US market will be closed today on account of Independence Day. In Asia, Japan's Nikkei 225 rose 0.53%, China's Shanghai Composite was fla, while the Hang Seng index rose 0.25%.

Market participants are expecting the European Central Bank to deliver a 25 basis points interest rate cut this Thursday to spur activity across the Euro zone area.

The Sensex was trading at 17,472 points, higher by 47 points. The Nifty was seen trading higher by 14 points at 5,302 points at 9.35 am IST.

Among the shares that gained ground in morning trade were Sesa Goa, Jindal Steel, Tata Power and Sterlite Industries. Stocks that failed to lure investors in early trade were ONGC, BPCl, HUL and Axis Bank.

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