Nifty, Sensex open firm; Reliance up 1 pct

The market on Wednesday opened at a pace with the Sensex up 86.99 points or 0.3 percent at 27874.61, and the Nifty is up 22.60 points or 0.3 at 8551.15.

Shares such as Reliance, GAIL, Coal India and Cipla were top gainers in the Sensex while Wipro is down five percent.

Other losers in the Sensex were ICICI Bank, Infosys, ONGC and Axis Bank.

The Indian rupee opened lower by five paise at 67.15 per dollar versus previous close of 67.10. The dollar at four-month high against a basket of major currencies after data showed US housing starts rose more than expected in June, underpinning a theme of strength in the US economy.

As per the market analysts, the rupee closed at 67.11/dollar levels supported by custodial banks supplying dollars in the markets. Though gains were limited by dollar demand from importers.

On the other hand, the Asia markets opened mostly lower on Wednesday, following a mixed finish in the US as investors digested second-quarter earnings.

Crude prices fall overnight as a rallying dollar and a global fuel glut offset forecasts for lower US crude stockpiles. Gold continues to trade flat around USD 1330 an ounce.