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Sensex, Nifty sluggish ahead of exit polls; Hindalco, ONGC fall

The market has opened flat on Wednesday as investors maintained cautious stance ahead of exit polls for assembly elections that will end today with last phase in Uttar Pradesh. The 30-share BSE Sensex was down 20.72 points at 28978.84 and the 50-share NSE Nifty fell 3.90 points to 8943. About 467 shares advanced against 239 declining shares on the BSE.

Hero Motocorp, Cipla, ONGC, Asian Paints, Tata Steel, Kotak Mahindra Bank and Bank of Baroda were early gainers while Infosys, Reliance Industries, Wipro, Bharti Airtel, Dr Reddy's Labs, Bharti Infratel, Aurobindo Pharma and Idea Cellular were under pressure.

The Indian rupee has opened higher by 5 paise at 66.62 per dollar versus previous close 66.67.

He expects USD-INR pair to trade within a narrow range of 66.60-66.83/dollar.

The dollar hit a two-month high against a basket of key currencies last week as Federal Reserve officials talked up the chances of a rate hike this month, but the greenback is now sitting in a narrow range with a hike seen mostly as a done deal.

Asian equities were mixed amid mounting geopolitical risks in the region and rising expectations that the Federal Reserve would tighten monetary policy next week.

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