The market has opened in flat. The Sensex is up 21.47 points at 27527.93 and the Nifty is up 5.05 points at 8272.05. About 326 shares have advanced, 175 shares declined, and 20 shares are unchanged. Cipla, HDFC, BHEL, Sesa Sterlite and Bajaj Auto are top gainers in the Sensex. Among the losers are Dr Reddy's Labs, Tata Steel, GAIL, HUL and ITC. In a win-win deal, Aditya Birla Group company UltraTech Cement on Tuesday announced acquisition of Jaiprakash Associates ' two cement units and associated power plants in Madhya Pradesh for Rs 5,400 crore. JP Associates rises 5 percent, UltraTech Cement gains 2 percent. The Indian rupee slipped in the early trade. It has opened lower by 15 paise at 63.43 per dollar against 63.28 a dollar Tuesday. The dollar hovered at its highest in nearly nine years against a basket of major currencies after stunningly strong US economic growth spurred markets to bring forward the timing of a likely hike in interest rates. Himanshu Arora of Religare said, "The USD-INR is expected to trade higher today on the back of strength in dollar against a basket of currencies and strong year-end dollar demand from state run banks and importers.” Meanwhile, Wall Street enjoyed a "Santa rally," as investors cheered data showing the US economy expanded in Q3 by the most in 11 years. The Dow closed above 18,000 but the Nasdaq fell, snapping a four-session winning streak, as biotechnology names weighed. European and Asian markets were trading significantly in the green drawn on by a strong US economic engine with Japan’s Nikkei up over a percent. In commodities, Brent Crude rose above USD 61 per barrel.
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