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The Indian stock market opened higher Monday but soon run out of breath. After touching 8600 briefly, the Nifty is down 1.25 points at 8582.15 and the Sensex is up 15.52 points at 27689.12. ICICI Bank, NTPC, Infosys, SBI and GAIL are top gainers while Reliance, Bajaj Auto, TCS and HDFC are losers in the Sensex. The Indian rupee opened lower by 10 paise at 66.80 per dollar versus 66.70 Friday.
The dollar on Friday posted its best weekly performance in more than seven months after strong US retail sales and producer prices data for September reinforced expectations the Federal Reserve would raise interest rates in December.
Asian shares dipped while the dollar held firm near seven-month high against a basket of major currencies after comments from Federal Reserve Chair Janet Yellen boosted long-dated US bond yields. Crude oil prices fell on Friday as a stronger dollar weighed on the market and an industry report showed US oil drillers continue to ramp up activity with prices holding above USD 50 a barrel.
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