Nifty hits 8050, Sensex opens firm;

 Infosys, Maruti gainers Maruti, Wipro, Infosys, Maruti and Dr Reddy's are gainers while ONGC, Hero MotoCorp, Asian Paints, Bharti and L&T are losers in the Sensex. FII view: Sanjay Mookim of BofAML said, "Demonetisation and GST mean that earnings for the next 3-4 quarters at least will be volatile. Downgrades are likely to continue but valuations are less of a hurdle." "We expect the government to act soon with both a monetary and fiscal stimulus. As well, difficulties on lack of cash should end in a few weeks." "In 2017, Indian equity can match/beat bonds. Our December 2017 Sensex target is 29,000. Within sectors, banks should dominate earnings growth, we stay with the well capitalised ones. 

Expect the government stimulus to help companies dealing with rural staples, cement, 2 wheeler and tractors," he added. Don't miss: Buy, sell, hold: 5 stocks that you can buy for smart gains After a super rally, the market has opened ranged on Wednesday. The Sensex is up 76.01 points or 0.3 percent at 26289.45, and the Nifty up 23.05 points or 0.3 percent at 8055.90. About 643 shares have advanced, 178 shares declined, and 43 shares are unchanged. Maruti, Wipro, Infosys, Maruti and Dr Reddy's are gainers while ONGC, Hero MotoCorp, Asian Paints, Bharti and L&T are losers in the Sensex. The Indian rupee opened marginally lower at 68.10 per dollar versus previous close 68.07. Pramit Brahmbhatt of Veracity said, "Rupee will continue to trade negative with low volatility due to an appreciating dollar. Trading range for the spot USD/INR pair would be 68-68.20/dollar." The US dollar gained against the yen on stronger-than-expected US housing data and expectations for a hawkish Federal Reserve, but remained below a recent 10-month high in thin holiday trading. 

The cabinet is set to take up an ordinance on demonetised currency today. According to government sources an ordinance is necessary to give note ban legal sanctity as timeline on old note deposits could be tweaked. Prime Minister Narendra Modi yesterday met the top economists in the country to discuss future reforms. The meeting which was organised by Niti Ayog was attended by the government's own economic brain trust, as well as some other tprominent economiss. Some of the key issues on the agenda were simplifying tax structure, cutting dirediscussed in the meeting. Globally, Asia stocks followed Wall Street higher early, while the dollar firmed against major peers such as the yen following the release of upbeat US economic data overnight. Crude oil prices held large gains on expectations of supply tightening once oil-producing nations implement a scheduled output companyct tax rates and harmonising customs duty. Strategic divestment of loss-making PSUs was also