Sensex, Nifty open flat; Tata Motors down

New Delhi: The market on Tuesday opened flat with the Sensex opening at 28,124.45, down 0.1 percent or 27.95 points.

On the other hand, the Nifty opened down 16.65 points or 0.2 percent at 8655.50.

Shares of Infosys witnessed a downfall of two percent from previous close while Tata Motors, HDFC Bank were down too.

The Indian rupee opened marginally higher at 66.85 per dollar on Tuesday versus 66.89 Friday. The dollar fell against a basket of currencies, undermined by recent soft US economic data that tempered expectations of a Federal Reserve interest rate hike this year.

As per the market experts, the expectations of more stimulus from Japan and China, coupled with jump in global oil prices, is helping the global positive sentiment.

The markets will also await the Fed July FOMC meeting minutes to get some cues about future hikes.

Oil prices hit one-month highs on Monday, gaining 10 percent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a glut of crude.

Although Fed officials have said a rate hike is possible by the end of year, investors are not convinced the Fed can raise rates this year at all given the fragile global economic outlook. Its December rate hike was the first in almost a decade. (ANI)