The market has gone flat as the 50-share index is below 7950. The Nifty is up 14.10 points or 0.1 percent at 7928.85 and the Sensex is up 75.29 points or 0.29% at 25919.47. About 1104 shares have advanced, 1230 shares declined, and 148 shares are unchanged.
ICICI Bank, SBI, Axis Bank, Coal India and ONGC are top gainers while Wipro, BHEL, ITC, M&M and Bajaj Auto are losers in the Sensex. FMCG and IT indices are under pressure.
Crude prices rose, reversing earlier declines, as the International Energy Agency (IEA) said that 2016 would see the biggest fall in non-OPEC production in a generation, helping rebalance a market that has been dogged by oversupply.
Weighing on markets were earlier statements by Russia and Iran. Russia’s energy minister said it might push oil production to historic highs of over 12 million barrels per day (bpd) just days after a global deal to freeze output levels collapsed and Saudi Arabia threatened to flood markets with more crude.
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