Flat Opening; Tata Steel Dips 4% on poor numbers: Markets have commenced the trading session on a flat note tracking mixed global cues. By 9:25, the Sensex was higher by 66 points at 27,903 and the Nifty is quoting at 8,440, up 17 points. Asian stocks treaded water early on Thursday, with overnight Wall Street losses acting as a drag, while the dollar held to broad gains after minutes from the Federal Reserve's April minutes contained no major surprises. On the losing side, Tata Steel has slumped over 4%. Tata Steel, the country's oldest steel producer, reported a consolidated loss of Rs 5,674 crore in the March quarter due to a sharp fall in revenue and also because of a non-cash impairment of Rs 4,951 crore it took, most of it on Europe's long products division.
The Indian rupee gained in the early trade. It has opened higher by 9 paise at 63.73 per dollar versus 63.82 Wednesday. Dollar hit a three-week high against the euro, extending a rebound rally supported by European Central Bank plans to front-load its bond buying program in a move to keep interest rates low. The dollar index holds above the 95 mark.