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Equity benchmarks opened flat, following sideways trade in Asian peers on Tuesday. Investors digested January retail inflation that came in at 3.17 percent against 3.41 percent in December. The 30-share BSE Sensex was up 12.66 points at 28364.28 and the 50-share NSE Nifty fell 9.30 points to 8795.75. Hindalco, Bharti Infratel, Grasim, Sun Pharma, ONGC, Tata Steel, HUL and Wipro were early gainers while BPCL, ACC, Ambuja Cements, Infosys, BHEL, Tata Motors, SBI and Dr Reddy's Labs were under pressure. The Indian rupee rebounded in early trade, with gaining past its 67 level against the US dollar It has opened higher by 5 paise at 66.97 per dollar against previous close of 67.02. Bhaskar Panda of HDFC Bank says he expects the USD-INR pair to remain rangebound. The pair is expected to trade in a range of 66.95-67.30/dollar today, according to him. The dollar rose to a near three-week high against a basket of currencies, lifted by hopes of US tax cuts as well as bets on whether the Federal Reserve may raise interest rates more quickly. Asian markets traded sideways, as an Australian survey revealed improved business conditions and China's consumer inflation picks up strongly. US equity indexes hit record highs on Monday, with the benchmark S&P 500's market value topping USD 20 trillion as investors bet tax cuts promised by President Donald Trump would boost the economy.
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