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Sensex, Nifty trade colourless after opening in green

ICICI Prudential Life, HDFC Standard Life and SBI Life were under pressure, falling 2-4 per cent.

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About 719 shares advanced against 409 declining shares on the BSE.
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Key indices on Thursday opened in green but became flat after a while. The 30-share BSE Sensex was down 23.63 points at 33,537.92 and the 50-share NSE Nifty fell 4.80 points to 10,337.50.

About 719 shares advanced against 409 declining shares on the BSE.

Among the top gainers were Bharti Airtel, Bosch, Bharti Infratel, Infosys and Power Grid. While, Dr Reddy's Labs, UltraTech Cement, Asian Paints and Axis Bank were early losers.

ICICI Prudential Life, HDFC Standard Life and SBI Life were under pressure, falling 2-4 per cent.

At 10:47 AM, Sensex was up by 38.97 points to trade at 33,601.25 and Nifty was trading beyond 10,357.00

Meanwhile, the rupee surrendered its early strong gains and ended marginally lower by 3 paise at 64.92 against the US currency due to fresh bouts of dollar demand from corporates amid global crude woes.

Forex market sentiment suddenly turned nervous and volatile in late-afternoon deals and succumbed to heavy dollar pressure amid caution before the release of the Federal Reserve minutes later in the day.

The domestic currency scaled a fresh two-week high of 64.71 in early trade before retreating.

Growing concerns about the impact of high oil prices on India's fiscal deficit further dampened the trading mood.

However, weak dollar overseas as well as sustained capital inflows largely cushioned the fall.

Global crude prices shot up over 1 per cent on the back of supply disruption of piped Canadian crude to the US also expectations of a prolonged OPEC-led production cut also offered support.

Brent crude is trading at $62.98 a barrel in early Asian trade.

Meanwhile, domestic equity markets extended their winning run for the fifth-straight day led by key frontline infrastructure, PSU and auto stocks and also supported firm Asian cues.

In line with most Asian currencies, the local unit resumed higher at 64.79 from overnight close of 64.89 at the Interbank Foreign Exchange (forex) market on sustained dollar selling by foreign banks amid firm local equities.

It later rallied to hit an intra-day high of 64.71 before taking a strong reversal to trade a shorter term choppy range.

The home unit touched a low of 64.96 towards the fag-end trade before settling at 64.92, showing a small loss of 3 paise, or 0.05 per cent.

The rupee had appreciated 22 paise on Tuesday.

The RBI, meanwhile, fixed the reference rate for the dollar at 64.7453 and for the euro at 76.0757.

In cross-currency trades, the Indian unit fell back against the Pound sterling to finish at 85.93 from 85.90 per pound and drifted against the Euro to end at 76.29 from 76.06.

The local unit also declined against the Japanese yen to conclude at 57.94 per 100 yens from 57.66.

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