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Sensex, Nifty erase early gains; JSPL tanks 13%

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The market opened higher on Monday after falling sharply on last day of the previous week. The Sensex rose 86.95 points to 28348.03 and the Nifty climbed 24.60 points to 8595.50. About 513 shares have advanced, 186 shares declined, and 98 shares are unchanged on the BSE.

Jindal Steel tanked 13 percent as sources told CNBC-TV18 that government rejected company's bids for coal blocks.

Sun Pharma and Ranbaxy Labs gained more than a percent as Federal Trade Commission approved final order related to Sun-Ranbaxy deal. FTC said Sun will divest Minocycline product assets to Torrent within 10 days on acquisition.

The Indian rupee opened with marginal gains at 62.40 per dollar today versus Friday's closing value of 62.46 a dollar.

The dollar slips across the board pulled lower by expectations US interest rates will rise more slowly than previously expected.

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