10:00 am Rupee and bond rally: 

9:50 am Relief: 

Indian diplomat Devyani Khobragade on Thursday won dismissal of the indictment against her for visa fraud, with a US judge ruling she had full diplomatic immunity although prosecutors are not barred from bringing new charges in future, reports PTI. District Judge Shira Scheindlin said in her 14-page order that “it is undisputed” that Ms. Khobragade acquired full diplomatic immunity at 5:47 m. on January 8 after the US State Department approved her accreditation as a counsellor to India’s mission to the United Nations. While the indictment was returned on January 9, Ms. Khobragade had the immunity till she departed from the US for India on the evening of January 9 and so the prosecutors cannot proceed with the current indictment.

9:40 am Buzzing: 

Shares of Sun Pharmaceutical Industries fell more than 6 percent intraday Thursday on getting USFDA import alert for its Karkhadi unit. US Food and Drug Administration has given import alert for all products from this unit.

9:30 am FII View: 

Laurence Balanco, CLSA says that despite the short-term overbought readings we would respect Nifty's conclusive breakout above 6,383-6,480 resistance. This breakout opens the door for a move up to the 7,036 area. BHEL, HDFC Bank and L&T have recently broken out of a multi-month consolidation pattern implying further gains in the coming weeks. Bharat Iyer, JP Morgan feels Indian equities currently trade at a 40 percent premium to emerging markets and at the high end of the relative historic trading band. Consequently, we believe that further sustainable gains for Indian equities in the benchmark will have to be driven by superior earnings growth. Our money flow indicator suggests increased inflows into financials, industrials and consumer discretionary. Resources and healthcare saw selling.

9:20 am Big fall: 

Shares of Infosys are under tremendous selling pressure, dragging it 9 percent in early trade on Thursday. Investors are worried about the software company as executive chairman Narayana Murthy on Wednesday said he is not at all happy at the way Infosys has performed. Raising concerns about its growth guidance, he said Infosys hasn’t been able to cash in on the rupee depreciation and operating margins. Addressing an investor concall hosted by Barclays, Murthy said, “We expect to be somewhere between 11.5 percent and 12 percent in our revenue growth. Much more like 11.5 percent compared to what is being proclaimed as the Nasscom industry growth rate and that is about 13 percent.”

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After holding gains for a long time, the market opened on a negative note but picked up momentum quickly. After losing over 100 points, the Sensex is up 29.64 points at 21885.86, and the Nifty is up 13.20 points at 6530.10. About 468 shares have advanced, 175 shares declined, and 29 shares are unchanged. Infosys falls 8 percent in early trade as Narayana Murthy raised concerns on its guidance. The Indian rupee opened higher at 61.02 per dollar on Thursday as against previous day's closing value of 61.22 a dollar. It immediately breached 61 level and went upto 60.92 a dollar. Mohan Shenoi, Kotak Mahindra Bank said continued custodial flows into stock markets should keep rupee well supported.According to him, the range for the rupee is seen between 61-61.30/USD today. US stocks finished little changed on Wednesday, with the Nasdaq up for the first session in five, as investors grappled with the evolving situation in Ukraine but shrugged off concern over weakness in China's economy. But the bigger concern right now is China. The economic slowdown in world’s second largest economy is hammering prices of some raw materials, driving down industrial commodities from copper to iron ore and coal. Copper has recovered marginally from 4 year low. After sliding to session lows of 6376.25$/ton, weakest level since July 2010, LME copper recovered to end at 6505. Three-month LME copper has shed more than 11 percent this year. Iron ore prices continue to trade around 18-month lows. Iron ore is down 22 percent so far in 2014 to USD 104.7/tonne raising comparisons to with the slump in 2012 to below 90, which shut down many miners and left producers rethinking expansion plans. In other commodities, Nymex held steady at around USD 98 a barrel in early Asian trade on Thursday, after plunging more than 2 percent in their biggest drop in two months overnight as investors turned their focus to the unfolding geopolitical crisis in Ukraine. From precious metals space, gold was trading near its highest level in six months as investors sought to hedge their bets against geopolitical tensions in Ukraine and economic slowdown fears in China.