 percent at 8194 and the Sensex is up 25.40 points or 0.1 percent at 26620.85.
Tata Motors, Asian Paints, Tata Steel, ONGC and Cipla are top gainers while Dr Reddy's Labs, Hero MotoCorp are losers in the Sensex.
The Indian rupee gained in the early trade on Tuesday. It has opened higher by 9 paise at 68.13 per dollar versus previous close 68.22.
"Most of the overseas markets were closed on Monday. This provided no respite to USD-INR pair. Demand pushed up the pair above the 68/dollar mark." The dollar index bounced back strongly, up around 0.60 percent, after falling for the past three straight sessions.
Asian stocks began 2017 on a flat note, uninspired by a surge in European markets to their highest in more than a year, while the dollar resumed its climb after last week's stumble.